Evening star., 1933-10-27
TIME IS EXTENDED
IN BOND DELIVERIES
D. C. Exchange Conforms to
Recent Change Made
in New York.
BY EDWARD c. STONE.


to two the time required in the de-
livery of bonds sold on the exchange.
The rules and regulations of the
local exchange was changed to con-
form to those in effect on the New
York Stock Exchange, which recently
took similar action relative to the time
permitted in bond deliveries.
The governors of the washington
Exchange amended one section of the
rules and regulations by striking out
the word next day before the words
succeeding business day" and insert
ing the word second" before ths words
succeeding business day"
Under the old rules local bonds
sold in New York could be delivered in
two days, while New York bonds sold
here had to be delivered in one day
This was confusing and unfair to New
York securities dealers.
The New York Stock Exchange re-
Gently decided it would be much easier
if two days instead of one were per-
mitted in the delivery of bonds. The
change was made and the new plan
found to be highly satisfactory.
OF course. an important point in th2
change comes in the figuring OF N
teresC All interest on bonds sold on
the Washington Exchange will now be
figured up to the second, instead of the
first day after the sale.
The meeting of the governors was
called by President c. j. Gockeler
after 10 days notice had been posted
on the bulletin board. SECRETARY Karl
w. Corby will notify all members Of
the new deal"
Mackubin to Change Firm Name.
The name of the investment banking
firm of Mackubin, Goodrich & Co. will
be changed to Mackubn, Legg & Co.
terday by George Mackubin at the
companys building in Baltimore The
name Of John C. Legg, jr., who has
been a partner in the company since
1905, replaces that of the late G. Glen
Goodrich. who died in March. 1882,
notice sent to the Washington Office
says.
Nackubin, Goodrich & Co. is one OF
the oldest investment banking houses
in Baltimore. 1t was formed in 1899
after Mr. Mackubin had started in busi-
ness for himself Mr.. Goodrich, who
was cashier in the National Union
Bank, joined Mr.. Mackubin in that
year, bringing to the firm a thorough
knowledge of banking and many friends
in the banking fraternity. Mr. Legg
was employed by the company in 1900
as a board boy In 1905, he was
taken into the partnership, and in 1916,
he became the firms member on the
New York Stock Exchange.
In addition to Mr. Mackubin and Mr..
Legg, other partners in the firm are
Awhile Eager. who resigned as vice
president of the Fidelity Securities Cor
poration in 1921 to became partner;
Laurence NJ Simmonds and Howard
E. Demuth. The firm has 1919 employees,
more than it has ever employed in its
history.
Montgomery Notes Business Gains.
William Montgomery, president of
he Acacia Mutual Life Insurance Co.,
who has just returned from trip to
he Pacific Coast, reports substantial
Improvement in the general economic
situation.
He told his board of directors yester-
lay that results in the Los Angeles Of
ice were particularly good example
# what is going On in his own COM
any In that branch 81 men have
,gritten an application a week for "a
VeekS without interruption, which he
onsiders a remarkable achievement in
onsistent production.
During the first nine months Of this
ear" Mr.. Montgomery said, assets of
Acacia increased by considerably more
han S2000,0o0 The already strong
quid position of the company has been
nhanced further by the placing of
hese funds either in United States
Government bonds or cash in banks.
n that same period Acacia paid to
wing policyholders and beneficiaries a
otal of more than $4,000,000. In addi-
ion, more than 100000 was paid in
.ividendS.'
Wholesale Trade Much Better.
The Federal Reserve Bank of Rich
nonds latest report on wholesale trade
hows marked gains in September,
ompared with the same month last
ear. as the results of reports from SO
rms. Shoes topped the September list
n wholesale demand.
The following increases were shown:
groceries, 1874 per cent; dry goods, 5.5
er cent: shoes, 39.5 per cent; hard
ARE 361 per cent; drugs, 3.9 per cent.
Improvement was also shown from
ne collection standpoint. The follow
.ng figures show the percentage Of Sep
enlber ! receivableS collected during
hat month Groceries 7l.9, increase,
2; dry goods, 80, increase of 4: shoes,
SO. increase of 6; hardware, 35.3, in
crease of IL; drugs, 500, increase of 8
Der cent.
Four of the five lines showed i'm
9roverent over August, 1888, figures.
Groceries increased 6.4 per cent, dry
;oods PTS per cent, shoes Z per cent
lni drugs 80 per cent. Hardware
howed decline of 7.8 per cent.
Today's Trading on Exchange.
Business on the Washington Stock
Exchange today opened with four 10
hare sales in Washington Railway &
Electric preferred at 85la. This issue
aas been unusually active recently,
many sales being recorded at 8512
and So.
The remaining trading today was
IN bonds. Capital Traction SIS figured
in two 1000 transfers at 5734. City &
Suburban IS came out in $1,000 sale
at 471a and the days business closed
with $1,000 Anacostia & Potomac Rail
road guaranteed SIS selling at 95.
The Treasury reports that more than
s650,OO0,000 of S1,875, 100000 of fourth
Liberty Loan bonds called 10 days ago
for exchange or redemption by next
April IS had been rendered for ex-
change into new lower interest bearing
bonds. "The Treasury Is gratifed,"
the statement said. Books will be kept
open.
The subscription announced yes
terday represented an increase of more
than $500. 100000 over Wednesdays
subscriptions, indicating the Govern
ment's new currency policy was no
deterrent to tenders.
Heard in Financial District.
The safe deposit section of the Dis
trict Bankers Association held its
october meeting last evening in the
American Security & Trust Co. beard
room, with Chairman Earle NJ Amick
presiding Matters of vital interest to
safe deposit departments in all banks
were discussed
Much interest was noted again today
In brokerage houses in the R. F. C.
price of gold. 1t was S31.76 against
s3l.54 yesterday and s31.36 on Wednes-