Evening star., 1934-10-06

OOSepI1 Z6SO-
witZ, Francis L. llzz
Neubeck and AL Robert E. Buckley,
phonSe c. Hammer.
Two new members were added to
the board, James E. Collif1ower, we'll
known fuel dealer and president of
the Merchants and Manufacturers
Association, and Charles M. Wallings-
ford, for many years one of Washing
tons residential builders.
The annual statement showed a
very satisfactory business for the pre-
ceding year, a substantial increase
being reported in assets, earnings and
loans in force. A dividend of per
cent for the year was paid.
Exchange Seeks Information.
Karl w. Corby, secretary of the
Washington Stock Exchange, has sent
letters to all the local corporations,
which have their securities listed on
the exchange, offering to supply
blanks to all officers, directors or
other persons who might own more
than 10 per cent of any class of such
securities and have to report such
holdings to the National Securities
Exchange Commission under provi-
sions of the securities exchange act OF
1884.
1t will be recalled that the Securi-
ties and Exchange Commission re-
quires certain reports on the change
of ownership of securities under sec
ton l6 of the securities act and that
the rules promulgated on August 13
were extensively amended later. In
his letter to corporation officials, Sec
retary Corby included the commits
sion's release No. 9, which reviewed
the amendments in detail.
Release No. 9 includes Rule MA l.,
prescribed by the commission, and
provides that For every month sub
sequent to october, 1884, every person
who at any time during such month
has been directly or indirectly the
beneficial owner of more than 10 per
cent of any class of any equity secur-
ity (other than an exempted security)
which is registered on a national Sc
curitieS exchange, or director or an
officer of the iSsuer of such security,
shall, if there has been any change
during such month in his ownership
of an equity security of such iSSuer,
whether registered or not, file with
the exchange a statement on Form
(and duplicate original thereof with
the commission) indicating his own
ership at the close of the calendar
month and such changes III his own
ership as have occurred during such
calendar month. Such statements
must be received by the commission
"a IN hnfnrn hn
10th day of the month following that
which they cover
The Washington Exchange stands
ready to furnish as many blanks as
are needed, Secretary Corby request
ing information On this point.
Borrowing Up 1855, 100000.
The decline of bank reserves during
September was due principally to a
seasonal increase of money in circu-
lation and to a temporary shift of
funds from the market to the Re-
serve banks in connection with in
come tax and other transactions for
Government account, says the Ma
tional Bank. The rise of money in
circulation amounted to about $58,-
100000, and was indicative of in
creased pay rolls and more active re-
tail trade after Labor day.
A feature of the bank statements
was the steady rise in loans classified
as "all other" which are considered
generally indicative of the trend of
commercial borrowing. These loans
have increased $265,000,O00 since
July for the weekly reporting banks,
the largest gain since last Autumn.
The advance is seasonal in part, and
accorGS with the increase of cur
rency in circulation in indicating an
expansion of commercial activities.
While "all other" loans advanced
during the month, loans on securities
declined to new low levels. Invest
ments in Government securities,
which declined during August, in
creased in September Investments in
securities, other than Governments
rose to the highest point since the
bank holiday, the banks review adds.
Interest in Gas Vacancy.
Considerable interest is being mani
tested in the financial district in the
coming election of a new president for
the Georgetown Gas Light Co.,
T to fill the vacancy caused by the
death of Robert D. Weaver.
Mr. Weaver had been head of the
Georgetown company for about quar-
ter of a century and had rendered
very valuable service. Recently, how
ever he had been forced to take a
less active part in the affairs of the
corporation.
In the past few days there have
been hints in the financial district
that President Marcy L. Sperry of
the Washington Gas Light Co. might
assume the duties laid down by Mr..
Weaver.
Such action, however, is improb-
able. The Georgetown company, in
spite of a great deal of merger talk,
is still a separate corporation. AS
such it must have q different presi-
dent.
Attention is called to the fact that
the Georgetown company covers G.
very large and important territory.
While the two companies are closely
affiliated the presidency of the
Georgetown concern is a mans Job
by itself.
The Chesapeake & Potomac Tele-
phone Co. played its full part in the
increase of 37,50O telephones reported
by the American Telephone & Tele-
graph Co.. for the September quar-
ter. The increase is held significant
as the Bell System has reported a
gain in every quarter so far this year.
1t is reported in the financial dis
trict that brokerage houses generally
will continue to use the New York
Stock Exchanges margin figuring
methods instead of adopting those
just put out by the Federal Reserve
Board. In most instances the mar
gins now in force are slightly above
those of the Reserve Board and much
easier to figure.
Eugene R. Black, former governor
of the Federal Reserve Board, will
speak at the convention of the Saw
ings Bank Association of New York
State, later this month. While gov
enor of the Bank of Atlanta, Mr.
Black is also liaiSon officer between