Evening star., 1933-10-06

JdlIlly cIlCUOl dS
ing" one Official said. I'VE are GER
tainly not going to lose anything by
the new taxicab move" he added.
smiling.
1T is particularly hard to judge the
probable results on account of the
world series Traffic right now is so
abnormal that comparisons with other
weeks do not show anything of real
value After the ball games are over
some definite trend should be notice
able" this official said.
It is the general opinion in the fl
nancial district that the higher taxi
fares for the longer rides will mean
good deal to the street cars in the
future. Any increase in the number OF
passengers will Of course be reflected in
net earnings of the present companies
of the consolidated company when the
merger goes into effect.
Towson Heads Forum Committee.
President Robert H Lacey, of Wash
tngton Chapter, American Institute OF
Banking, states that plans are pro-
crossing rapidly for another series OF
forum meetings this year. Norman E.
ToWson of the Washington Loan g.
Trust Co., again being chairman of the
Committee of Arrangements. The com
plete personnel of the committee, just
accounted, includes: /
Stuart S. Ogilvie, Second National
Bank; I. j. Roberts. Riggs National
Bank; Miss Mabel V. Royce, washington
Loan & Trust Co.: E. Wallace
Schreiner, First National Bank, Alex
andria; A W. Sherman. American Sc
curity g. Trust Co.. and Miss Alice H.
Whitton, First National Bank, Alex
andria.
Forum meetings are designed to
bring together members of Washing
ton Chapter. and others affiliated with
local financial institutions, and to afford
them a wide field of study and general
discussion Of problems related to their
work These meetings are largely at
tended by bank directors and officials,
as well as by chapter graduates who
find in them valuable supplement to
information currently at their disposal.
The Forum Committee is planning,
this year, series of dinners similar
to those which proved so popular last
year Addresses will be delivered by
eminent speakers who are authorities
in their respective fields.
New Margin Ruling Announced.
York Stock Exchange is advising men,
bers that there is no objection to carry
ing low priced stocks, selling below SIS
share, on margin, provided the secu-
tiles are acceptable to banks on call
loans
The notice to members says: Having
regard to circular C-5221, issued by the
committee on business conduct on
August 2, 1888, concerning the margin
ing of accounts, the practical working
out Of the requirements stated therein
appearing to have initiated against
stocks selling below SIS a share and
number of financial institutions having
agreed to make loans against certain
securities in this category. the COM
nittee now revises its requirements to
the extent that there will be no objec-
tion on its part to the carrying of So
called low priced securities on margin
in cases where the same are acceptable
to banks as collateral in call loans"
Washington brokers said today that
the new ruling should mean a good deal
more activity in stocks selling under S5
share than has been recorded since
the lid was put on last August. When
the market becomes active again, some
of these stocks will be back among the
first Is volume leaders each day.
Bruere Already in Capital
Henry Bruere president of the Bow
cry Saving Bank, already is in Wash
ington to take leading part in Presi-
dents Roosevelt program of credit ex-
pansion and the thawing out of frozen
assets in closed banks all over the
country.
Mr.. Bruere has been in frequent con-
ferenceS with the President during the
past 10 days. While he is to become
one of the chief financial advisers of
the administration, the exact title of
his position has not been announced.
In banking circles it is believed that |
the President wants Mr.. Bruere to help |
coordinate various Government credit |
agencies into an active unit in the |
supplying of credit for business expan- |
sion.
The New York banker held another !
conference at the White House yester- |
day but no statement has yet been |
given out as to the exact nature of the |
matters under discussion. His friends |
in the local banks are glad to see him |
become part of the brain trust" as |
he is rated as very high class banker. |
MergenthaIer Leads Exchange.
On the Washington Stock Exchange |
today, Mergenthaler Linotype figured in |
all made at 26l2, same as the lasi ,
previous transfer in this issue.
Potomac Electric Power 6 per cent |
preferred stock came out on the board |
in a small transaction at the strong !
price of ITO. Bonds were completely |
neglected during the session. The |
world series seemed to be getting more |
attention than high finance on the Ex-
change, as there are several ardent base |
ball fans among the members.
Members of the exchange we're COM |
S,,o ho
in business among the units of the |
American Telephone & Telegraph Co.,
this being touched on in Business |
Weeks review of the last few days, |
which said:
While September business wasn't all |
that might have been expected. it |
wasn't altogether disappointing. Con- |
struction activity expanded, not only |
among publicly financed projects. but /
chain stores report sales we'll main |
tanned above year ago. Telephone |
companies at last are replacing more |
phones than they disconnect. And |
textile plants are finding a flow of |
orders again in spite of the heavy !,
stocking up this Summer
Heard in Financial District.
Columbia Gas g. Electric Corpora
ton which furnishes natural gas to the |
Washington Gas Light Co., has declared |
a dividend of 12A cents in convertible |
preference stock on the common, and |
the regular quarterly dividends of $1.25 |
on the per cent, S1.50 on the 6 per !
cent. and s125 on the S per cent con- |,
vertible preferred stocks. all payable |
November Is to stock of record Octo- |
ber 20.
Sales of G. C. Murphy Co., showed |
increase nf I'd Y rent in Sem
tember over the same month a year |
ago. Sales in August revealed gain ,
Of 32.4 per cent over August, 1882. |
For the first nine months of this year
sales were 14.6 per cent ahead Of the
first nne months Of 1882.