Evening star., 1940-08-19
Investment Trust
Bill May Become
Law at Early Date
Cut in 20-Doy Wait
Period Moy Loosen
New Security Offerings

Grange Commission authority to
shorten the present 20-day waiting
period after registration statements
are filed before new securities may
be put on the market.
The investment trust measure IS
the outcome of protracted hearings
by the S. E. c. itself, presentation
Aof drastic bill to Congress, and
development after long congresslon-
al hearings of a bill which was
somewhat modified
The trade, according to informa-
ton in financial circles, feels that
there still are Objectionable features
in the bill. from their point of
view. The legitimate dealers realize
that there are substantial restraints,
but as one spokesman expressed it.,
"by and large it is pretty good
bill"
May Help Market.
Relaxation of the 20-day waiting
period is a feature which seasoned
companies are expecting to help
toward the restoration of a more
favorable investment market, which
recently has been badly upset by
the battle of England. When the
S. E. c. gets final official authority
to cut the waiting period at its
discretion to within two to five days
after registration statements are
filed, it is believed there will follow
substantial flow Of new issues,
already in registry, or definitely
under negotiation.
Baltimore is among the cities
planning to organize a customers
brokers association. This devel-
.oped from a tWo-day conference
OF customers brokers from six cities.
recently held at the New York
Curb Exchange. George P Rea,
!. curb president, and Gerard Walker
head of the London Office Of Fen
ner e. Beane, spoke to the group.
Mr.. Walker described the conditions
under which brokers in London are
operating and said that trading
- volume in London since the out
break of the war had been curtailed
in approximately the same propor-
ton as in New York
HSSetS lHCTedSe.
Assets of the thrift and home
financing institutions of the Fed
eral Home Loan Bank System in
creased S145 100000 during the quar-
ter closing June 30 as compared
with s40000,000 in the first quarter
of the year. according to economists
of the bank board. Total assets
of members now amount to S4,927,-
100000.
The trend indicates the increas-
ing confidence of the public in in
trusting its savings to institutions
In the system, officials said, and
the increased activity of those in
stitutionS in the financing of homes.
OF the 1914 members of the
bank system. 1856 are savings and
loan associations and they hold 86
per cent of the total assets. Some
1 49 per cent of all savings and loan
associations in the country, holding
SO per cent Of the assets Of all such
institutions, are members of the
system.
AS evidence of the manner in
= which savings and loan associations
extend home-fnancing facilities
throughout the country, 50 per cent
OF such institutions are located in
communities with a population of
less than $4,000 while % per cent
are located in towns of 5000 popu-
1ation or less.
Insurance companies which are
members of the system account for
10 per cent of its total assets. while
savings banks have per cent.
Heard in Financial District.
Hans w. Ireland. assistant treas
urer of the American Security &
Trust Co., William f. Schooley. as
sistant treasurer, and James D. Bar
rett, auditor. are taking their an
nual vacations.
Laurance H. Riggles, connected
with the Washington Office of the
Phoenix Life Insurance Co., who has
been i'll for several weeks, is greatly
improved and will return to his reg
ular duties shortly. He is a former
president of the District Life Under
writers Association
a Theodore w. Cook, general agent
Of the National Life Insurance Co.
of Vermont. left Washington Satur-
day for a tWo-Week vacation, fol-
lowing which he will attend the
companys educational conference
at the Edgewater Beach Hotel in
Chicago, September 2-5. His agency
had 100 per cent increase in paid
business in the first half of 1910
compared with the like 1889 period.
Bankers Death Causes Regret.
Bankers in the financial district
today expressed deep regret over the
death of John Poole, for so many
years very active as president of the
old Federal-American National
Bank, which is now a unit of the
Hamilton National Bank. Mr. Poole
made special study several years
ago of banking costs and was one
Of the first flnanciers in the Capital
to favor service charges for all un-
profitable accounts. He presented
the results of his studies at several
bankers conventions and was a for
mer president of the District Bank
ers Association. He was one of the
originators of the idea of cageless
counters for banks. his plans being
sent to and adopted in many for
eign countries.
4 Another death that caused sadness
in the financial district was that OF
L. w. Todd. who has been connected
with the Office of Laidlaw & Co. and
with Hartman G. Co. when @. Bowie
Chapman was the Washington part
ner Mr.. Todd had wide circle of
= friends in the brokerage district.
Today's Trading on Exchange.
Georgetown Gas SIS figured in a
$1,000 transfer on the Washington
Stock Exchange today at the high
price of 122. closing with lib bid
and 125 asked. These are the high
est priced bonds on the exchange.
Thirty shares of Washington Gas
common sold today at 241a, and 25
shares of Potomac Electric Power