Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-23

IL
ssu ent promoters Edison Il. OIds.
.iconstitute, accord
Sing to the bulletin, problems which can
only be solved through educating the
public to fraudulent schemes. There
IDS, however, always need for sound leg
islation and able law administration
aimed to punish those who perpetrate
frauds.
7 The bulletin cites statements made
,iby blue sky commissioners from 80
States 1t quotes those made by COM
miSsioners in Arkansas. California, Con-
'necticut, Georgia, Idaho. Kentucky,
mississippi. Nebraska, New Hampshire.
North Dakota, Oregon Pennsylvania,
South Dakota and Wisconsin, to show
that the victims of fraud come from
both the educated and uneducated
classes, education in practical financial
matters being lacking in both. This
lack Of education is astounding and
gives the fraudulent promoter a clear
advantage over uniformed people who
take chances on promises and repre-
sensations that would be Immediately
recognized as having the suspicious ear
marks Of fraud by persons with only
practical elementary knowledge of
securities.
The plans include: The weekly is
suance of a series of SO posters de-
signed to protect industrial employees
from many types of fraud: the pub
LEGATION of practical booklet Of
financial information; the extension Of
Better Business Bureau work by ex-
tending it to communities which can
not finance organizations the size of
the present affiliated bureaus; the ex-
tension of protective work among GUS
itomer-ovner stockholders, and the in
creasing of cooperation between the
National Bureau and other agencies
engaged in the business of exposing
,and suppressing fraud.
Auditor Is Veteran Banker.
Edison B. Olds, treasurer of the
Union Trust Co, recently appointed
chairman of the auditing committee
of the District Bankers Association, is
one of the most experienced bankers
IN the National Capital. Born in Min
cleSota. the son of an Episcopal min
s5ter, he came to Washington when he
was only 8 years old.
His banking career started as run
ner in those days when runners COW
cred great deal more territory be-
tween the different banks than they
rio now. He worked up rapidly through
bookkeeping positions to places as note
eller and paying teller, afterward being
resistant cashier of the old Citizens
Rational Bank for Is years.
He helped organize and became as
tional bank, in which the late William
3 Galliner was SO deeply interested.
.Ie remained with the bank throughout
o03 and in 1904 went to the Union
rust Co, which means that he has
zen with that institution for the past
) years.
In addition to a particularly busy life
IS a banker, Mr.. Odds found time sew
raj years ago to write a book on the
Odds family which had very wide cir
c;llation. He has always been espe-
tally fond of genealogy and Is an au-
-hority on the subject. AS he cares lit
e for clubs, his real hobbies are two
'nanking and the study of family his
.ory.
Rapid Transit Cuts Deficit.
The Washington Rapid Transit Co.
Is the first to file it's monthly statement
q operations with the Public Utilities
Commission for June. It's income bal
nee for the month showed deficit OF
508.15, but this was $585.24 less than
its deficit in June a year ago.
In the previous month this year, the
company showed $6,l09.68 income bal
fnce out of the red INK. For the f1rst
&, * months of the present year the in
come balance of the company shows
/. 12,e16.20 on the right side Of the books
eainst deficit of $3,037. for the FIRST
half of 1928.
Commodity Prices Higher.
Prices of commodities during the past
eek continued the advance of recent
q ceks, with an advance of 0.8 per cent
YER the previous week and total OF
81 per cent since June /, according to
ne wholesale price index of the Ma
onal Fertilizer Association. For the
week ended July 20 the index stood at
,"3.7 per cent of the three-year base,
1926-192S, and was at the highest point
nee October 6, 1928. The number Of
= dvances was IS and that of declines
u. Six groups showed advances ana
only three declines.
. The largest advances occurred IN
Grains, feeds, fats, other foods and
: otton. The largest declines occurred
a petroleum, gasoline and ammonium
-ulphate- nitrate
Trading Quiet on Exchange.
: Capital Traction sold at 951a, Poto-
mac Electric Power 6 per cent preferred
ct 11la and the sig per cent issue at
1882 and Washington Railway &
Electric preferred at SO on the Wash
ngton Stock Exchange today in quiet
session.
Thirty-five of Riggs National moved
at 572. Sand & Gravel came out al
1914, and Peoples Drug Stores pre-.
,fsrred sold higher at 1924. Twenty
shares of Federal-American Co. pre-
,lerred moved at 1912, 40 shares of Ma
,tional Mortgage & Investment preferred
sold at AS and so of Real Estate Mort
gage g. Guarantee preferred at 73s.
q. In the bond division $4,000 Washing
ton Railway g. Electric As sold at SO.
Heard In Financial District.
Corcoran Thorn, president of the
American Security g. Trust Co., plans Il
leave for Europe in August to pass hi
vacation. Mr.. Thorn expects to vtsi
4. many places of the beaten tourist patti
which he has not seen on previous trips
abroad.
Eugene T. Thompson, head Of Crane
Paris g. Co., has recovered sufncienti'
T.. from his recent illness to visit the omc'
for a time each day. =.
william H. H. Allen. the Oldest di
! rector in the Franklin National Bank, /
= spending the Summer at his cabin OF
4 Lake Hancock, in Maine. MIR. Allen Il
. &c years old and in good health.
!, Edward j. McQuade, vice president
the Liberty National Bank, is actin
secretary of the District Bankers AS
!, ISOLATION, while Secretary C. II. Pope i
. on his vacation.
:. A. r. Morse, manager OF the Cool
i, bureau In the Washington Loan g. Trus
$, Co., has been ordered to Los Angelo
Z for three months temporary service.
Laurence 2. Greenebaum has beel
elected vice president of S. w. Strau
& Co. Mr.. Greenebaum was formerl
/, hotel management counsel for tn
Ambassador Hotels Corporation.
Sales of United Cigar Stores Co. o
+, America and subsidiaries for the frs
IA days of July amounted to $3,094 ,00(
compared with $2,903.000 In the cor
responding period of July, i928.=an in
grease OF $ls1, 900, or 6.5 per cent