Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-05-12
Washington Ticker
By cHAs. p. sHAEFFER.
Associated Press Financial Writer

The most ambitious movement ever
attempted in this country to check the
cancerous growth of transactions in
fraudulent securities will be started at
the national conference on prevention
of such practices to be held at United
States Chamber Of Commerce here May
% and %.
The magnitude of the menace con-
fronting the conference Is reflected not
only in the estimates of losses s,is-
tanned by American investors IN fraudu-
lent stock operations, ranging from
$500, O00, 900 to $500 900 900 annually,
but in the fact that the amount. in
spite of preventive measures now car
ried on. is increasing.
The purpose of the forthcoming con-
ference is primarily to coordinate ef-
forts to check securities swindles. TO
devise new measures for suppreSSing the
evil and to extend public knowledge OF
sound investment.
A powerful array of national organi-
cations will cooperate in the conference,
including: Affiliated Better Business
Bureaus, Inc: American Association of
Personal Finance Companies, American
Bankers Association, Associated Stock
Exchanges, Boston Stock Exchange,
Chicago Stock Exchange, Investment
Bankers Association of America, Mort
gage Bankers Association of America,
National Association of owners of Rail-
road and Public Utilities Securities, Ma
tonal Association of Real Estate Boards,
National Association of Securities Com
misSioners. National Better Business
Bureaus, Inc: National Conference of
Commissioners on Uniform State Laws,
New York Curb Market and the New
York Stock Exchange.
A special problem Of major impor-
lance which will attract the attention
oS the conference is interstate transac-
ton. Practically all of the States have
laws to protect their citizens against Sc
curity frauds, but these laws cannot
reach the inscriptions vendor who
makes his offerings from without the
States through the use of the mails or
by telephone or telegraph.
Another problem to be discussed is
that of improving the exchange of IN
formation upon specific cases between
the various public and voluntary
agencies now engaged in fraud pre-
vention work. Others will be considera-
ton of the problem of law enforcement
and the developing of essentials for good
investors protective work by voluntary
agencies.
While other problems connected with
fraudulent securities will require atten-
ton, work Is being limited in order TO
secure results and to insure that confer
ence undertakings will be vtrile and
prove Of practical benefit.
The Governments program of esti-
mated State and local highway and
bridge expenditures for 1880 will be ex-
ceeded substantially, according to pre-
liminary figures received here by the
American Road Builders Association.
Figures received from 1905 of the
3,O78 counties of the country indicated
an expenditure program of $293, $40, 557
for these local authorities alone. This
compares with the Federal estimate OF
1865, 667 900 for the entire local system
for the year. In explaining the increase
the association calls attention to the
fact the Governments forecast was
made previous to congressional enact
ment, which increased Federal aid from
fund is in the custody of the various
State highway commissions, and applied
by them.
Grand total expenditures estimated by
the Department of Agriculture on both
State and local roads will approximate
81, COL 1877 ASS, of which total 1897, $780,
ass has been apportioned as the State
roads quota.
Department store sales in April were
8 per cent larger than in the CORE
spending month Of last year, reports
filed with the Federal Reserve System
by $40 leading stores indicate.
The increase reflected in part the fact
that Easter buying this year fell in
April, while In 1929 it occurred the lat
tel part of March. Comparison of sales
in March and April of both years, so al
to include Easter sales, shows a de-
crease Of 2 per cent from a year ago.
The importance of the Philippines as
q customer for American products is
emphasized In report Just received
here from the trade commissioner at
Manila. The report reveals 1925 i'm
ports into the islands totaled $147, $780,
600 of which SO per cent or 500, 500, O0o
was supplied by American manu-
facturers.
While this amount is not impressive
when compared to the total export
trade of the United States, 1t assumes
magnanimouS proportions when 1t is
realized the average income of the
12,000,0 900 people of the Philippines is
approximately $35 a year, and that per
capita imports amounted to $12.25,
while the average consumption OF
American goods was valued at $7.70.
Canada's automotive exports during
March gained II per cent over the
preceding month, having a total valu-
| alton Of $2.044,413, the automotive di-
| vision of the Department of Commerce
! announces. The months production
nily,otaered IN ian units almost double