Evening star., 1935-02-25
BUILDING LEADERS
ARRIVE IN. CAPITAL
Loan Association Chiefs
to Attend Southeastern
Group Conference.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Building and loan executives and
managers from Is Southern States
reached Washington today to attend
the Southeastern Group Conference
to be held at the Mayfiower Hotel to-
morrow and Wednesday. Three hun
dred have already registered.
National officers were among those
in the city today when an important
executive session was held preparatory
to opening the main business program
tomorrow. Hundreds of leading build
ing and loan leaders are here, which
means that the sessions will be the
most important of the kind held in this
city in years.
The District Of Columbia Building
and Loan League, of which Carl j.
Bergman is president, is host to the
convention, most elaborate plans for
business and entertainment having
been made in advance. The banquet
tomorrow night at the Mayf1oWer will
be the most important social feature.
Every phase of the building and loan
business will be discussed during meet
ings with the Governments housing
campaign receiving special attention.
Bank Stock Listing Urged.
The Securities Exchange Commits
sion has invited banks to list their
shares on national securities ex-
changes, the purpose of the move be-
ing to transfer active securities to the
exchanges and employ the overtime
counter market mostly for the season.
ing of new securities. Speaking of the
action, the Wall Street Journal says
today:
The commission made its invitation
something of command by stating
that it could see no ground for exer-
ciSing its eXempting powers in order
to give otherwise unlisted bank shares
the type of collateral value that will
be denied them as unregistered Sc
curities under section 7-C of the Sc
curities exchange act when the New
York Produce Exchange does away
with its securities market on Feb
ruary 28."
The commission repealed rule JS6,
which required exchanges to obtain
and keep available for public inspec-
ton copies of all documents filed with
the commission under sections IL, 13
and 16 of the securities exchange act
concerning securities in the unlisted
trading department.
The commission announces that its
regional offices in Chicago and Boston
will be opened on March l.
District Trade Holding Well.
The Federal Reserve Bank of Rich
mond reports that trade in the fifth
district has held up well during the
last week, which means that February
will make another excellent showing
Weather in the District of Columbia
and the five States has been favorable
to good business.
In the southern part of the district
building and highway construction
have aided the unemployment Situa-
ton. Further construction will be
started as Spring activity "opens up"
The first half of February was good
for both wholesale and retail lines.
Wholesale trade has been given boost
by an extra good demand for Spring
goods, the heaviest for several years,
owing to the increased purchasing
power in the tobacco, peanut and cot
ton belts.
At present, wholesale collections are
considered one of the most encourag-
ing signs. They are far ahead of the
like period in 1884.
Today's Trading on Exchange.
The weeks trading on the WASH
ington Stock Exchange opened quietly
with Potomac Electric Power IS SELL
ing at ITO. The bonds figured in
$1,000 transaction.
The only other sale was in Capital
Transit stock which remained strong,
two lots selling at 25l2. Bid and
asked prices on other issues were
practically unchanged. Capital Trac-
tion SIS, which have recently been SO
active at advancing prices, closed
today with 951a bid and 81 asked,
with no sales.
The regular quarterly dividend of
$1.62la per share on Peoples Drug
Stores 6la per cent preferred stock
was announced on the exchange to-
day. 1t will be paid on March Is to
stock of record on March l. The 25
cents quarterly on the common will
be paid April l to stock of record
Is cents quarterly in 1884, a 50-cent
special on February / of that year,
100 per cent stock dividend on De-
cember 81 and $150 extra on Janu-
ary of this year.
Heard in Financial District.
Hugh D. Auchincloss and Chauncey
Parker, members of the New York
Stock Exchange firm of Auchincloss,
Parker g. Redpath, in the National
Savings 81 Trust Building, are in
Florida on Today fishing trip
Accidental hitting of burglar alarm
in the Riggs National Bank this FORE
noon sent a large delegation of police
officers to the bank. The alarm was
found to be in perfect condition and
the response was all that could be ex-
pected.
Less conversation is being heard in
the local brokerage houses about the
gold clause decision. Traders appear
to be waiting for some other news of
constructive nature that may give the
stock market a real boost.
The Richmond Reserve Bank has
sent notices to all members regard
ing the offering of $10O, 100000 Treas
ury bills TO be dated February 27,
S50,000,000 maturing on August %,
1885, and the other half on November
81, 1885. Tenders were to close late
today.
Wages paid and orders placed dur
ing 1884 by the Pennsylvania Rail-
road, under its electrification and i'm
provement program, financed by the
Public Works Administration, totaled
$56,910,000, the company announced.