Evening star., 1930-05-24

az the committee on activities Of the
Federal Government, declared that the
manifestly effective agencies OF the Posi-
once Department should be speeded up
and intensified by the extension OF lts
agencies for investigation and prosecu-
tion. e..
"The United States Government is
supreme in the matter of the mails" Mr..
Keyser Said '"The Post once Depart
ir1ent has absolute power to prevent use
Of the mails for the purpose OF fraud.
There is no intent to criticize present
efforts of the Government, but rather
to extend its investigating ability" The
committees proposal that the depart
rner1t's staff of inspectors be made ads-
nuate 10 the demands upon it will be in
corporated in q formal report with spe-
cific recommendations for immediate
action.
satisfactory enforcement OF State
laws regarding issuance and sale OF
securities Is hindered only by the tardi-
ness Of individuals in reporting fraud
losses, declared r. G. Clark, commits
sioner Of banking and insurance OF Yer
Mont.
"AIl interested agencies should en-
courage the public to report promptly
to the State securities departments
losses due to fraud" Clark said, "in
order that 1t may be possible to get
early action and prevent further losses"
The effective marshaling "of all facts
concerning promotions and promoters"
for the further protection OF the IN
vesting public was announced by Ken
meth Barnard of Detroit as the objec-
tive of the present study OF the COM
nittee on co-ordinating exchange OF IN
formation, of which he Is chairman.
H. ]. Kenner Of New York City,
chairman Of the committee on activities
Of voluntary agencies, indicated meas
tlres under consideration by his group
for developing further the present work
OF the so better business bureaus and
chambers of commerce. To direct the
work of the conference this year, the
following executive committee was
selected:
Henry r. Hayes, chairman, Stone &
Webster & Blodgett, Inc, New York
City; James c. Auchincloss, president
Better Business Bureau of New York,
Inc; Paul T. Bollinger, Harris Small
g. Co., Detroit; I. M. Bailey, president,
National Association Of Securities Com
missioners, Raleigh, N. c.; William H.
Mulligan, committee on quotations and
commissions, New York Stock Ex-
change; Eugene e. Thompson, Crane,
Paris Sc Co.. Washington, and Oscar
Wells, president, First National Bank,
Birmingham, Ala.
Roberts Wen KNOWN Here.
George e. Roberts, vice president Of
the National City Bank, has received
word from Geneva Of his appointment
as q member of the gold delegation, q
subdivision Of the financial committee
OF the League of Nations. The appoint
ment, authorized by the Council Of the
League of Nations. is to I'LL the vacancy
created by the resignation of Prof. o.
NJ. w. Sprague. professor OF money and
banking at Harvard University, who
has entered upon an engagement TO
join the permanent staff OF the Bank
of England as successor to Prof. Walter
Stewart, formerly head Of the research
department Of the Federal Reserve
Board, who Is returning to the United
States.
Mr.. Roberts, who Is personal friend
Of several Washington bankers. has
cabled his acceptance of the post and
will sail from the United States on
June 3 to attend the next session Of
the delegation, scheduled to be held at
Geneva on June 10.
with practically all countries Of the
world on a gold basis, the general de-
cline of commodity prices here and In
Europe has aroused new interest in the
relation of gold to prices. As result
of this interest the Council Of the
League Of Nations in 1928 took up the
problem of undue fluctuations of the
purchasing power Of gold and their ef-
fecB on the economic life Of nations.
The financial committee last July re-
ported to the Council the advisability
of making q systematic international
investigation and suggested that spe-
cial committee be constituted to make
this investigation.
Talks Of Mergenthaler Affairs.
OF interest to the several hundred
holders in this city Of Mergenthaler
Linotype stock is the following state
ment with reference to the omission OF
the extra 25-cent dividend made by Jo-
seph T. Mackey, executive vice presi-
dent of the company:
"The policy of the company has been
to share its earnings literally with its
stockholders. These distributions must
depend, of course, on business volume.
"For many months past general busi-
ness conditions in the United States
have been hesitant. Practically all lines
of endeavor have been affected, and 1t
would be extraordinary for our COM
pany to remain immune. In the light
thereof, we believe we have done well.
The position of our company is sound
in every respect" Mr.. Mackey said.
"Since the beginning of the fiscal year
many important improvements have
been made in its entire line OF ma
chimes"
Mergenthaler Linotype is at present
paying Sc annually on the common
stock in regular dividends. In the two
preceding quarters, extra dividends OF
25 cents were declared. Prior to this
time the stock was on IS regular divi-
dend basis, and extra dividends of SO
cents were declared in four quarters 20
bring the total annual disbursements to
81 share.
Snyth Son of Late Chief Justice.
The most important event of the
week on local brokerage circles was the
opening of an Office in the Washington
Building by Prince 6, Whitley, member
of the New York Stock Exchange. The
Office is in charge of Bernard A. Smyth,
who has been in the brokerage business
in the Capital for several years, always
holding important positions. He is the
son of the late Chief Justice Constan-
tine j. Smyth of the District Court OF
Appeals.
Heard I'm Financial District.
Word has been received by officials OF
the washington Loan & Trust Co. that
their head bookkeeper, Harry L. Dow
ney. who was motoring TO Colorado
Springs with his wife and children, were
sriowed-in 100 miles from their destina-
tion. It was also learned that William
II. Laughlin and John H. Wild OF the
same bank. who had taken the southern
route. were going to their rescue.
The winners of the second annual
non handicap golf tournament of Wash.
ington Chapter, American Institute OF
Banking, June 10 to IL, at Bannockburn
Golf Club, will be awarded the cup do
mated by w. w. Spaid Of w. B. Hibbs 4
Co. A sterling silver vase donated by
j Pearson & Grain, local jewelers., will pe
offered as runner-up prize.