Evening star., 1939-03-02
0ver-Counter Trading
Association Nearly
Ready 10 Function
Investment Dealers
And 5. (. G. Work
On Final Details
By EDWARD c. STONE.

Bankers Conference, Inc, and the
Securities Exchange Commission are
rapidly ironing all differences in
connection with the formation of
any bankers association which will
apply the Maloney Act regulations
to sales of securities over-the-
counter.
The two big points now being ad-
justed relate to the duties of paid
executive of the group and to the
fees to be paid by the investment
firms. Members of the investment
banking fraternity are opposed to
running up any heavy expense ac-
count in administering the Maloney
Act. Members of the Securities
Commission feel that full-time,
well-paid executive is the only way
that man will be secured who is
competent to handle the situation.
Some change in the basis on which
fees are allocated to members has
been advocated in commission
circles. At present, Investment
Bankers Conference members pay
fees on graduated scale ranging
from $40 to $1,000. Each firm would
have only one vote under present
plans.
Substantial agreement already has
been reached between the I. B. c.
and S. E. c. as to the physical form
counter dealer association would
take. Provisions offered by the
S. E. G. in this regard include the
setting up of IA district committees
and central governing committee.
Members of regional districts would
make independent nominations by
petition. The central committee
would be composed of 81 members
and the district committees of not
more than II.
Membership in the central COM
mittee would be staggered so that no
member would hold Office more than
three consecutive years. Each reg
istered dealer would have one vote
on all matters, according to latest
plans.
Virginia Home Loans Grow.
Getting off to flying start in
1899, the 26 insured savings and loan
associations in Virginia financed
213 loans on homes in January,
totaling s434,00o, it was reported
today by Nugent Fallon, general
manager of the Federal Savings and
Loan Insurance Corp. The cumu-
latlve figures of the amount of direct
reduction loans on the books of these
institutions totaled S18,244OOO on
February l.
AS Of February /, S14,300,OO IN
private savings was invested in these
institutions, Aggregate assets of the
insured associations in Virginia
amount to S22156OOO.
Osborne District Manager.
M. Hamilton Osborne. for IL
years claims manager of the WASH
lngton office of the Pennsylvania In
demnity Corporations of Phila-
delphia, has just been appointed dis
trict manager, it was announced
here today. Mr.. Osborne is widely
known in insurance and was
employed in New York and
Philadelphia before coming to the
Capital. He is located in the Hill
Building, his Office reporting today
that the company's business during
the past year was extra good
The Federal Reserve Bank of
Richmond reported today that
seasonal changes in highway and
construction work, tobacco factory
and textile mill operations, resulted
in a net increase in employment in
January over employment in De-
cember. Retail sales of 81 furniture
stores in the Fifth Reserve District
in January were per cent larger
than January 1888 sales.
Opens Advertising Office.
After Is years service in the
Scripps-HoWard newspaper organi-
zatlon, Robert Seidel has returned
to the advertising agency business.
Resigning from the Washington
Daily News as sales promotion man
ager, effective March l. he has be-
come president of the Seidel Adver-
tising and Publicity Agency, with
Offices in the Munsey Building.
Mr.. Seidel was closely connected
with advertising in New York, In
dianapolis and California, as we'll
as for seven years in Washington.
He won national recognition as
the creator of the three -dimen-
SION retail style of advertising,
known as There are two sides to
every story"
Business Up 10 Per Cent.
Washington is listed by Forbes
magazine as one of the best places
in the United States for concen-
trating sales activities, for collec-
tions and other promotion opera
tions of business
Washington is the center of the
third best high-spot territory in
the United States today. Eleven
other nearby cities make up the
territory.
This district, with the four other
high-spot territories. is chosen for
special mention because business is
farther ahead of last year than
in any other territory containing
100000 or more population. For
the territory which includes Wash
ington the median gain over last
year has recently been 10 per cent.
Norris New Express Director.
Ernest E, Norris, president of the
Southern Railway, has been elected
a director of the Railway Express
Agency, subject to approval of the
Interstate Commerce Commission
and Civil Aeronautics Authority ap-
proval, this being required since
Railway Express also handles air
shipments. Request for these ap-
prevails has already been made. Be-
cause of his railroad experience, Mr..
Norris will be valuable member of
the board.
Robert " Fleming, president of
the Riggs National Bank, is another
Washingtonian who is now enjoying
a short vacation in Florida Hilleary
G. Hoskinson of the same bank, will
be back in the financial district
Monday after month in the South.