Evening star. [volume] (Washington, D.C.) 1854-1972, 1935-08-14

Amer ] C n co.
has filed with Senator Black, chair
man of the Special Investigating
Committee, a detailed report on the
way the money was used. Travelling,
hotel, printing. clerical, telephone and
like expenses in connection with pre-
pairing data for the House and Sem
ate Committees on Interstate and
Foreign Commerce amounted to ST.
1884.
Travelling and hotel expenses OF
President Fogarty, as member OF
the Committee of Public Utility Ex-
ecutives. required $685. while pay
ments for stenographic and photostat
services rendered. his committee in
the executive Offices in Washington
called for S755.
Expenses of sending communica-
lions to security holders regarding
the proposed bills totaled s29,347.57.
Of this amount s9,78653 was for
printing, S4,52942 for envelopes, Of
fee and extra clerical service, while
the remaining $l503l.62 went for
postage The total of direct disburse-
ments was s33,025.
President Fogarty also reports a
payment Of Sl6,840 to the Committee
of Public Utility Executives. bring
ing the total outlay up to s49,865.
All these expenses were borne by the
North American Co., except small
Ay, In North
Edison Co. and the Western Power
Co. None was charged TO or COL
lected from any operating company,
the report says.
The securities Of the North Ameri-
can Co. and its subsidiaries are held
by more than 10000 investors, for
the protection of whose property these
expenditures were made" President
Fogarty adds. While the expenses
to which the company has been SUBJ
jected as a result of the proposal to
enact destructive legislation is SUBJ
stantial, it is appropriate to point
out that it is equivalent to but slightly
more than p cent for each outstand-
ing share of North American common
stock" In concluding his letter, Mr..
Fogarty says:
las We have openly and frequently
announced since the Wheeler-Ray-
burn bills were introduced in Congress-
more than six months ago, the North
American Co. favors a sound and con-
structive regulatory measure but OPP
poses destructive legislation. We shall
continue our efforts TO achieve that
end"
Commission May Ease Rules.
The Securities and Exchange Com
mission is working on plans for fur
Their simplihcation of the registration
statement required under the securi-
ties act in connection with the filing
of new issues. Such new modified
form may be ready for publication by
the close of the year.
The problem is being considered in
the light of the experience gained
this year in the registration. of S1,00O,-
100000 new bonds, mostly for refund
ing purposes, and of several hundred
thousand shares of stock. The result
may be omission of numbers of ques-
lions now carried in the registration
forms. instructions to simplify details
of certain information required to be
furnished by the terms of the law and
leeway to the registering corporation
to employ its judgment in the extent
to which it may feel it necessary to
60 in supplying data, the omission of
which might be considered as a con-
cealment of material fact.
Preparation of a new simplified
form OF registration, the Wall Street
journal comments, would constitute
the second step of this character TAX
en- by the commission. A year ago it
disclosed that it was working on SIM
plification of the originally issued reg
1stration forms, but it was not until
mid-Janusry, 1885, that the new form
was published.
Bank Women Plan Conclave.
Bank women in Washington are
much interested in the thirteenth an
nual convention of the Association of
Bank Women which will be held in
New Orleans November 1913 inclu-
s1ve, according to announcement Just
received from Miss Susan B. Sturgis,
assistant branch manager, First Ma
tional Bank of Boston, association
president. The organization is made
up OF women bank officials only.
Efforts are now being made to
make this the largest convention since
the organization was started by New
York women in 1921. Today there
are members in 81 States and the
District of Columbia. In this city.
Miss S. Winifred Burwell, assistant
trust officer of the National Metro
politan Bank, is one Of the most ac-
tive members.
Capital Transit Stock Active.
Capital Transit stock held most of
the limelight during trading on the
Washington Stock Exchange today.
The stock figured in IL different trans
actions. all made at is, up from yes
terdays close. The days turnover
totaled ITO shares, the largest sale
being a 50-Share lot. go
Anacostia & Potomac R. r. IS came
out at 1884 on a $1,000 transfer, and
City & Suburban SIS moved at SO on a
81, 900 sale. Potomac Electric Power
6 per cent preferred stock recorded
one sale at 1922 ex dividend. Capt.
tai Transit stock closed the session
with 1919 bid and 16 asked
Bond Sales Over S114,000,o0o.
Sales of United States savings bonds,
so-called baby bonds" have totaled
Sll4,353.594. or a maturity value of
s152,471 ,459 since March /, the date
of their first issue, the Treasury re-
ports. Cash sales in June amounted
to SIS 1874, 792 and in July $21 SAB, 185.
Illinois is the leading State In pur-
chases, followed by New York, Ohio,
Missouri and Iowa.
Receivers for the Norfolk Southern
Railroad Co. have asked the Interstate
Commerce Commission to approve a
public works loan to the road Of
ry-t. 4. ,,11A -