Evening star., 1934-08-17
EXCHANGE MOVES
FOR REGISTRATION
Washington Board Votes
to File Application.
Committee Named.
BY EDWARD C. STONE.


The Board Of Governors of the
Washington Stock Exchange has
voted to apply for registration OF
the Exchange with the new Securities
and Exchange Control Commission.
This action is in line with that
expected to be taken by practically
all the important stock exchanges
in the United States and results from
passage of the now famous control
bill by the last session of Congress.
The Washington Exchange is one
OF the very first in the country act
ually to move toward registration. A
host of others are considering regis
tration favorably, but have not taken
the first steps.
The Board of Governors Of the
local Exchange has appointed a spe-
cial committee to carry out the Con-
troll Commissions rules in applying
for registration, the committee in
cluding Y. E. Booker of Y. E. Booker
e. Co., Karl w. Corby, partner in
w. B. Hibbs g. Co.; James M. John
ston, head Of James M. Johnston g.
Co., and Myles H. Quail, connected
with the Booker investment firm.
Mr.. Quail has already been desig-
mated by the committee to fill out the
blanks and furnish all the informa-
ton required by the Exchange Con-
troll Commission. The registration
application will be filed in a few
days with Chairman Joseph P. Ken
nedy's organization.
Move Held Constructive.
On account of the size Of the
Washington Stock Exchange the
members held the belief that the
organization would not be required
by the commission to register. None
of the practices so severely condemned
by the congressional investigation as
prevailing on the big exchanges are
known to the Exchange here
However, the board of governors
and other members took the ground
that registration with the Control
Commission would give the local ex-
change very much better standing with
the commission, with holders of the
securities listed here. with the corpo-
rations now represented on the quo
changes all over the United States.
Registration is certain to give the
exchange an atmosphere that it could
not have otherwise. President c. j.
Gockeler and the other officials gave
the matter very careful thought be-
fore the definite action was taken
They decided they did not wish
Washington to be left outside of the
List of registered exchanges.
Holders of the securities listed on
the Washington Exchange will greet
the move with acclaim. Certain re-
ports have to be filed at regular in
tervals with the Governments COM
mission which will reveal the sound
ness Of all listed securities. These
reports must necessarily be reassur-
ing to- all security holders everywhere.
Good for Corporations.
Members of the exchange here be-
enthusiastic over registration. Cor
porations with listed securities will
have to sign an agreement that they
will later furnish the Control Com
mission with all information as to
their financial standing. This infor-
nation will be only such facts as any
sound concern could supply at any
time.
The opinion was expressed in the
financial district today that some Sc
curities now being sold "over the
counter" will seek listing on the Dis
trict of Columbia Exchange because
of the prestige which such issues
would gain.
The cost to the exchange in regis
tering with the commission was an
other point to be considered. 1t Is
SO small that it hardly enters into
the matter at all. Here, as elsewhere,
1t probably will be placed on the in
vestor. For example, the cost will be
2 cents in every $500 transaction.
On the subject of registration,
Richard Whitney, president of the
New York Stock Exchange, said yes
terday that he considered the rules
for registration of exchanges and for
temporary registration Of securities
workable, very constructive and
eminently fair" He added:
Certainly I do not see any reason
why any company listed on this Ex-
change should not register temporarily
under these requirements. I see no
ground for criticism of these new
constructive.
Institute Meeting Called.
The regular monthly meeting of the
officers, governors and committee
chairmen of Washington Chapter will
be held tomorrow afternoon at the
Summer home of Miss Constance D.
Fogle Of Riggs National Bank, at Long
Point, on the Severn.
The business meeting will have for
consideration a number of important
matters, among which will be the
ratification of the educational pro-
gram as outlined by the Educational
Committee and the determination o1
the general program to be followed
incident to the opening OF claSSe:
around the middle of September.
Following the business session the
members will enjoy a shore dinner
after which the rest Of the evening
will be devoted to entertainment fea.
lures.
Peoples Declares Dividend.
Directors of Peoples Drug Stores
Inc, have declared the regular quar-.
terly dividend of rs cents a share Or
the common stock due at this time
Business was better on the Wash.
ington Stock Exchange today, start.
ing with a $500 in Washington Ga:
5s, 1860, at 1oeH. Another bond sal,
was $500 transfer in Capital Trac.
tion SIS, at 86.
Capital Traction stock registered 2:
IN a very small transaction. The re-
manning stock trading was in Potomac
Electric Power issues. The per rem
preferred moved at 1ll34 and the 81.
preferred at l12. ex dividend. Botl
issues closed with 1l11z bid.
Bid and asked prices on other bonC
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