Evening star., 1928-04-15
TRADING IS HEAVY
ON EXCHANGE HERE
One of Busiest Weeks in
History of Local Change
Is Recorded.
BY EDWARD c. STONE.


trading weeks In It's history. although
the saturday market was rather quiet.
A turnover OF IS shares OF Mer-
chants Transfer 81 Storage preferred at
lO7i, led the week end transactions.
Peoples Drug Stores preferred again
sold at 1913 and Mergenthaler Linotype,
so active earlier in the week. closed at
1903. Potomac Electric Power per
cent preferred was strong at ll3. wniie
the So per cent issue held firm at
lO812. Ten shares of Federal American
Co. preferred appeared on the board at
108 and Washington Gas, in which so
much interest now centers. changed
hands at the recently prevailing price
of 80
In the bond division. Washington
Gas SIS, Series A, figured in a $1,000
turnover at l06. Washington Railway
g. Electric 4s recorded $1,000 transac-
tion at 93ss. The only other trading
was in the unlisted department. where
10 shares of Chaplin Sacks per cent
preferred sold at l07 and 10 more half
point higher.
There were but few changes in quo
tationS in the unlisted securities. The
bid on Metropolitan Club As was low
cred l point to 80 while the bid on
Chaplin Sacks 8 per cent stock was
the American League season found the
| bid for Washington Base Ball Club
stock standing at SIS with none offered.
the stock being tightly held.
Bank President Assumes Duties.
Fernando Cuniberti has assumed his
duties as president of the International
! Exchange Bank, Fifth and H streets
northwest. succeeding Joseph Schiavone.
who resigned in order to take a long
rest The new president was born In
Italy, but has been in this country for
| many years. At one time he was con-
nectcd with the italian embassy, but
more recently has been in business in
New York. For long time Mr. Cuni-
berti has been closely identified with
banking.
Local Bank Clearings Fall OF.
Bank clearings in Washington for
the week ending April IL totaled s23,-
$4,000, decline of 43 per cent COM
pared with the corresponding week
year ago and also below the total of
$32, 2,784, 600 for the previous week.
Both Richmond and Baltimore also
| reported slumps in their clearings for
the same week. Clearings at Richmond
amounted to $42,l56,000 as against $45.-
S5l.000 for the previous week, and a
decline OF 8 per cent in comparison
with the same period last year.
Baltimore reported TO Bradstreet's
that clearings totaled S96.0Ti 900
against a figure of more than Sla2.-
| 100000 last year and also 9.4 per cent
| under the pervious week. Clearings for
the country as a whole were lower
than the previous week but ahead OF
| year ago
Forum Speaker Is Announced.
Fl. w Burnside. chairman of the
forum committee of the local institute
chapter, announced yesterday that
Thomas b. Patton. general counsel Of
the American Bankers Association.
will be the speaker at the final forum
dinner of the season TO be held at the
Raleigh on Friday, April 81, at 6 o'clock
Judge Patton will talk on Some Legal
Problems in Banking" making special
reference to the uniform nduciarieS
act and the Joint deposit bill.
These measures are now awaiting the
action OF Congress. so that the Junior
bankers viii be especially glad TO hear
them discussed. II Is believed the COM
ing meeting will form brilliant climax
for the season. The attendance this
year has been unusually large at the
previous forums and the junior bankers
have cleaned much valuable informa"
ton from the talks and discussions.
In addition to MIR. Burnside. the
forum committee includes T. Hunton
Leith. J. c. Dulin and F.. II. Cox.
Nominated for A. ]. h. Convention.
The following members of Washing
ton Chapter have been nominated Tor
delegates TO the national convention at
Philadelphia in June, 81 of whom Will
be elected at special meeting az;
April 26
l. ]. Roberts. James A. Soper. A. f.
Henze. I'd: Lois A. White, II. II. Dar-
nellie. Catherine Kreig. Frank NJ.
perley, Harold w Burnside, r. Jesse
CLANCY, A. O. Dooley. r. Hunton Lcith,
Raymond r. Iochte Mabel v. Royce,
Alfred w. Sherman. Robert T. Whitton.
r, M. Garnett. Peyton b. Fletcher, jr.:
John r. keener, Esther r. Lau, Donald
A. McMormick G.. Harry Morris, J.
Stephen Ramsburgh. Dickson S. Sroufe.
Anne M uppercuc, Ruth M. Gouche-
nour. Henry f. Kimball. William Z.
Schooley. Frederick p. II, Siddons.
Mildred C. Woodcock. Raymond D.
Lewis, Willard Higbie. Charles ID. Boyer.
w. l.. Sanderson, Edwin G. Steffe.
Wilmer J. Waller. Joseph ID. YerkeS,
Edward j. McQuade. Mrs. Helena D.
Reed. Albert Lyman, Mabel l.. Boyce.
Arthur c. Doying. Herbert ID. Lawson.
Arthur c. Harman, Stuart S. OgilVie.
Gerald Z. Keenc, Mrs. Judith w. Fish
burn, Bruce q. Crandali, Lincoln H.
/ Phillips, w. w. Cradlin. Robert H.
Lacey. Aubrey II, Sisson. Leo j. Moran,
Aubrey B. Garter, Ernest w Rauth.
q. G. Brant and Mary Jane Winfree.
Warns Against Careless Switching.
Louis Rothsehild, director OF the
InPnnH a falE
the other evening warned local inves-
tors against questionable stock pro-
moters who attempt TO get people To
give up IA good stock for poor one.
lie explained.
The switching game Is worked by
high-presSure statesmen who find that
the prospective victim has invested
money IN some stocks or bonds. The
schemer then goes TO the investor and
deprecates the value or future OF the
company In which the money Is already
invested lie claims that his purpose
Ii To protect the interest of the investor
and offers to take these stocks or bonds
and give the investor In return the
securities that he is selling
In every case that has come To the
attention Of the Better Business Bureau
the investor has been switched into nh
inferior security. We know Of one
specific instance where an elderly lady
was switched six times by the same
salesman each switch going down the
ladder Of safety. In the beginning this
lady started of with first mortgage
bonds In the end she had stock In a
highly speculative mining enterprise
IT stock salesman attempts To
transfer your holdings from one Invest
ment 10 another that he IL handling.
Il viii b, well for you to remember the
slogan, Before You InVeat-~lnveSu-
gate.
Heard In Financial District.
Raymond q, Mars auditor Ut the
Riggs National Bank, Is spending Il
week IN NeW Xurl, and Atlantic CITY