Evening star., 1934-03-14

careful in their free advice on income
tax matters.
It was said in the financial district
today that the tax men have never
been nearly as busy in past years as
they are now. For one reason or
another, said one f1nancier, the public
seems especially anxious to have the
returns absolutely correct.
Record Exchange Trading.
Trading on the Washington Stock
Exchange today was by far the heav-
lest in many weeks. The first sale
was $1,000 Anacostia & Potomac SIS,
which moved at IS. Washington Gas
bonds were active, selling around re-
cent levels.
Capital Traction recorded several
sales in small lots, all made at 81.
That is the same price as noted yes
terday when the stock made a new
high mark on the present advance.
Washington Railway & Electric
preferred was in demand, selling at
9212 and 1924. and later moved up
to 9314.
Potomac Electric Power per cent
preferred sold at 1O914, and the
5l2 per cent issue at 1884, on very
small turnover. Mergenthaler Limo
type came out again today, selling at
267s.
Lanston Monotype was one of the
leaders, $50 shares selling at 48.
Capital Traction SIS sold at 1912, and
the most active bonds were Washing
&c
Insurance Week Plans Pushed.
John A. Marshall, superintendent
of insurance for the District of Co.
lumbia, will open the special break
fast at the Willard next Monday,
March 10, arranged by the District
Underwriters Association in connec-
ton with Financial Independence
week
independence week will be observed
from March 19 to "a all over the
United States. President Thomas P.
Morgan, jr., of the District Under
writer's Association and his assistants
have arranged a special insurance
drive to be carried on in Washington.
Over Sl,000,000 in new insurance
was written in the Capital during
similar week last year. 1t is hoped
to exceed that record this year. Agents
believe new mark can be reached
because there has been an upturn in
insurance business all over the coun-
try since a year ago.
Control Bill Again Flayed.
William C. Potter, chairman Of the
rJ Nf ~ SC
York, testified before the Senate Bank
ing and Currency Committee on the
features of the Stock Exchange con-
troll bill relating to the banking sys-
tenn
Commenting on the margin require
ments of the proposed bill and on
whether these requirements should
control action of banks in making
loans on collateral securities, Mr.. Pot
ter asserted that mo such rigid limi-
tations should be placed upon the
loans which may be made by banks"
He asserted that the primary purpose
OF these margin requirements is to
prevent undue speculation in securi-
ties.
So far as Federal Reserve member
banks are concerned, their activities
in this regard should be controlled by
the Federal Reserve Board and other
agencies of that system, he said. Ex-
pansion of credit, when such expan-
sion is necessary and desirable, should
not be curtailed by such a formula:
the purpose of the bill in restricting
undue regulation should be accom-
plished through some other means, he
asserted
Use of Checks Reduced.
Use of bank checks has been re-
duced 30 per cent since the Govern
ment put the 2-cent tax into effect,
according to information given the
American Institute of Bank and Com
nercial Stationers. This special Gov
eminent tax is due to end this year,
and efforts are already being made to
prevent its continuance. While the
number of checks drawn on Washing
ton banks has been greatly reduced,
bankers here doubt if the falling off
has been as much as 80 per cent.
Walter S. Clifford, president of the
American Telephone g. Telegraph Co.,
was in Washington yesterday to testify
before the Senate Interstate Com
merce Committee on the bill for the
extensive control of all communica-
ton systems. He is strongly opposed
to the measure. He said the proposed
bill far exceeds President Roosevelt's
recommendations and would usurp
managerial functions.
He described the Bell system, with
1888 900 telephones, 681 900 stock
holders and an investment of nearly
$4,000, 100000 as practically a pub
Ideally owned institution" He added
that $4,000 of the shareholders are
women and said no persons owned as
much as one-fifth of per cent of the
stock.
Heard in Financial District.
G. c. Murphy Co. has declared the
regular quarterly dividend of So on
its preferred stock, payable April 2
to stock of record March %.
First National Bank, New York, has
declared the regular quarterly divi-
dend of $25, payable April 2 to stock
of record March 20.
Bank of New York & Trust Co.
has declared the regular quarterly
dividend of $3.50 on common stock
payable April 2 to stock of record
March %.
Manufacturers Trust Co., New
York, has declared the regular quar-
terly dividend of 25 cents, payable
April to stock of record March l6
Loans amounting to Sl.879.384 were
advanced by the Federal Home Loan
banks during the week ended March
10, according to the Federal Home
Loan Bank Board.