Evening star., 1936-03-08
!. B. A. Group Hears Talk on
"0ver-the- Counter" and
unlisted" Trading
COMMISSION PREPARED
TO MAKE SLOW CHANGES
Too Rapid Action Would Be Sc
we're Blow to Some Security Ex-
changes, Official Says.
BY EDWARD C. STONE,

Ol IIle SOulnedSlern group, 1nVeSJ-
ment Bankers Association of America,
meeting at the MayfoWer Hotel here
yesterday, William o. Douglas of the
Securities and Exchange Commission
outlined the commissions proposals
for the closer regulation of the over
the-counter market and freely dis
Cusseo the problem of unlisted trad
ing" on registered exchanges. He
summed up what mas already been
done, mentioned legislation now be
fore Congress, and pictured the great
difficulties in making too rapid
changes in the handling of these two
vital investment questions.
He said that stopping of unlisted
trading on the stock exchange alb
ruptly would be too severe a blow to
their business, as trading in unlisted
issues furnishes by far the greater
amount of business on some ex-
changes. On the other hand, it is
unfair to regulate trading in listed
issues and not at the same time eX-
ercise some definite control over other
issues. Protection of the investor is
effort is being made toward furnish
ing investors with all necessary in
formation regarding all securities in
which they are interested.
Commissioner Douglas made his
points unusually clear and urged the
cooperation of all investment bankers
in constantly improving conditions in
soil
received with great applause and he
was given a standing vote Of thanks.
Other speakers at the conference in
cluded Lindsey Bradford, New York,
who gave practical discussion on
the Problems of the Institutional
Investor" showing in detail what
the sweeping reduction in bond in
terest has meant in this sphere His
address was followed by a forum on
research and statistical departments,
led by T. Rowe Price. ir.. of Macku-
bin, Legg & Co., Baltimore.
The afternoon session opened with
q forum on Distribution Problems"
conducted by Robert B. Hobbs, 'Balti-
more, with Frank M. Stanton. First
Boston Corp, New York, as the chief
speaker. Another forum on Munich
pal Bonds was led by William T.
Childs, Baltimore. The speakers were
E. Fleetwood Dunston. New York
banker, and D. Benton Biser, director,
Commission on Governmental Eff
cheney and Economy, Baltimore.
The conference, first of the kind
held here, concluded with a banquet
last evening. Y. E. Booker presided
as chairman of the Southeastern
group, which is section of the ma
tlonal organization. Chauncey G.
Parker, Jr., was chairman of the En-
tertalnment Committee, while the
General Committee of ARRANGEMENTS
included Robert S. Belknap. Mr.,
Booker, William T. ChiIds, Edward
K. Dunn, Robert B. Hobbs, j. Elliott
Irvine, John C. Legg, jr.; John C.
Hagen, jr.; William W. Mackan, jr.;
Frank P. Morse, James Parker Nolan,
Mr. Parker, William j. Price, 3D.:
John Redwood, jr, and Paul M.
Taylor.
Sales Here Rise IS Per Cent.
Department store sales in Washing
ton were up sharply from the pre-
Vlous week, with average gains of 35.9
per cent and an increase of 1872 per
cent over the same week in 1895. the
Department of Commerce reported
yesterday in the weekly review cov-
erlng the fifth Federal Reserve dis
trlct. Bank clearings in the Capital
gained 11.8 per cent compared with
the preceding week and increased 1913
per cent over the corresponding week
year ago.
Building activities continued the
fast pace of recent weeks, with the
value OF permits increasing 259 per
cent over the previous week and 41.6
per cent over the same week in 1895.
Returns for the month of February.
just announced, reveal an increase of
1884 per cent over February last
year. Tourist activities were not I'D
to normal, as shown by the number
of visitors at the Washington Monu-
ment.
Better shopping weather in the rest
of the fifth district also gave busi-
ness q boost. Bank debts gained in
Richmond. Trade in Norfolk was
ahead of the previous week and last
year. Trade, bank debts and bank
clearingS improved in Baltimore, as
compared with the similar periods a
year ago. Wholesale dry goods sales
were better. Merchants are moder-
etely optimistic on the Spring out
look.
In the southern part of the fifth dis
Grict Charleston reported higher re-
tail trade, bank clearings, and gain
of 6 per cent in postal receipts over
January. Cotton exports were more
active. Building permits in South
Carolina increased As per cent over
February, 1885. More than 5000 men
are to get employment soon when IA
factories near Charleston resume
activities.
Exchange Trading Quiet.
Five shares of Riggs National Bank
stock sold at 270 on the Washington
Stock Exchange yesterday. During
the week the stock reached 273 a new
high mark for some years. The only
sale recorded on the exchange yes
terday was transfer of Is shares
of Real Estate Mortgage g. Guaranty
preferred stock at Az. The meeting
of investment bankers at the May
flower Hotel drew several members
of the Washington exchange away
from the daily session, that being one
of the chief reasons why business
was SO light Total sales for the
week were satisfactory, in fact, ahead
of last year.