Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-17
D c. BANKERS PLAN
! TO ATTEND MEET
Investment Houses Will Be
[ Represented at Annual
! Gathering in Quebec.

+. Investment bankers of the city have
received notice of the eighteenth an
nual convention of the Investment
Bankers Association of America, which
is to be held in Quebec, Canada, Oc-
tober IL to 10, and which will proba-
bly, be attended by delegates from the
National Capital.
Paul v. Keyser of 1910 Vermont ave-
nue., the Washingtonians now most
prominently connected with the asSo-
citation, as counsel, plans to be present.
Eugene E. Thompson, senior partner of
Crane, Paris & Co., who was formerly
a member Of the board of governors of
the association, is among those expect
ing to attend, it is understood. Mr..
Thompson is now in Chicago on a bust
ness trip.
New ID. C. Members.
Two branch offices of investment con-
Germs located in Washington have been
registered in the membership lists of
the Investment Bankers Association
since June II, it is noted in the bulletin
announcing the annual convention.
They are Dillon, Read & Co. of GIT
Fifteenth street, and Henry L. Doherty
& Co., Southern Building.
Among the prominent speakers to
address the convention will be E. w.
Beatty, K. c., Ii. D., chairman and
president of the Canadian Pacific Rail-
way. who will speak on Friday after
noon.
The board of governors has sub
mitted regular ticket to be voted
on at the convention, including Trow-
bridge Galloway, of Galloway, Fish &
Co., of New York City. for president,
and Alden H. Little of Chicago for ex-
ecutive vice president.
Clayton G. Shray recently rendered
his resignation as secretary OF the or
ganiZation, it was announced, and pend
ing the selection of a successor the
board of governors has nominated Mr..
Little for the Office of secretary in ad-
dition to the Office of executive vice
president.
devoted to business sessions, and for
the afternoons an elaborate program of
sightseeing and entertainment has been
scheduled.
Investment Corporation.
j. & W. Seligman g. Co. today an
11ounced the formation of a second in
vestment corporation with an initial
paid-in capital of about $4,000, 900.
A feature of the new organization will
be the holding by Tri-Continental Cor
poration of warrants to purchase $780,
900 common shares and the immediate
purchase Of 100000 common shares for
$3,750,000 in cash.
The new corporation, which will also
be closely identified with j. and w.
Seligman & Co., will be named Tri-
Continental Allied Co., Inc, and an Of
fering of unit certificates representing
preferred and common shares is planned
for early next week. The banking firm
and its associates will buy for cash
100000 shares of common stock of the
allied company. Tri-Continental Cor
poration will manage the new company,
and the board of directors of the allied
company is expected to be substantially
identified with that of Tri-Continental
Corporation, which now consists of Is
members, of whom are partners of
the Seligman firm.
Tri-Continental Allied Co., Inc, will
have authorized and outstanding, $780,
900 shares of per cent, cumulative, $50
par value preferred stock, with warrants
and 100000 shares of an authorized s.
100000 shares of common stock without
par value. The public offering will con-
sist of the 100000 shares of preferred
and 100000 shares of the common in
the form of unit certificates, each rep
resenting 1 share of preferred stock
and 1 e shares of common stock Unit
certificates will be eXchangeable for
stock certificates on March Is, 1880,
or earlier, at the option of the company.
Stock Warrants.
Warrants attached to the preferred
stock will entitle the holders to pur-
chase 100000 shares of common stock
at the rate of one-half share of COM
mon for each share of preferred on
or after January l, 1881, and not later
than August Is. 1882 The 100000
warrants received by Tri-Continental
Corporation will be exercisable on or
than August Is, 1889. All warrants
will be exercisable at $33 share of
common stock.
Bank clearings are again unusually
heavy, the total this week at all lead
ing cities in the United States, as re-
ported to Dun's Review, being $12,919,-
444,000, an increase of 487 per cent
over that of the corresponding week of
last year. Clearings at New York City
of $9,165, 100000 show a gain of $50
per cent, while the total for the prin-
cipal centers outside of New York of
$3,754, 444, 900 is 1871 per cent over that
of last year. Only three cities out of
the % leading centers show smaller
clearings this year than year ago, the
gains over last year being large at Bos-
ton, Philadelphia, Baltimore, Pittsburgh
Minneapolis, Atlanta, Richmond and
Los Angeles.
Heard in Financial District.
w. w. Keck, assistant treasurer of
the American Security & Trust Co., and
Mrs. Keck, accompanied by Charles
Miller, also of the American Security
& Trust Co., and Mrs. Miller, left
Washington this morning for months
trip through the New England States
and Canada.
Thomas P. Hickman, vice president of
the Franklin National Bank, is expected
to return Monday from his vacation
IN the Sebago Lake region of Maine.
Samuel r. Baulsir, cashier of the Sc
curity Savings g. Commercial Bank,
will return Monday from his vacation
at Detroit Lake, MINI.
NEW YORK COTTON.