Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-05

A,tE rss Ctarenee r. Norment.
Black, William F. GUIDE, r. Lee Horton,
William r. Howard. Arthur J. May,
John A. Maxwell, George L. Starkey,
Alfred Walford. @. w. ForSberg. Karl
Achterkirchen and Frank s. smith,
who Is the associations attorney.
The association. organized in 1898,
began business at 494 Louisiana ave-
nue.. moving later to It's present loca-
ton In the former Central National
Bank Building. at 63i Pennsylvania
avenue.
C0ngTatulates Local Brokers.
Richard Whitney, president of the
New York Stock Exchange, has sent q
letter to washington brokers extending
congratulations to members and part
ners of Stock Exchange houses for the
wide distribution of his recent speech
on Short Selling" He says $50 900
copies have already been distributed and
there is still daily demand for more.
Mr. Whitney says the broadcasting of
the speech aroused national interest and
declares many misunderstanding have
been cleared up regarding the methods
by which short selling Is carried on. He
says IL must not be assumed that one
speech will overcome 'the misinforma-
tien conveyed to the people by cam
paigns extending over months in which
positive statements, even though gilt
tering and false generalities, were
driven home not only to the unthink
ing, but even to those who do think,
but who are not fortified by facts
1T Is necessary TO continue the work
OF education. Bna want to add word
of warning. 10 statement or assertion
in defense Of short selling should be
made which cannot be SubStantiated by
facts and figures. There are enough
facts and figures to sustain the position
of the exchange, without recourse to
emotional phrases or guess work. The
historical, judicial and economic history
of short selling" Mr.. Whitney asserts,
completely justifies the present posi-
ton Of the exchange"
His defense of short selling is con-
sidered particularly timely by exchange
officials, as members OF Congress are
planning a vigorous attack ON the
whole short-selling policy when the
next session opens.
Trading on ID. c. Exchange.
Trading on the Washington Stock
Exchange today opened with small lots
of Potomac Electric Power ~ per cent
preferred stock selling at l07l2, up a
full point from yesterdays close,
Columbia Sand a. Gravel preferred
was active today, five l0-Share-lot sales
being recorded at 90 This is prac-
tieally the same price that has pre-
vailed IN this issue for several weeks.
The bond division was quiet today,
$500 Washington Gas Light IS. series
b, coming out at lo2l4, practically un-
changed from recent transfers.
Chesapeake Corp. Reports Net.
Chesapeake Corp. reports for quarter
ended September 30, 1891, net income
0f inf
and taxes No profit or loss from sale
OF securities was incurred in this quar-
ter. In third quarter of 1890. company
reported net income OF 81 1852 SGT after
expenses, interest and taxes and in
Gliding profit from sale of securities
amounting TO $6,656.
Net income for nine months ended
September 80, 1881, was $4,952.9l3 after
charges and taxes and excluding So, 64I
proflt from sale Of securities. which was
credited to earned surplus account. In
first nine months Of preceding year
company reported net income OF $4,-
T2S.756. including profit from sale OF
securities amounting TO Slll,3l7.
Financial District Notes.
The Columbia National Bank has is
sued an interesting little folder on the
value of bank management and what
conservatism Will do IN building up bust
ness over q period of years
The McCrory Stores Corporation re-
ports gain Of TO per cent in sales in
october and a gain of GA per cent IN
the first 10 months Of the present year.
H. T. ParSon, president OF the F. w.
Woolworth Co. commenting on the
showing for October, stated a pick up
in business became noticeable during
the latter part OF the month, with the
result that sites showed a decline Of
only o3 per cent, as compared with
a decrease Of 81 per cent in September.