Evening star., 1935-05-18

reports from
President Spaid, Vice President
Thompson, Committee on Fraud Pre-
vention, by Chairman w. G. Paul of
Los Angeles; Interchange business,
Harry Evers, Buffalo; legislation and
taxation, Eugene Ballard, Hartford,
and membership, Claude F. Pugh,
Pittsburgh.
The afternoon session will be given
up to a general discussion of the
securities and exchange act, with Will
; liam A. Lockwood, counsel of the New
York Curb Exchange, presiding What
changes, if any, should be made. and
how to bring them about, will be two
big points in the conference. Ben
r. Jacobs, president of the st. Louis
Exchange, will preside at the dinner
IN the evening.
New Deal Changes Topic.
At Tuesdays opening session j.
Gates williams of st. Louis will give
an address on the ALTERED Relations
Between Broker and Client Under
the Securities and Exchange Act" Mr..
Thompson will report for the Wash
angton committee. while reports from
the chairnen on publicity. trading
methods and increase in business will
also be heard. "Intrastate Trading"
will be taken up by Ralph w. Simonds
Of Detroit.
The afternoon session will be de-
voted to summation of the previous
discussions, report on revision of by
laws, report of the Resolutions Com
mittee and the election of officers.
Right after the convention adjourns
the new board of governors will hold
its first meeting.
In addition to Washington, the as
sociation members include Baltimore,
Boston, Buffalo, Chicago, Cincinnati,
Cleveland, Detroit, Hartford, Los An
geles, Minneapolis, st. Paul, New Or
leans, New York Curb, New York
Stock Exchange, Philadelphia, Pitts
burgh, st. Louis, Salt Lake, San Fran
cisco, curb and stock exchanges. The
association was organized for the
smaller exchanges. Later it was found
to be so active that the New York
Exchange asked for and was granted
membership.
The head Office was moved from
Detroit to Washington in order that
the officers might keep in closer touch
with the Securities Exchange Com
mission, where so many vital and
sometimes perplexing rulings orig
Inate.
Rider Captures Essay Honors.
Frederick p. H. Siddons, president
Of the District of Columbia Bankers
Association, today announced the win
ners of the essay contest held by
Washington Chapter, American Insti-
tute Of Banking, under the auspices
of the Bankers Association, as fol-
lows: E. Harry Rider, National Met
ropolitan Bank, first; g. Edward Fore
man, Riggs National Bank, second;
Kenneth Birgfeld, American Security
& Trust Co., third.
Judges of the contest were James
c. Dulin, jr., treasurer of the Ameri-
can Security & Trust Co.; George o.
Vass, vice president and cashier, Riggs
National Bank, and c. F. Burton,
president, City Bank.
The paper of Mr.. Rider, winner of
1irst place, will be read at one of the
sessions of the coming convention Of
the District Bankers Association, at
Hot Springs, Va, May 80 to June 2.
The other papers will be printed in
the proceedings, while all three win
ners will be rewarded by trip to the
convention, paid for by their respec-
tive banks.
Today marks the close of one OF the
most successful Life Insurance week
campaigns ever held in Washington.
The reports, not yet received for Fri
days activities, show total of 1000
applications written in the first four
days.
The standing of the teams follow:
Team No. as, r. H. Strickland cap
tain, SO applications; Team No. 20
W. J. McCausland captain, 5315 ap-
plications, and Team No. 4, Loren l.
Cluster captain, AZ applications
Among the individual producers l.
d. Carroll of Mutual Life of New
York leads with II applications; Sid
ney Simon of New York Life and Maj
Guy Withers of Equitable Life tie for
second place with 16 applications each
and Ellis Silverstone of Metropolitan
Life holds third place with Is appli-
cations.
The Viginia State Corporation Com
mission has authorized the Virginia
Electric & Power Co. to call $4,500, ,00C
io-year 51h per cent convertible bonds
on July l at 105 and to borrow up tc
s3,500,000 In connection with the
transaction for not more than %
months. Holders may convert theil
bonds into first and refunding mort
gage SIS or into common stock.
The Southern Railway reports foi
quarter ended March 81, 1885, net
loss of, s1,124,924 after taxes and
charges. This compares with net in
come of $31.743, equal to 5 cents 9
ehare on 100000 shares Of 5 per cent
non-cumulative preferred stock In first
quarter Of 1884.