The Washington times., 1928-03-31
BANKERS LOOK
FORWARD TO
MEETING
By RICHARD HATTON


while many weeks must intervene
before the special train bearing mem
hers of the District of Columbia
Bankers Association pulls out OF
Union Station bound for Montauk
Point. N. Y, for the tenth annual
convention of the organization, which
viii take place June Z to 10, many
>local bankers are already looking
forward to the pleasures OF the trip.
This is especially 50 after digesting
the recent report of General Chair.
man e. J. McQuade, which detailed
some of the attractions Of the resort
At the eastern end of Long Island.
According to Chairman McQuade
and members of his committee. who
have visited the Long Island resort,
speciaI train will leave Washing
ton for Montauk Point at 10 p. m.
June 6. 1t is stated the hotel at
which the convention will be ineld
is new and up to date in every re-
spect. and having ample facilities for
the business sessions and social fea-
lures of the convention.
FWlIl lI1lGEGSL AIbAhy nfGAAOOlS III
the association to know that there
able with a clubhouse and locker
facilities. Also, members will be
privileged to play at the Shlnnecock
Hills National Golf Course and the
East Hampton course. There Is IA
fine bathing beach at Montauk and
plenty of good fishing.
A. nthnv q fNanffUn fnAnNA.
ments pictured by the committee
in its report have served to create
an early interest. in the convention
and plans are already being made
by an exceptionally large number
of local bankers to take advantage
of the June trip.
Article on Bonds
An interesting article on THE
Listing of Foreign Bonds and Securi'
ties on the New York Stock Elk
change has been prepared by James
A. Hughes. of Wright, Slade and
Company, members Of the New
York Stock Exchange, the n. Y.
Cotton Exchange and the Chicago
Board of Trade. The washington
office under the direction OF vii
liam A. Scully, resident partner,
is in the Mayfiower Hotel.
The author outlines the physical as
pect of the booths on the exchange
where trading In listed bonds takes
place and the method by which
investors, brokerage houses and
other financial institutions are en-
abled to ascertain the market value
OF q large number of the principal
American and foreign issues.
THE recent action of the New
York Stock Exchange" says the
author, ''in making provision for
the listing of American certificates
for foreign stocks has paved the
way for the final step in the de-
velopment of the American investor
as an international security buyer.
He states that there are about 24e
foreign issues listed and that the
number is constantly growing.
Continuing. Mr.. Hughes states.
1.-THE broadening range OF the Amer
lean investment horizon, like many
other things, is traceable to the
war. Since the beginning of 1927,
we have bought over O,OOO,OOU
worth of foreign securities. This
il approximately go per cent OF
the total amount of foreign secu'
rites now held in the United
States. according to estimates OF
the Department of Commerce, Sc
It can be safely said that the
bulk of our foreign holdings has
been accumulated in connection
with and since our entry into
the world war"
Stringent Requirements
After pointing out the necessity
for stringent requirements of for
eign companies whose stocks are
listed on the New York Exchange,
Mr.. Hughes enumerates the special
requirements for listing foreign
shares and the additional data re-
quired in connection with pro-
posed listings of foreign govern
ment bonds. Interesting informa.
ton Is given under the headings
of Theory and Practice" and For.
eign Outlets" and the author con-
cludes:
Admirable work already h 8
been done in the development of
our foreign interest. Excellent work
il being done today and the criti-
cisms which are sometimes heard
are often as Uniformed as they
are unfair and superficial. The
development of the mana gement
holding company idea, which al
ready has been so efficiently used
in the development of American
industry. seems to suggest itself
as the next and most natural step
for the increase of American over
seas interests sound lines"
Named Director !
Frank b. Pryor of Waggsman 4
Brawner, Inc, has just been elected
to the board of directors of the
Continental Clay Products Corpora
ton, one of the largest manufac-
turers of brick in the United States.
w. w. Spaid, of William B. Hibbs
and Company, president of the Dis.
trict of Columbia Bankers Associa.
ton, is in New. York to attend a
meeting of the Association of New
York Stock Exchange Firms ol
which he il a director. He will
be back at his office on Monday.