Evening star., 1935-02-14

the D6SC way VI E$#$s #$ S:$#:::#$$$$$$$3
supplying a safe, sss Ill
rea enable in s$;: 81
come with the
funds placed in F e M.eatt
their keeping. He
added that many people whose IN
comes are in the higher brackets"
are adding to their bond holdings Ito
escape from increasing tax burdens. y
Mr.. Hildeburn urged Government
bonds as a good investment likewise
for the funds of widows, orphans, in
capableS and other beneficiaries for
whom trust officers must act, declar-
ing that under existing conditions
Government bonds will doubtless re-
main the most liquid and stable in
veStment market-Wise, pending the
arrival of a more propitious time to
reassort the portfolio"
Strictly high-grade bonds, he said
are selling at premium, which re-
duces the yield to about per cent;
moreover, bonds purchased at a higher
price may entail loss because they
may be paid off Immediately at their
face value by many of the large
corporations which have found it ad-
vantageous and profitable to borrow
money at rates much below the coupon
rate of its bonds and to retire them
under the terms of the bond inden-
ture"
The bank official was not enthuSias-
tic over the present situation in many
railroad bonds and said that the
record made by common stocks during
the past two years had not been as
good as had been expected. Despite
Government expenditures, an un-
balanced budget and possible impair
ment of Government credit, he con-
cluded by asserting that new funds
In substantial amounts should be
placed in U. S. bond issues"
Many technical addresses relative
to the technical problems Of operating
trust departments were made today
when the final sessions of the con-
ference were being held.
Moffatt Heads Curb Exchange.
Fred c. Moffatt was elected presi-
dent of the New York Curb Exchange
yesterday, succeeding E. Burd Grubb,
who resigned to take a membership
on the Stock Exchange.
The new Curb chief has been vice
president during the past year, is 46
years old, and started his career as
a messenger boy with a telegraph
company, later becoming a telegraph
operator Later he went with Stock
Exchange firm and got his first view
of the brokerage business. He served
two years in the World War, over
seas, and then returned to Wall
Street.
With William NJ Spear, he formed
the firm of Moffatt & Spear. members
of the New York Curb Exchange, on
May /, 1925. Mr.. Spear has retired,
and the firm is now composed OF Mr.
Moffatt, who is the floor member, and
Andrew Mullenbach, with offices at
No. 19 Rector street.
In May, 1929, Mr.. Moffatt was ap-
pointed to the Board of Governors of
the New York Curb Exchange to fill
an unexpired term, and on February
Q, 1881, he was elected member Of
the board for three years. In Febru-
ary, 1884, he was reelected for an
other three-year term. During the
past year, besides holding the Office
Of vice president of the exchange, he
has served as president of the New
York Curb Exchange Securities Clear
ing Corp and assistant treasurer of
the New York Curb Exchange Realty
Associates.
Reserve Change Opposed.
Washington bankers are strongly
against the proposal in the banking
act Of 1885, introduced by Representa-
tive Steagall, which suggests COM
bining the duties of the chairman and
agent of each of the IL Federal Re-
serve banks with those of the IL gov
ernors. The opposition here relates
particularly to the situation at Rich
mond
The chairman and agent has for
years given out the most complete,
accurate and informative monthly re-
ports on financial, agricultural and
credit conditions in the fifth Reserve
district. It would be great mistake,
bankers here believe, to saddle this
important work onto the Reserve
banks governor, who already has
plenty OF work of his own to look
after.
Any such move would certainly
make the monthly and annual reports
of less value to the banking and busi-
ness interests of the fifth district.
The results would be the same in the
other II districts. Such reports, ii
prepared in Washington at Reserve
headquarters, would not begin to be as
complete, sound and up to date as
when prepared in the field, in the
opinion of Washington flnanciers
whose banks are members of the
Richmond institution.
Banquet Reservations Closed.
Reservations for the thirtieth annual
banquet of Washington Chapter,
American Institute of Banking, have
reached the TOO mark, which means
the largest attendance at any chapter
dinner since 1929, Chairman Frank
M. Perley announced today. 1t has
been found necessary to close reserva-
v1ODS IN OIQeT IIldL IIlc OCdeAlS OOAiA
naittee, under the Craftsmanship Of
Robert H. Lacey, might complete its
difficult duties and have the guest lis
printed. Walter L. Sanderson, chapter
president, will preside at the banquet
Efforts by the Securities and Ex'
change Commission to encourage the
listing on national securities exchange:
Of corporations whose securities art
now traded in over-the-counter or ir
the unlisted departments of exchange.
are arousing great interest among al
brokers. This is one OF the biggest
problems in the work Of the commits
sion as the over-the-counter business
is in direct competition with the regis
tered exchanges. :.
It is felt that the same rules shoule
be applied to all over-the-cou sale
that are applied to the big exchanges
Brokers and members of the Exchang'
Commission agree that there should b'
ADVANTAGES in not listing securities