The Washington times., 1934-03-26

y II q IL B y . ole =
necessary until
D tn oroug h
study and re- Dunbar Hare T"
vision can be completed. ''.'
After such a survey the com
snittee expressed the belief tina
there should be complete anc
permanent revision of the act
aided by corporation directors
executives, bankers, and, lawyers
familiar with practical prob
aerns." ..,........ ...,... ..,.
The committees, attitude. re
Hects the opinion of all Securlt!
dealers who feel that the act, a.
now constituted, will wreck tht
future of the security business.
Fourteen amendments are pro
posed by the committee, which
Gets out that "the act embodieS
the broadest definitions and uses
the most general language and
Is extraordinarily complex"
The report adds:
"'As q result, the interpreta-
tiOn of many of its provisions
is very vague and uncertain,
Tt imposes drastic liabilities, in
essence in terrOrem, which are
regarded by those made subject
TO them as unfair and u11.'
Justified. 1t radically alters the
ordinary established machinery
for the distribution of securi-
ties. It rides rOughshOd over
legal principles which have
been long established In our
law 49,.
''There has been q great deal
of discussion as to whether or
not the act has actually him
dered the flow of capital
through the distribution Of Sc
Curities. 1t is, of course, inn
possible to prove either side Of
this argument until the act
has been i'm effect for a longer
period, but IN view of the ma
&ure Of the act, as we have
described it, 1t seems certain
that the act must operate as y
hindrance, at least until it is
clarified by judicial interpreta-
&iOn.
SIN addition, the expressed
unwillingneSS, which we believe
is sincere, of directors, officers,
bankers and accountants to
accept the liabilities imposed
cannot be ignored. It is imma-
terial whether this unwilling
ness is based on exaggerated
fears, as has been alleged. 1t
Is, nevertheless, a fact to be
reckOned with. At the present
time, at least, we believe the
act is a definite brake on re-
C0very."
Frank P. Morse, one of the man.
Ggers Of Charles D. Barney &
Company, arise each morning at
6 o'clock and is one of the first
men in the financial district to re.
port to his office. However, before
doing that Mr.. Morse reads all the
newspapers. He is quite a commen-
&ator on the trend of the market
Rnd keeps well abreast of what's
doing. He dispatches scores Of
kilograms daily to Barney offices
all over the country, apprising
them Of what's what in Washing.
ton. particularly where it will
affect the market.
Congratulations were in order
today at the Lincoln National
Bank. That institution is observ-
ing its forty-fourth anniversary.
having been incorporated on
March 25, 1890. During the years
it has been functioning as one Of
Washington's best known banks,
the institution has enjoyed a
steady growth, and now has de.
posits in excess of $6,7OO,OO.
Floyd E. Davis is president Of
the bank and held that post for
81 years. Like the bank, he was
the recipient of many congratular
tionS today.
Other officials Of the institu-
ton are: Albert S. Galley, execu.
tive vice president; James A.
Soper, vice president: H. T. Off
terdinger, vice president; George
Francis Williams, general coun-
sci and trust officer; j. Frank
Rice, Robert E. Lee, Richard A.
Norris, D. Hammond Wetzel and
Floyd S. Davis. assistant cashiers,
and William M. Harris auditor.
During the recent snow storm,
Elliot H. Thompson sat in his
office at the Washington Loan
and Trust Company and wondered
how he was going to get out,
since he had left his home earlier
in the day without his overshoes.
He was just on the verge Of going
down the streets to buy a pair,
when suddenly he remembered
that he had a pair of galoshes in
q closet. They had been there
unSued for over a year.
John T. Meany has been re-
elected to the board of the Acacia
Mutual Life Insurance Company.
This is his twenty-fifth year Of
service in that capacity. Mr..
Meany also is vice president Of
WagRamao.BraWner Realty Com.