Evening star., 1927-09-14
EXCHANGE BODY.
TO MEET TUESDAY
E. E. Thompson to Attend
Philadelphia Session of AS
Sociated Stock Organization.
BY EDWARD c. STONE.

Washington, Baltimore, Cleveland
Cincinnati, Columbus, Hartford, New
Orleans. Philadelphia, Pittsburgh anC
st. Louis. will hold important sessions
in Philadelphia next Tuesday ant
"Wednesday. The local exchange viii
be represented by Eugene f. Thomp
son, chairman of the board of gov
ernors and also a member Of the same
board in the national body.
The chief matters to be discussed
are committee reports on taxation
membership, annual meeting program.
publicity, revision and amendments 10
the constitution and bylaws, and
listing requirements. The matter of
increasing liStings upon member eX-
changes, stimulating inter r-eXchange
business in listed securities, distribu-
tion of new issues and the publishing
OF current information regarding list
ed securities will also come up for
discussion.
Greater Safety for Investors.
One of the chief aims of the or
ganzation, which is only about ,
years old, is TO tighten up the listing
requirements on all exchanges so that
investors will know that any stock
or bond in the list has been put there
on its merits. 1t is intended that
eventually any investor in one city
will be able TO get full information re-
garding any issue on another eX-
change.
Ralph w. Simonds of Detroit is
president of the organization, and
Clark w. Wickey of the same city
secretary and treasurer. The Wash
ington Exchange was one of the first
to help perfect the organization. On
the first day of the session the visit
ors will be luncheon guests of the
Philadelphia Exchange.
The second annual convention will
be held in Cincinnati on November
and s. 1t will be attended by a rep
resentative of every member ex-
change. Many stock brokers also will
attend, as a recent change in the by
laws gives them the right TO become
associate members. The governors
have just published guide for listing
committees which is available at each
exchange.
New Banking Committees Named.
The monthly bulletin of the District
Bankers Association indicates that
President w. w. Spaid has added
three new committees to the asSoCia-
tons permanent groups. They are in
charge of the following members.
Life insurance trust development by
banks - Howard Moran, chairman;
Harry V. Haynes, John Poole, Frank
Stetson.
Early closing - Joshua Evans, jr.,
chairman; c. c. Lamborn, L. E.
Schreiner, J. Frank White, B.. A.
Bowles.
Clearing of collections and other
items not handled by the Washington
clearing house - F. G.. Addison, jr.,
chairman; Howard Moran, c. f. Jac-
OLSEN.
Urges Trade Board Gasoline Probe.
Charging Standard Oil of New Jer-
sey controls to a considerable degree
market price of gasoline, in so far as
dealers are concerned, Gov. Byrd OF
Virginia has. made public a letter he
has written to President Coolidge, in
which he urges report from the Fed
eral Trade Commission, which was in
structed to investigate the gasoline
situation IS months ago.
Discussion of gasoline prices, which
was instigated and held by Gov. Byrd
at meeting at Richmond, failed COM
pletely after about, two hours of
wrangling. Representatives of oil
companies asserted the governor was
basing his argument on a false pre-
mise. The governor presented letters
from executives of nearly 80 States,
which showed in these States gasoline
prices range from l to Z cents a gal
Ion cheaper than in Virginia.
Land Bank Heads Meet Here.
Presidents of the 12 Federal Land
Banks in session with the Farm Loan
Board here report that agricultural
conditions over the country, as a
uholo aro f~o,,,
the South indicate an increase in net
returns from the cotton crop and
wheat in some sections of the West
will so farther than last year in help
ing put the farmer back on his feet.
Their reports also state that the
corn shortage will be considerably off
set by increased prices. The bank Of
ficialS note better demand for farms
on which the land banks have fore
closed in the past several years.
The conference will be concluded
late this afternoon.
Local Market Strong.
Washington Railway G. Electric pre-
ferred came to the front in trading
today on the local exchange, opening
at 924 and closing with a 100-share
sale at "a, new peak for the year.
The days sales reached 10 shares.
The wave of buying in local bank
stocks continued, led by Continental
Trust. This stock opened at 127 and
closed at 129. another 1927 high mark
and d gain of points over the last
sale last week. The turnover today
was 30 shares. Federal-American
National also reached a new top price.
10 shares changing hands at 33J.
American Security d Trust came
out at 465, scoring another high
record for this stock. Commercial
National sold at 2GS and the
bank stock trading ended with Riggs
National opening at sos, dropping to
5O5 on two-share sale and closing
at 500 on a 10-share deal.
Mergenthaler was active, opening
at l10A and closing at lI0ls, sales
amounting to AZ shares. Gas Light
sold at 77ls and Potomac Electric
preferred 5l2 per cent shares brought
lOZ2s. Bonds We're quiet, but firm.
Mrs. Minar Guest of Honor.
Mrs. Ruby Lee Minar will be a
guest Of honor and speaker at the an
nual dinner for Washington bank
women given by the women's ccm-
mittee, Washington Chapter, Amer
lean Institute Of Banking, at the
Women's City Club on September 10.
Mrs. Minar is one of the pioneer
woman real estate operators in Wash
instOn, a bank director and a member
OF the Virginia Real Estate Board.
Other Financial Notes.
Charles b. Lyddanc. vice president
of the American Security &; Trust Co,
is passing his vacation at Hot
Springs, Va.
President John Poole of the Fed.
eral-American National Bank was pre-
vented at the last moment from at.
tending the national advertising con.
vention at West Baden, Ind. He did
however, send "a large advertising
exhibit.
A large attendance was expected at