Evening star., 1934-06-14


of member from each exchange, Mr..
Thomson representing Washington
and c. W. L. johnson, the Baltimore
Stock Exchange. At the meeting of
the board of governors at the close
of the convention, Mr.. Thompson was
made a member of the Executive
Committee.
Control Bill Is Analysed.
On his return to Washington today,
Mr.. Thompson stated that the con-
vention devoted large portion Of its
time to an analysis and discussion of
the recently enacted security exchange
law. particularly as it affects the local
exchanges throughout the country.
A special committee of which Gil
bert L. Fuller was chairman explained
the details of the bill for the benefit
of the member exchanges. digest
of the conclusions reached will be sent
at once to each of the 18 organiza-
tions in the association.
There was a disposition on the part
of all delegates in attendance at the
convention, Mr.. Thompson added, to
cooperate in every way with the
commission soon to be named by
President Roosevelt to administer the
new Stock Exchange control bill and
with the Federal Reserve Board in
working out details and arrangements
for compliance with the act on the
part of the exchanges.
A special cos .mittee was named to
tender the Federal Reserve Board and
the commission, as soon as 1t is ap-
pointed after the adjournment Of
Congress, every possible assistance,
the head of the associated exchanges
stated.
Distinguished Guests Present.
Among the guests present at the
Pittsburgh meeting, in addition to
Richard Whitney, president Of the
New York Stock Exchange, were
Roland Redmond, counsel Of the New
York Exchange: E. Burd Grabb.
president New York Curb Exchange;
M. J. O'Brien, president Chicago
Stock Exchange: George A. Rich,
secretary of the Boston Exchange, and
several other exchange leaders from
all parts of the country.
Mr.. Whitney made one of the best
speeches of the convention, which re-
f1ected the immense amount Of time,
thought and energy he put into the
exchange control bill while it was be-
fore Congress.
Just what the new control bill will
mean to exchanges like the Washing
ton Exchange cannot be stated yet.
Members, however, do not look for
much if any interference. 1t is quite
probable that the smaller exchanges
will be unmolested.
AS is generally admitted, the stock
exchange control bill is really aimed
at the New York Exchange and the
other big markets. At least the con-
gressional discussions indicated as
much. That being the case, Wash
ington has little to worry about.
Small Coins in Demand.
An unusual demand for quarters
and half dollars has developed in re-
cent weeks, Secretary Morganthau re-
s.,
Tor the surprising call for small coins.
Shipments of subsidiary coins, in
cluding half-dollars, quarters, dimes,
nickels and cents, from the mints
amounted to $3,603, 900 from January
to May 81. This exceeds by more
than $1,300,000 the shipments in the
like five months in any Of the 13
years prior to 1884.
The extraordinary demand for
"change" has put the Philadelphia
mint on three-shift basis and COIN
age operations have been speeded up
at the Denver and San Francisco
mints. The greatest demand is for
quarter-dollars. Shipments of this
size coin from the mints for the first
five months of 1884 amounted to ST.
465 900, while for the like months in
the Is prior years shipments amount
ed to only $435,000. The demand Is
also heavy for half-dollars.
800 New Loan Associations.
Nearly 800 new Federal savings and
loan associations have been organized
and chartered since last January l,
while total of $50 of these Federally
chartered, mutual thrift and home
financing institutions now operate in
"a States, according to the Federal
Home Loan Bank Board.
The board aims at 500 such institu-
tions being chartered by next January
!. OF the $50 operating associations,
30 represent conversions of existing
State-chartered building and loan as
sociations About 300 other applica-
tions for charters and petitions for
permission to organize associations,
have been received. but not acted
upon.
Trading on d. C. Exchange.
On the Washington Stock Exchange
today Washington Gas SIS, 1858, sold
at e6%. Washington Railway &
Electric As led the market with three
$1,000 sales at 9512. ...
In the stock division, 10 shares of
Capital Traction sold at PAS and
three other small lots changed hands
at "a. Washington Railway 81 Elec-
trio preferred figured in q 30-share
turnover at SO. American Telephone
stock was quoted ex-dividend today.
Reports in farm bond circles are
that the $132 100000 Federal Land
Bank per cent bonds, due in IL
years and optional in TO- to be offered
Monday, will be priced at 100%.
Spencer Trask Fund, Inc, has de-
clared the regular quarterly dividend
of 1914 cents, payable June 80 to stock
of record June IS
Massachusetts, Investors Trust has
declared a dividend of 10 cents, pay
able July 80 to stock Of record June