Evening star., 1934-04-07

ciation's standing
comm t tee on po,,.,.
publicity, serving
most efficiently He is former presi-
dent of Washington Chapter, Ameri-
can Institute of Banking, has done a
great deal of committee work and has
attended many national conventions.
The other members of the new con-
vention committee include Richard
Hatton, Washington Herald; Thomas
M. Cahill, Washington Post; E. C.
Stone, Washington Star; Ralph D.
Palmer, Washington News, and Dun
bar Hare, washington Times.
Freedom for d. C. Exchange.
The amendment to the stock ex-
change control bill to permit the Fed
eral Trade Commission to exclude
small exchanges from regulation,
adopted late yesterday by the Senate
Banking Committee, was most en-
Enthusiastically received by President
c. j. Gockeler and other officials of
the Washington Stock Exchange.
This is very important amend
ment, the most important action of
the kind yet taken by the Senate
committee. 1t is believed that the
House committee will be willing to
adopt similar amendment and that
the move will exclude the Washing
ton exchange and all other similar
exchanges.
The drastic provisions Of the origi-
nal bill did not apply to the Wash
ington exchange in the first place, nor
to many others. Margin trading,
over which the greatest controversy
has been waged, does not exist on the
exchange here.
Short selling is unknown, there are
no floor specialists, and with the ex-
ception of American Telephone there
are no huge corporations which have
their securities listed here. Other
abuses at which the bill is aimed
have no connection with the local
situation. Any reports that the COM
mission might require from American
Telephone would come through its
listing with the New York Stock
Exchange.
It was believed in the financial
district today that the Washington
Exchange will be permitted to operate
as it is at present, handling its own
listings and all other problems with
out interference.
Securities Act Defended.
Robert o. Lee, securities dealer at
1926 State street, Boston, scores in no
uncertain terms the United States
Chamber of Commerce report recon-
mending changes in the securities act
~f tyN 1nff $1 r
Hartman. After suggesting examina-
ton of the record of what has hap
pened to listed stocks during the last
80 days, when most of the organized
attacks have been directed at both
the securities act and the stock eX-
change control bill. Mr.. Lee says:
During this period, recovery Of
almost 8 per cent of the previous
months decline in stocks is already
in evidence. There has also been
noticeable increase in consumer de-
mand which heretofore has been lack
ing, and which has been of grave
concern to every one interested in
the country's economic recovery. The
Reconstruction Finance Corporation
reports a whole billion dollars credit |
of unused borrowing power, and its
outstanding loans now being repaid
at the rate of almost $84,000,000 per
month.
"The Nations credit is as good to-
day as it ever was. Member banks
Of the Federal Reserve system report
ample funds on hand for further |
credit expansion, but up to the pres
ent there has been a paucity OF
~ y, IN cod
consumer demand as already pointed
out, bank credits will now begin to
expand once more"
While the Boston f1nancier believes
that slight changes might be helpful,
he insists that none is essential, de-
clares that the powers in the act will
be used with discretion, and are
bound to prove beneficial to an alb
normally sensitive market.
Railroad Earnings Jump.
Glass I railroads in the Southern
district for the first two months OF
4p24. had a net railway operating
shcome Of 11.567,778, which was at
the annual rate of return of 2.20
per cent on their property investment.
For the same period in 1888, their
net railway operating income amount
ed to $6,O60,046, which was at the
annual rate of return of lis per
cent on their property investment.
Y Gross operating revenues Of the
Glass I railroads in the Southern
district for the first two months IN
1894 amounted to s69,423,126, an
increase of 14.5 per cent above the
same period in 1888, while operating
expenses totaled $50,673,6 an in
crease of 6.9 per cent.
Glass I railroads in the Southern
district, for the month of February.
had a net railway operating income
Of $6,295,413, compared with $685.
494 in February, 1888.
Z, Life Insurance Gains Noted.
The E. S. Brashears agency in this
city of the Union Central Life In
surance Co. reports gain of 6 per
cent in business during the first quar-
ter, compared with the correspond
ing three months of 1888. The head
office noted an advance Of 18 per
cent in new business.