Evening star. [volume] (Washington, D.C.) 1854-1972, 1940-07-14

has been ap-
pointed to the
committee. which Bernard J. Nees.
will be limited to two members.
:, The two members will keep in touch
with all investment houses in the
city and each week announce for
newspaper publication bid and asked
quotations which will be the prices
set by the various individual firms.
The new move Is considered vital
to Washington investors in this class
of securities, which in recent years
has greatly increased in number and
Importance. There are now more
than so of these overtime counter
issues which are regularly dealt in
by Washington and nearby residents.
The list includes many active bonds,
bank stocks and a lot of popular
miscellaneous issues.
Committee Works Out Plan.
The District No. IL Quotations
Committee of the National Associ-
alton of Securities Dealers. Inc, held
special meeting in Washington
during the week. District II includes
the District of Columbia, Maryland,
j.. Virginia, West Virginia and North
Carolina.
:. Following out the plan of the
national organization. each section
will have its own quotations. That
means special list for Washington,
another for Maryland, one for Vir-
ginia and the other States, each
territory having its own quotation
committee. The three national aims
In the campaign are to narrow the
: spreads in quotations, make the
list more accurate and give investors
greater protection. The Washington
list will be much the same as that
printed for several years by john
ston, Lemon & Co.
William Frazier, committee chair
man, of Davenport & Co., Richmond,
presided at the meeting held here.
Other members present were Ber-
nard j. Nees and Edgar B. Rouse,
Washington; Walter w. Craigie,
Richmond; Robert C. Kirchofer,
Raleigh, N. c.; j. Joseph May,
Richmond, and j. Rollin Otto and
Sewell S. Watts of Baltimore.
James Parker Nolan, chairman of
District No. II Of the national as
ISOLATION, q partner in Folger, No
Ian & Co., and Myles H. Quail of
Y. E. Booker g. Co., the district Sec
rotary, also were present. The mem
bers were most enthusiastic over
. progress made and interest shown
all over the country. Transactions
in over-the-counter issues have
grown to huge proportions in re-
cent years, yet in some places in
dividual firms have practically fixed
their own prices, often far from
real market values.
d. C. Securities Steady.
With one or two exceptions WASH
ington securities sold over the coun-
ter displayed much better price sta
bility in the first half of this year
than was true of great many
issues sold on the big New York ex-
changes. One of the exceptions was
Washington Properties, Inc, rs,
which opened the year with bid of
81 and now carries bid of 81. May
flower Hotel SIS were about the stead
lest bond on the list, opening the
year with 81 bid and closing June
at the same figure.
Bank stocks on the list have en-
'joyed much the same stability. Co.
lumbia National has been quoted 200
bid and 220 asked for months: Ham
ilton National opened the year
around 20 and is now quoted above
81; National Metropolitan started
1910 at $50 bid and is now quoted
at 270 bid and $50 asked.
y Anasostia Bank stands at present
at 100 bid; City Bank. Is; East
Washington Savings. 1871; Munsey
Trust Co.. IS; Second National, rs:
Security Savings q Commercial. 1853;
Suburban National, 1874; Union
Trust Co., IS, with IS asked.
The highest-priced bonds on the
list are Consolidated Title IS, now
quoted at 100 bid. Barber & Ross As
are priced at "a bid; Congressional
Country Club second IS, 20 bid;
Lenox Building 6hs, IS bid; Lotus
Il
Racquet Club first SIS, IS bid: Shore
ham Hotel second As, 841a bid, and
Washington Auditorium IS, 10 bid.
Among the miscellaneous stocks
Fidelity Storage is quoted at ia
bid; Griffith Consumers preferred at
1914 bid; Washington Sanitary Hous-
ing Co., ITO bid, and Washington
Convention Hall preferred at 1871
bid Washington Railway & Elec-
trio participating units, which
opened 1910 at 19N bid and 2lN
sasked, are still quoted at the same
figures.
Banks Get Exemption Notice.
Notices have been sent to men,
:bers of the District Bankers AS
ISOLATION of the signing by Presi-
Nant Roosevelt of the bill designed
10 exempt from District of Columbia
IAxation the assets of nonresident
antaviduals held by District of Co.
dlnbia fidiciaries.
The bill was passed by the House
and also by the Senate on June %
and was of most vital importance tt
Washington banks. Holders of Sc
curities living in the States may nov
place their investments with trust
departments of the banks without
being liable for taxes in the District
Ths original proposal would hav'
meant double taxation, and causet
unfair hardship on the banks here
Financial District Comment.
The State of Maryland awarded t.
"a syndicate headed by the FRS
National Bank Of New York, Sits.
900 certificates of indebtedness, du'
1943-1945, on bid of 1Of 40 for l 1as
The Interstate Commerce Com
mission has authorized the South
eastern Greyhound Lines to issu,
t$250,000 Of 2A per cent equipmen
'spjnrhase notes to aid in financing
new motor buses costing a total O
$333,216.
Washington investment dealer
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