Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-05-26
PICTURES GROWTH
OF D. c. EXCHANGE
Paris Reviews Splendid
Growth in 48 Years-0ther
Financial Notes.
BY EDWARD c. STONE.

interesting Talk on the history OF IIle
Washington Stock Exchange before the
Columbia Historical Society a few eve
nings ago. Mr.. Paris has been an ex-
change member the longest of anybody
in the financial district, is a former
president and has devoted a great deal
of time in assembling all the past rec
ords.
The oldest stock exchange in exist
ence is the Paris Bourse. he said,
founded in 1925. The London Elk
change was founded Al years later.
The Philadelphia Exchange was started
in 1890 and the New York Exchange
got under way about two years later.
All efforts to establish an exchange in
Washington failed until 1881. The or
ganiZation was limited to 20 members
and started out with 49, the number
being later extended to 40. The first
seats on the exchange cost $25, while
one recently sold for $4,025 and an
other for $4,000.
Mr.. Paris held one of the original
$25 seats. bought by the firm he
worked for when a very young man
When he started out for himself, his
employers told him to keep the seat
that it wasn't worth anything any,
way" In 1905 and 1906 three seats
sold for $4,000 EACH yet with such a
splendid profit on S25 seat that was
given him, Mr. Paris refused to part
with his membership and still retains
1t.
Novel Method in Deliveries.
Mr.. Paris recalled to his hearers that
In the early days delivery of all securi-
ties had to be made with horse and
buggy. He often spent hours travelling
around town in this manner to fulfill
contracts during the daily sessions OF
the exchange. Gas stock was one Of
the most popular issues in the early
days, as it still is.
George H. B. White, father of George
w. White, now president of the Ma
tional Metropolitan Bank. was the first
exchange president. Business on the
exchange has varied greatly. William
B. Hibbs, who served seven years as
president, and Eugene E. Thompson
who, like Charles G. Glover, ST., served
We years, we're conspicuously active In
stimulating business during their
terms, the historian asserted.
The exchange has weathered all the
nancial panics, business has been kept
on an even keel and the organization
has gained in prosperity and influence.
The exchange was one OF the first
to Join the Associated Stock Exchange
Association which is made up of a
dozen exchanges outside of New York.
When the exchange was founded, ex-
elusive of Government bonds, there was
% securities listed. Today the NUM-
Der has increased to 90. Steady prog
ness transacted, which in 1927
amounted to s2,1S4,000 Of bonds and
1885 shares Of stock, and in 1928 to
$l,9S6,o4l in bonds and 83,745 shares
Of stock.
During the exchanges existence there
have been 189 members and "a presi-
dents have presided over the pro-
ceedings; George o: Watson now oc-
cupying the chair. During his address
Mr.. Paris gave many personal side
lights and concluded by predicting
steady and even increasing expansion
in exchange business.
Governing Board TO Meet.
A meeting Of the board of governors
of the Associated Stock Exchanges, a
voluntary association composed OF the
Baltimore, Cincinnati, Cleveland, Column
bus, Detroit, Hartford, New Orleans,
Philadelphia, Pittsburgh, st. Louis and
WASHINGTON Stock Exchanges, will be
held at the Lord Baltimore Hotel, Balti-
more, tomorrow.
The routine work Of the meeting will
center on discussion Of the reports OF
the following committees: Program Tor
1929 convention, membership, ways and
means to stimulate interexchange busl-
ness, trading methods and publicity.
Application of the Los Angeles Stock
Exchange for exchange membership ana
applications Of member firms for asso-
ciate membership will be acted upon.
The officers of the association are:
Eugene E. Thompson. washington,
president; William M. Louderman, st.
Louis, vice president, and Clark G.
Mickey, Detroit, secretary-treasurer.
The association has just released It's
1929 directory which contains mIorma-
ton on the officers and governors OF
the association, member exchanges,
associate members, officers and COVER
nors of member exchanges, members
of member exchanges securities listed
on member exchanges, commission
schedules of member exchanges and the
constitution and bylaws OF the asso-
citation.
Saturday d. C. Market Steady.
The Washington Stock Exchange
witnessed quite active trading in the
final session of the week, bonds getting
their share of attention.
Chesapeake & Potomac Telephone IS
came out at 995s, $1,000 Washington
Gas IS sold at esa4, s91h and 1893 Po-
tomac Electric first IS figured IN
$4,000 transfer at 1924 and $1,000 Cap
ital Traction SIS sold at 97la. Potomac
Electric Power consolidated IS figured
in a $4,000 transaction at 1919 and
the bond market closed with $500 Bar
Der & Ross 6ias moving at 941s
The first stock transfer was in Capt.
tai Traction at 95 The stock closed
at 94ss on only a 19-share turnover.
Federal-American National Bank stock
moved at 335. Federal-American Co.
NJ oVoI Dffn q n
Electric Power 512 per cent preferred
registered two small sales at 1852, ex-
dividend.
Seventy-f1ve shares of National Mort
gage g. Investment preferred sold at 5
fiat and 10 shares of Real Estate Mort
gage & Guaranty Co. preferred at 7i2.
There were but few changes during the
week in the unlisted securities quota
lions. The asked price on Raleigh Hotel
stock was lowered from 80 TO IS and
the asked price on Woodridge-Langley
Savings Bank stock was placed at 40,
with 20 bid.
d. c. Bankers Convention Notes.
Interest is developing at q lively pace
in the District Bankers convention
at Montauk Beach on June 20, al, %
and %. The reservations committee
chairman reported a marked increase
in applications, the program commit
tee has practically completed arrange
ments for the business sessions, the
sports, entertainment and other com.
n1ittees are ready for the gong There
will not be an idle moment from ar
rival on Thursday morning until the
train leaves on Sunday night fer thu
return trip.
There are more cups to be playec
for this year than ever. The conyen.
ton comes late enough so that ocear
bathing is expected to be added X
the attractions. The Clark Fisher de.