Evening star., 1940-10-18
Securities Dealers
Adopt 0ver-Counter
Trading Standards
VituI Points Settled
At Three-Doy Session
Held in Capital
Ey EDWARD c. STONE.

The Uniform Practice Committee
of the National Association of Sc
curities Dealers yesterday approved
a comp, ehensive set of standards
for trade practices in the over-the-
counter securities business. In ad-
dition to approving the standards,
the committee recommended their
immediate promulgation to the as
sociation's Board of Governors.
Adoption of the standards by the
board is expected in the near fu-
ture.
These uniform practice standards
will govern trading IN securities
throughout the country but are so
construed as to allow such local
variations as are deemed essential
in order not to impose a hardship
on transactions within such locau-
ties. The regulations are of i'm
mediate concern to the investor,
as they will enable his investment
banker to render him better and
fuller service in transactions in Sc
curities involving trading between
different financial centerS.
Approval of the standards by the
committee followed a three-day
meeting in this city, during which
every phase of a comprehensive IT.
page draft of proposed regulations
was studied. discussed and passed
upon. Trade practices relate to
such matters as technical details
of trading, delivery of securities,
payment of dividends, close-out pro-
cedure. computation of interest and
when as and if issued trading.
Washington dealers and others
In this territory were represented
at the meeting by Robert B. Hobbs
of w. w. Lanaham & Co., Balti-
more.
Barker Lauds Convention.
Willard G. Barker, president OF
the Morris Plan Bank of Washing
ton, who is back at his desk after
attending the annual convention of
the Morris Plan Bankers Associa-
ton at Del Monte, Calf, reports
that much time on the program
was devoted to the ever-popular
subject of public relations.
The delegates were frankly told
that the banks of the country make
the least effort to merchandise their
services of any important business
examinations. While banks are
wholly dependent for their success
on the good will of the public, a
great many never make any effort
to advertise what they have to
offer, the delegates were told. How
little is being done by majority
Of the banks to push their wares
and how much by few active in
stitutions was outlined at length by
the speakers.
During a tour of the West Coast
after the convention Mr.. Barker
kept his eyes wide open. In the
lobbies of some of the largest banks
In Los Angeles and San Francisco
he found no pamphlets explaining
the services offered, although in
some instances such information
was available in the various de-
partments. In an office of the Bank
of America, however, he found on
the lobby counters "a different
pamphlets describing the different
services the bank was offering
patrons.
The Morris Plan Banks represent
ed at the convention reported an
unusually prosperous year, in many
instances phenomenal growth.
Bank officials predicted that the
prosperity will continue for a long
time. AS already noted, Richard
H. Stout of this city, executive head
of the association, was elected presi-
dent for the coming year.
Burke on Advisory Board.
Vincent C. Burke, postmaster OF
the District of Columbia, has been
appointed member of the advisory
board of the H street branch of the
Bank of Commerce & Savings,
President Thomas J. Groom an
nounced today.
A. E. Giegengack, public printer
Of the United States, is chairman
of the board and the other mem
bers are William M. Mooney, Leo
A. Rover, A. S. Galley and Francis
E. Robey.
officers and directors of the Bank
of Commerce & Savings, and the
members of the advisory board held
a dinner last night at the Columbia
Country Club in honor of Maurice
D. Rosenberg, for more than
third of a century president of the
institution and recently elected
chairman of the board and general
counsel at his own request.
President Groom presided at the
dinner and the speakers included
A. M. McLachlen, president of
the District Bankers Association;
Joseph H. Milans, Leo A. Rover,
Joseph Sanders, James E. Coli
flower and Albert S. Galley.
Heard in Financial District.
Addressing the Life Advertisers
Convention at the Hotel Washing
ton, William Montgomery, president
of the Acacia Mutual Life Insur-
ance Co., urged executives from the
Nations insurance companies to
make agency work so attractive
from the standpoint of compensa-
ton. working conditions and conf
dence in the future that the best
men will be attracted to it as a
permanent vocation.
The Riggs National Bank is dis
tributing a condition report as of
September 80 which shows total de-
posits on that date amounting to
77,73066, a new all-time peak.
Many other District of Columbia
banks are understood to have ended
the third quarter with their de-
posts at the highest marks on
record.
The Pennsylvania Railroad re-
ports net earnings for the eight
months ended August 81 equal to
$140 a share (par $500, as compared
with 68 cents a share in the like
period a year ago.
The Southern Railway reports for
tho fret eipht months of 1910 net