Evening star., 1939-03-15

Y.
The other Program Committee
members include Wilmer j. Waller,
Hamilton National, vice chairman;
Francis G. Addison, jr., Security
Savings e. Commercial; Clarence F.
Burton, City Bank; Victor B. Dey-
ber, Second National; Charles H.
Doing Washington Loan & Trust
Co.; Robert V. Fleming, Riggs Ma
tional; H. H. Mckee, National
Capital; Lanier P. McLachlen.
McLachlen Banking Corp; Howard
Moran, American Security & Trust
Co.: c. H. Pope, Munsey Trust Co.,
and F. P. H. Siddons, American
Security g. Trust Co.
Exchange Visitors Feted.
Members of the Washington Stock
Exchange were hosts to representa-
tives of is other national exchanges
last evening at the Shoreham Hotel,
following adjournment of the two
day session held for the purpose of
getting the Securities Exchange
Commission to ease up certain reg
ulations which the exchanges con-
slider unfair and hold to be clicking
the volume of trading on all ex-
changes, as well as proving too much
of a curb on new issues.
Among the guests were President
William McC. Martin. president of
the New York Stock Exchange and
John Hancock, chairman of the
Exchanges Committee on Stock
Listing, who was also chairman of
the meeting held here. All the
members of the out-of- town ex-
changes and many of their at
torneys embraced the opportunity
to meet members of the Washing
ton exchange. Harold C. Patterson,
Y. E. Booker and James M. john
ston represented the local exchange
at the business sessions.
The recommendations drawn up
at the business sessions were pre-
sented to the Securities Exchange
by w. G. Paul, Los Angeles ex-
change; William B. Long, president
Boston Stock Exchange. and Robert
II. Club, st. Louis Exchange. Some
suggestions call only for changes in
procedure and others for changes
in the Securities Acts. Early study
of the requests has been promised
by Chairman William o. Douglas.
Simplification of reports, changes
IN prospectuses, registration state
ments, manipulation, inside in
formation, proxy rules, private
placement of securities, extension
OF credit to customers, shorter
periods for registration statements
to become effective, are only a few
of the vital topics considered in the
recommendations. All are intended
to expand securities markets and
the flow of new capital.
r. NJ. Smith Joins Burr e. Co.
Richard McAllister Smith has be-
come associated with the Washing
ton Office of Burr & Co., Manager
Charles r. Connolly announced to-
day. Mr.. Smith was formerly man.
ager of the bond department in the
local Office of Hemphill, Noyes g.
Co., members of the New York Stock
Exchange, and more recently first
vice president of McKnew, Fairfax
& Co., where he was engaged in
general investment business and
securities portfolio analysis work.
A native of Virginia, he is married
and lives near Langley.
Peoples Drug Stores common and
preferred stock and American Tele-
phone are now being quoted ex-
dividend on the Washington Ex-
change, regular dividends to be paid
soon.
Paul Hathaway of the Home Own
ers' Loan Corp. will preside at the
meeting tonight at the Federal
Home Loan Bank, Second street and
Indiana avenue NV, when efforts
will be made to establish a Society
OF Resident Appraisers. Frederick
M. Babcock, a deputy governor of
the Federal Housing Association will
be the chief speaker. 1t is believed
there IS sufficient interest here to
start chapter of the national
organization.
Kayser to Address Bankers.
DR.. Elmer L. Kayser of George
Washington University and in
structor in public speaking at the
American Institute of Banking, will
be the guest speaker at a dinner
meeting of the safe deposit section
Of. the District Bankers Association
and the Maryland State Safe De-
posit Association next Tuesday at
the Lafayette Hotel This annual
joint meeting has come to be a
high light in financial circles. The
bankers will have a question box
and other entertainment, in addi-
ton to the chief address.
Charles w. Pimper. vice president
of the Security Storage Co. of Wash
ington, has been elected vice presi-
dent of the Allied Van Lines, a Ma
tion-wide corporation for the han
ding of long distance removals of
household goods. The concern is
Warehousemen's Association.
Reports from Albany state that
the Quinn bill, which would have
established summer Saturdays holi-
days in New York State, resulting
In the closing of banks on Satur-
days, has been amended. An amend
ment, if adopted, would make Sat-
urday closing possible if the direc-
tors of each bank favor it.
Washington Gas Light IS, 1860,
sold at 125 on the Washington Ex-
change today on a $500 transfer
Potomac Electric Power 5la per
cent preferred stock appeared on
the board at 1141s, on very light
trading.
Today's selling on the New York
Stock Exchange caused general sur
prise in the offices here. 1t followed
a very quiet opening, in which no
trend in either direction was in
dicated. Later in the day there was