Evening star., 1927-11-12
THOMPSON HEADS
|. STOCK EXCHANGES
Local Investment Banker Is
Elected President OF Ma
tionaI Organization.
By EDWARD c. STONE.


the annual convention of the Asso-
ciated Stock Exchanges at Cincinnati,
was elected president of the organiZa-
ton for the coming year at the CLOS
ing business session late yesterday
His election is considered not only
deserved tribute for the great amount
of work which he has put into making
| the comparatively new organization
success, but ii is also highly gratify-
| ing to the members of the local eX-
change because of the national recog-
milton which comes to the exchange
| here.
| The national association includes
| IL hangcsBaltimore, Cincinnati,
| Cleveland, Columbus, Detroit, Hart
| ford New Orleans, Philadelphia, Pitts
| bursh. st. Louis and Washington. 1t
| was organized about two years ago to
| further the interests of these smaller
exchanges outside Of New York.
| Mr.. Thompson, who is head of the
| investment banking firm of Crane,
| Paris & Co., has attended all the
| regular meetings and all the meetings
| of the board of governors of the
| organization since it's inception and
| has taken keen interest in every pro
grcssive step.
| Mr.. Thompson is a former presi-
dent of the Washington Stock Ex-
change and is now chairman of the
| board of governors. He is also a
members of the Investment Bankers
Association of America and holds a
committee appointment in that body
The other officers who will serve with
hIm during the coming year include:
| William NJ. Lauderman, st. Louis,
vice president; Clark c. Wickey,
Detroit, secretary and treasurer. w.
T.. Fox Of Cincinnati and B. p.
Schoyer of Pittsburgh remain on the
board of governors, while l.. &.
Glenny New Orleans. and Ralph w.
| Simonds. Detroit, last years presi-
dent, were added to the board for two
year terms.
Bank Clearings i'm Slight Drop.
Bank clearings in Washington dur
ing the week ending November 10.
! which included holiday in all the
broker Offices in the city, because of
the New York election. showed
slight decline over the previous week.
the same being true of most of the
| other cities of the country.
| Clearings here totaled S26,373 900
against S27.530,0 for the previous
| week. They were also about per
cent behind the same period a year
| ago, according to Bradstreets sum-
| mary.
Richmond clearings were more than
| 50 900 900 ahead of the previous week
and also 11.3 per cent above the fig
| ures Of year ago. Baltimore, how
ever, had much larger proportion
ate slump than Washington.
Sterrett Go. Votes Dividend
The board Of directors of Sterrett
:. & Co., has voted a dividend of over
1 81 per share of the preferred stock,
payable on shares of record on No.
vember 10. This company owns a sub
| stantial block of stock in the National
| Transportation Securities Corporation.
a General Motors subsidiary, through
| the Yellow Truck & Coach Manufac-
turing Co.. The Securities Corporation
is the holding company for Sterrett
| Operating Service. Inc, of Washington
and Metropolitan Distributors Inc. Of
New York Both of these companies
are actively engaged in the truck
service and sales business, and report
very satisfactory increases in volume
and profits.
Baum Leaves Mount Vernon Bank.
4" the 7oeting Of the board of di-
recto-s of the Mount Vernon Savings
Bank, held yesterday. the resignation
of William r. Baum, vice president
and cashier was accepted. Mr.. Baum
intends to accept a position in New
| York. He has J. on connected with
the bank since it's organization in 1920.
when he was Gle cted it's first cashier.
His duties as vice president will be as.
sumed by Claude II. Woodward, exec.
utive vct president of the bank, and
the election of a new cashier will prob
ably be deferred until the annual
| ,,f IL hCf in Tn
During Mr.. Baurl's connection with
the .avings bank the institution has
| @! jo' rapid expansion.
Takes Commerce Position.
Chareles K. Seal of Washington has
been named director of the Traffic Bu-
r. IL of the Bal more Association of
Commerce.
Mr.. Seal begins his duties December
1. For the past nine years he has
been an attorney and examiner for the
Interstate Commerce Commission, and
before that was secretary to commits
| sionerS.
AS an examiner he has handled many
important cases for the commission,
his most recent investigation having
been in Southern grain rates.
New Federal Reserve Record.
The largest volume Of loans and in
vestments of Federal Reserve member
banks in the history of the system
was reached in October.
The Federal Reserve Board an
nounces that it totaled $21 .119 9,264, 900.
an increase of 81 ,37O, 76S, 900 over the
February figure, the lowest OF the
wear. The increase was attributed
largely by the board to growth In IN
| vestments and especially in loans on
! securities, although part OF II was
due to the usual seasonal advance IN
commercial and agricultural loans.
Deposits of member banks also
showed ar increase of more tnan a
billion dollars over February. with
the bulk of the increases being IN
| demand deposits, and reserve bank
credits reached the highest figure or
the year at $1.213, $4,000.
Heard i'm Financial District.
Local brokers still are discussing
vesterdav's sale on the New York
curb of 25 shares of Washington Kali
way G. Electric common at 433, crop
of q points from the last New York
sale.
William A. Scully, resident partner
of Wright Slade Il Co., has received
| word from the governors of the three
New England States in the flood area
that the National Red Cross and the
State agencies are supplying sufficient
relief funds for present needs. Mr..
Scully had offered to establish re-
lief depot at the Mayflower where his
offices are located
Chairman III. w. Burnside of the
Institute Forum committee, is greatly
pleased with the number of advance
reservations for the first forum of the
season to be held at the Raleigh next
Thursday evening" 1t appears quite
proable now that previous attendance
records will be smashed.
Have You Been Stung Yet?