Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-19
THOMPSON TELLS
OF EXCHANGE WORK
Washington Broker Reviews
Incidents of Year at An
nual Convention.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Eugene Z. Thompson of this city,
president of the Associated Stock Elk
changes, summed up the work of the
past year and pictured the problems Of
ing Of the fourth annual convention at
Minneapolis this morning. The WASH
ington Stock Exchange Is q member of
this organization.
Mr.. Thompson opened his remarks
with reference to the stock panic, the
tremendous changes In quotations and
In real values and the surprising man
ner in which brokers wtthstood the
strain.
During the past year four exchanges
Joined the Associated Stock Exchanges
-Minneapolis-st. Paul, Buffalo, Port
land, Greg, and Los Angeles. Omaha Is
to open an exchange in June and
expects to join the associated at that
time. Atlanta, Ga, also has the OPEN
ing Of Q stock exchange under con-
sideration.
Efforts to Strengthen Listings.
The committee on standard listing
applications u striving to improve the
listing form, the question OF dividing
commissions has been given careful at
ttcular stress on the growth In the
amount of business being done by the
various exchanges. As head Of the
association. Mr.. Thompson travelled
$4,000 miles to keep In the closest pos
sible touch with the different ex-
changes. The business of these ex-
changes outside Of New York and
Chicago reached the highest peak on
record during 1929. The amount Of
business transacted Is held to indicate
clearly how much need there Is for all
these smaller exchanges.
The raising Of new capital Is furnish
Ing the local exchanges large number
Of new istings, Mr.. Thompson reported.
with the flotation of such large amounts
Of securities, the association has been
brought face to face with o public
responsibility to safeguard the listings
more than ever before.
At one point in his address, Mr..
Thompson said: ''The investment trust
combination Of capital win also provide
expansion for, common stocks. While
the investment trust Is old in Great
Britain, yet its newness In this country
has found many persons waiting to see
Il come through q period Of depression,
with close observation rs to the ultimate
outcome. Thus far there has been o
tremendous influx Of capital where 1t
u thought that the promoters Of the
trust are capable Of knowing what to
do and when to do it.
Investment Trust Problem.
'-The question Of listing investment
trusts on the exchanges has been given
much thought and 1t would seem that
such listings ought to be made. The
matter of frequent statements of earn
ings should not only be required, but
ownership Of securities as well, and in
deed every change of ownership should
be made public. Quite naturally this
publicity has its disadyantages-yet no
more 30 than the publishing OF the
doings Of some Of our large corpora
tons.
.'If there, should be o listing of the
investment trusts and no published
reports, the exchanges win soon incur
the stigma of encouraging what might
be termed blind pool operations. Need
less to say. such q listing without re-
ports would be q backward step. The
exchanges, as the Representatives Of the
public, must insist upon complete
information"
New Broker once Opened Here.
Prince q Whitley, New York stock
Exchange firm which had an ONCE In
Washington half q century ago re-
opened ofices here again today being
Washington Building. Among those
present at the opening were J. M. Hoyt,
senior partner, and L. 8. Crichel, an
other partner. The manager Is Bernard
A. Smyth, who has been manager OF
the washington Offices Of Il. A. Pirce
d Co. for several years.
The large Offices were crowded with
visitors today. Flowers from friends
and business associates made the place
most spacious, there being stock ex-
change board and Q curb quotation
board, ample rooms for the stan and o
conference room. The offices are To-
Gated on the Fifteenth street and New
York avenue corner Of the building 80
that they have particularly fine out
look.
The firm is said 10 have been the
first broker house to establish direct
York, this action having been taken
before 1880. When the firn re-estab-
lished its ONCE here today, Eugene
CTeary, who was the original CHIEF
clerk of the Washington ONCE, took
part in the opening ceremonies. Mr..
OIeary, now with the Bureau OF ETY.
nology of. the Department Of Agricul-
ture, handled the first buying order.
A resident partner OF the frm was
IN the old Baltimore and Potomac
depot on July 2, 1881, and heard the
shot which resulted In the death OF
President GARFIELD. b
Realizing the importance OF getting
the information to the New York ONCE,
he hurried to the branch here ana by
means Of its direct private wire he
was able to fash the news to New York,
thus enabling the firm and its Gus
toners to prepare for the shock the
stock market recorded late that day.
d. C. Exchange Active Today.
Trading was active on the Washing
ton Stock Exchange when the 6rst SEES
sion of the week opened today. Capital
Traction opened with is shares selling
moving at 74as. Washington Gas Light
sold at 127. while As shares Of WASH
ington Railway 81 Electric preferred
changed hands at %.
Ten shares Of Liberty National Bank
stock came out at 216 and 30 shares OF
American Security g. Trust Co. stock
sold at All. Mergenthaler registered
1865. Potomac Electric Power 5R per
cent preferred came out at lot ex
Olvloeno ana Lne per CENT PIcAeAAeo
sold at 112 ex dividend.
There were four 50-share sales In
Carpet Corporation at 26 and two other
blocks Of so shares each sold at 1874
In the bond division Potomac Electric
Consolidated SIS, Washington Gas issues.
Railway g. Electric Is and Capital
Traction IS were In good demand at
recent levels.
CHAIN STORE COMPANIES