Evening star., 1928-05-02
TRADING IS HEAVY
ON EXCHANGE HERE
Sanitary Grocery Pfd. Is
Leader in Dealings in
Local Securities.
BY EDWARD c. STONE.

OK SANITARY GEpCSAN pkSlSRASO NAldAIeS
hands on the Washington Stock EN
change today in one of the busiest ses
SionS in many months. The stoc
opened at llS and climbed Steadil
until the last 30 shares were sold q
100. Yesterdays announcement tina
the firm had just bought as stores Il
and around Richmond helped to focu
attention on the issue.
The New Peoples Drug Stores pre-
| fcrred was active at the recent Stron
price of Ill. Capital Traction openet
f, at 100 and closed al i0S7s Potoma
! Power 6 per cent preferred stock cam
/ out at llSis. and Washington Rallwa
/ & Electric preferred again sold in good
/ sized blocks at l02.
LsnSton Monotype changed hands a
/ ll03s and ll0l2. while Mergenthale
/ moved at lo03A in very light trading
after opening at lol. Washington Ga
! Iight STAYED in the limelight, figuring
/ in several transfers at 93i2. Columbi'
/ Sand & Gravel preferred recorded
! l0-Share sale at 90.
/ One share of Metropolitan Bani
/ stock moved at 405. Norfolk u WASH
/ ington Steamboat sold at 3o2 and Ma
/ tional Mortgage 6 Investment PIE
/ ferred at SIS. In the bond dlviSiol
/ Railway & Electric IS were active
! o3ss and =. D. c. Paper 6s came ou
at 95, and Capital Traction oS Sclo
/ l037s and lo4,
Fraud Did Outlook Held Bright.
/ Financial leaders III Washington
were generally pleased with the tone
preyaiilng at the hearing on the fraud
ulent securities bill before the Senate
/ district committee yesterday. II ap-
reared to be the belief of the Senators
! that some kind Of bill to check fraoo
should be passed at this session. sew
/ eral Senators expressed surprise thai
| the District does not already nave
/ better law to protect the investing
public. ..,,
The matter has to be taken up with
the District Commissioners ana TINS
district attorneys Office relative TO the
! machinery available 10 carry out some
If the provisions III the bill. The bill
/ viii mean considerable investigation
work on the part of the district at
/ toYneys Office Required registration
/ Of those selling stocks. bonds and other
! securities means that the Commission
; ers must make special arrangements 70
meet this situation.
Francis G. Addison. jr., represented
I the Bankers Association at the hear
ID OlElGkS NIAS AA~AAA~A
( Y Keyser. counsel of the Investment
! Bankers Association; Eugene &
/ Thompson. B. F. Saul, Rufus S. Lusk
/ and Louis Roihschild. William A. Lock
wood and William S, Miller OF the
New York Curb Market also spoke.
The head of the New York Curb wants
Curb stocks and bonds exempt from
ulyestigation on the ground that they
are Investigated when they are listed.
Maryland Bankers Convention.
Judge Thomas B. Patton. genera
counsel OF the A. B. A, who spoke a
the Institute Forum here the other eve
ming. is on the program TO address th'
annual convention at the ChambeTlin'
vanderbilt Hotel, Old Point Comfort
/ Va. May Is and II. Mr.. Patton vii
| talk on Bank Taxation"
William F. Augustine. vice presiden
| Of the National Shawmut Bank o
/ Boston, and recently elected prcsiden
| of the Reserve City Bankers ASsocia
| ton. will talk on Interest Rates" Prof
! G. W. Dyer of Vanderbilt Uniyersit.
also is on the program.
| Many bankers IN the territory ad
| iacent TO Washington are planning 4
/ attend the convention which is Il
| have several new features this year
| Among these will be banquet ant
dance at the Chamberlin-Va Vanderbilt
on the evening of May Is, golf tourna
nent on the Old Point Comfort link
/ and a special trip on chartered steam
er in the Hampton Roads section OF
The afternoon of May II
Glass Would Curb Brokers Loans.
| Senator Carter Glass OF Virginia i
/ working on some legislation through
/ which he hopes TO restrict permanent,
| what he terms this frightful exceS
and riot of stock and commodit,
! speculation. He has not yet disclosed
/ what kind Of legislation he has in mind
! explaining that he first wants to tax
| it up with the Federal Reserve Board
! Mr.. Glass played vital part In TIL
/ establishment OF the reserve board an,
| has worked IN close sympathy with
/ ever since it began functioning. H
j expresses the belief that the board ca,
act on the subject OF loans to broker
without congressional legislation.
Gov. Roy A. Young. while keepin
| IN close touch with the loan situation
has not commented upon It,
Convention Interest Growing.
| The arrival OF warm weather ha
/ turned interest definitely toward tn
! annual convention Of the Distric
Bankers Association. 10 be held q
| Montauk Beach, l.. l., In Just abou
one month from now.
Lawrence A. Slaughter, chairman G
the transportation committee, report
that an excellent number of Feserya
/ tiong have been received and that NOR
/ are coming In steadily.
John M Riordan, chairman of th
program committee, reports that sew
J eral firgt-ciass speakers have aIread
been secured and that the complet
list viii be ready for announcement
shortly
George o. VaSs has called an earl
meeting OF his important committe
and other committee chairmen are ais
right on the Job.
Cleaned In Financial District.
The annual meeting OF the Lansto
Monotype Co. takes place iomorro
noon at Alexandria, Va.
The Southern Railways report fo
March shows an increase I'm net raiiWa
operating income Of Si95 900, or 10 pe
cent, over the previous March
The Pennsylvania Railroad has ser
out ~ mail bags filled with warrant
10 subscribe 10 the new issue OF com
mon stock 10 holders Of record on Apr
IL. The warrants permit purchase {
new stock AZ $50 per share
The Senate adopted resolution call
ing on Secretary Mellon for submissio
10 Congress as soon Is possible the an
nusl report Of The Federal Farm Loa
] Bureau
Members Of the Swiss legation fay
| received word that the Swiss Industrit
Fair in Basel which opened two week
! sg0. has proved brilliant success. Thi
fair is one ot the oldest Of the kind /
Europe dating back W the nfteent
| century.
/ -
/ HIEnnI Yn AnE nIrKEr