Evening star., 1926-10-03
LOCAL EXCHANGE
WINDS Up RECESS
Saturday Trading DulI-Bank
Officers Chosen-NeW
Committee-Notes.

BY EDWARD c. STONE.
Saturday trading was resumed on
the Washington Stock Exchange yes
terday following the Summer closing
which began on July /. Although
there was a good attendance at the
session. trading was very much
limited.
Twenty-seven shares of Washington
Railway and Electric preferred sold In
three lots at go. Mergenthaler Limo
type was the only other stock out.
FIVE shares Of this issue selling at 107.
Washington Gas 5s held the lime
light in the, bond division, the price
of 1919 prevailing on a $1,000 sale
and another involving $4,000.
Latest quotations in the unlisted de
partment show that the bid price on
IChapin.Sacks per cent preferred
stock is 102 and the asked price 1o413.
Miller Train Control is now quoted at
2l5 hid and 4 asked. The bid price on
Washington Base Ball stock has adj
vanced from 65 to 10. the asked price
remaining at 90.
Bank Officers Are Reelected.
Reelection of all of the officers Of
the Bank of Commerce and Savings
was announced yesterday by Maurice
D. Rosenberg. the president. The
banks official family follows:
Maurice D. Rosenberg, president:
Joseph Sanders. first vice president;
w. A. Bennett, second vice president;
Irwin Owings. third vice president;
Joseph Fl. Milans. secretary: Clarence
A. Weaver, auditor: Alexander Wolf.
general counsel; John NJ. Riordon.
cashier, and Frank OWings. assistant
cashier.
1t was Mr.. Riordons nineteenth
election as cashier, he having been
the only cashier the bank has had
dent Rosenberg has also made long
and enviablA record as head of the
institution.
Protective Committee Named
It is announced that tfe protective
committee of the District Bankers
Association has been completed.
be assisted by Charles J. Bell. John
B. Cochran. Wade II. Cooper.
Frederick +. Harrington, Robert Y.
Fleming, John Poole. l.. r.. SChreirer.
Frank Stetson and George Q. NaSs.
This committee is considered to he
one of the association s most i'm
portant adjuncts. The members will
seek in every way possible to make
the sale of fraudulant securities in
and place stronger barriers about the
local banks They will also keep
Washington investors constantly i'll
mind as poor investments by Gus
toners work materially against the
sum total Of business of the banks.
Steel Called Good Thermometer"
Predictions Of an industrial boom
which are becoming more and more
general are. according to the Brook
mire Economic Service, based on
doubtful indications. Brookmire's is
not pessimistic on the business out
look but is sending out a warming
against the growing tendency toward
over optimism.
The latest bulletin calls attention 10
the fact that much of the optimism
which now prevails in industrial cir.
cles is based upon the showing in the
iron and steel industry during recent
months In this connection the serv-
ice points out that lin the first place
the iron and steel industry is not
Barometer and never has been d
barometer, A barometer is something
which foretells changes. The iron
and steel industry has been what
might be called a good thermometer.
It has in the past, and still does. fair
- l.
rate of the country's production, but
measures them while they are hap
pening"'
New Securities Problem Soon.
Increase in the number of securities
being issued is creating a new prob
lem for the country, Ray Morris, pres
ident of the Investment Banking As
sociation of America, declared at the
banquet closing the ninth annual con-
vention of the National Association of
Securities Commissioners. in New
York
Securities are being issued at the
rate of 100000 900 a day. or $500.
900 900 year. he said. Some commits
soners in an effort to study securities
as they are issued. holp up the mar,
keting progress and frequently injure
the securities, he declared.
Ripley's Charges Declared True.
Prof William 2. Ripleys charges
Of obfuscation in connection with
many Of the reports of big corpora
tons have aroused a storm of protest
among many industrial leaders and
shouts of approval from many OF the
country's Investment bankers.
Several writer's hasten r. state
that the author of the n1agaz zine
articles relating to Wall street and
Main street is merely college pro-
fessor. is not really familiar with in
dustrial corporations and their ac
counting methods. has had no prac
tical business experience and ought
to express his ideas only in the class
room.
Others are 1auding him for his
boldness. saying he is up TO the
minute on his fina ncial views: in fact,