Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-09

treasurer: Miss Anne Crawford. NC
Lachlen Bank, assistant secretary; w
L. Sanderson, Feoeral-Amerfcan Ma
tional, chief counsel.
Elected to the board of governors were
Robert H Lacy, T. Hunton Leith, Rob-
erts H. Whitton, Winifred Burwell and
William Mehler. Mr.. Henze, the retlr-
ing president, becomes a member OF the
board other members still in Office be-
ing John M. De Marco, Henry F. Kim
ball, 1. J. Roberts, James A. Soper and
William c. Winstead. Members whose
terms expire include Harold w. Burn
side, Stuart S. Oglevie, Mabel V. Royce
and Joseph D. Yerkes.
With one exception the largest vote
ever cast at an institute election was
recorded-307. The liveliest contest was
for second vice president, this being de-
cided by II votes.
Bankers Back From Old Point.
The Washington banKers-Francis G.
Addison, ir.; Howard Moran, Robert V.
Fleming and e. E. Mountjoy, local rep
resentatives of the American Bank
ers' Association--have returned from
the Spring council meeting at Old Point
Comfort, Va Mr.. Fleming returned
before the sessions ended in order to
attend the bank-taxation hearings at
the Capitol. He is member of the
special A. B. A. committee interested
in this vital matter.
The local bankers are most enthu-
siastic over the meeting Many very
important reports were presented and
fully discussed, several having already
been mentioned in The Star. Fred /.
Kent's report on the economic situation
proved one of the highlightS of the
three-day sessions. President Lonsdale
read a telegram from President Hoover,
in which the Chief Executive conveyed
his best wishes and the hope for a
successful meeting Of the council. The
attendance was the largest ever re-
corded at council meeting.
Mr.. Addison, who represented the
District Bankers Association, said to-
day that the discussion on moving the
headquarters of the American Bankers
Association from New York to Wash
ington last for three hours and was
a very lively debate. The change was
urged because Washington is the Ma
tons Capital and banking is national
in scope. 1t was also claimed that
headquarters could be obtained here at
much less expense than in New York
and that the officials could live here
much more cheaply. The change, how
ever was not pressed in order to get
the headquarters nearer to Congress.
The present headquarters are so
cramped that the association must
move anyway. After all the arguments
were presented. it became clear that
the majority was in favor of leaving
the head offices in New York and the
resolution was consequently withdrawn.
Yesterday afternoon about $50 bank
ers visited Langley Field on invitation
and were watching the flying when the
air tragedy occurred which resulted in
two deaths.
Exchange Convention Nears.
Eugene E. Thompson of Crane, Paris
& Co., president of the Associated Stock
Exchanges, of which the Washington
Stock Exchange is a member, is hard at
work on the program for the annual
convention of the organization to be
held in Minneapolis May 10 and 20.
One of the principal topics of discus
sion will be the new developments in
stock exchange methods. Plans for
Standardization in both trading and ac-
counting and a Nationwide clearing
house system will be considered.
Among the exchanges represented will
be Baltimore, Buffalo, Cincinnati,
Columbus, Detroit, Hartford, Conn; Los
Angeles. Minneapolis, New Orleans,
Philadelphia, Pittsburgh, st. Louis and
Washington.
HeaVy turnover IN IractlOn.
Another heavy turnover in Capital
Traction stock took place on the Wash
ington Stock Exchange today. There
were Is different sales involving 205
shares, every sale being made at rs.
The largest sales were two 30-share
blocks and the smallest cover but four
shares.
Capital Traction overshadowed the
rest Of the market. Potomac Electric
Power 5l2 per cent preferred sold at
108ls and 1884. The corporation s
per cent preferred came out at 1117s.
Columbia Sand & Gravel moved at 95.
One share of Mergenthaler moved at
10s and 40 more sold at 107&.
Five shares of Lanston sold at 1929.
Washington Title Insurance sold at
in the unlisted department. The days
only bond sale was $1,000 Potomac
Electric Power Cons. SIS at 102.
Effort to Check Huge Losses.
A concerted national movement, the
first Of its kind, to check stock swim
ding will be started at the National
Conference on Prevention of Fraudulent
Transactions in Securities, to be held
at the Chamber OF Commerce OF the
United States on May 1928.
The gravity of the problem is re-
fected not only in the estimates OF
losses sustained by American investors
in fraudulent stock operations, ranging
from $500 100000 to $780, 900 an
nually, but in the fact that the amount
in spite of preventive efforts now car
fied on, is increasing.
The purpose of the forthcoming con-
ference is primarily to coordinate
efforts to check securities swindleS, tC
devise new measures for Suppressing the
evil and to extend public knowledge Of
sound investment.
Among the subjects to be taken up al
general session of the conference are
protection of Investors" Need for Co.
operation THE Crook at Work" ane
Investment Education"
Heard in Financial District.
The National Dairy Products Co., o.
which Chestnut Farms Dairy is unit
estimates earnings thus far this yea
to be in excess OF the 1929 period, de-
spite lower dollar sales.
William Knowles Cooper, partner II
Crane, Paris 81 Co, sails for Europ'
on June IA for visit of some weeks.
In its business review Y. e. Booke
g. Co. says: 1T is not thought tina
economic recovery will be delayed u
any great extent by the secondary re
adjustment in stock prices, since pub
lie participation was less heavy thar
last Fall, and, consequently, reduction
in buying power should be muci
smaller"
New York Federal Reserve Bank ha
cut its buying rate for bills "a of pc
cent to 2K per cent up to so days
and Is of / per cent to 25s per cen
from go to 80 days maturities.