Evening star., 1940-04-29
Investment Dealers
Take Up Complaints
Al Council Session
Fair Practices Violations
Also Due for Review
At Two-Doy Meeting
BY EDWARD C. STONE.

Nolan g. Co., Washington, and B.
Howell Griswold of Alexander
Brown & Sons, Baltimore, repre-
senting the investment dealers in
the Capital, Maryland, Virginia
West Virginia and North Carolina.
The program called Tor the con-
sideration of complaints by GUS
toners of members concerning al
legged excessive profits of misrepre-
sentation of the value of securities
Members said today that many Of
these complaints were the result of
misunderstanding and could be
cleared up easily. The board also
was to take up complaints that some
members had violated association
rules of fair practice in the recent
distribution of S48,000,000 securities
of the Public Service Co. of In
diana
The council was to act upon the
recent report submitted to the Sc
curities and Exchange Commission
by the Arms Length Bargaining
Committee at the request of the
S. E. C. The council also expected
to make further plans for spreading
over the counter quotation service
Daylight Savings Adopted.
All the New York Stock Exchange
Offices in Washington went into day
light saving time this morning, with
the tickers starting off at 9 o'clock
instead of 10 and the closing hour
moved back to 2 o'clock
Although notified last week of
the earlier hours, the board rooms
were not as we'll filled at the OPEN
Ing today as they have been at re-
cent 10 o'clock openings. Members
of the staffs, however, were right
on time. Most of the brokers like
the summer schedule. Investment
houses were also ready for business
before 9 o'clock.
The banks and building and loan
associations will remain on stand
ard time during the summer and
no change has been made in the
time Of the daily sessions of the
Washington Stock Exchange.
Gas Rights Expiring Today.
The Washington Gas Light Co.'S
rights, offered common stockholders,
allowing the purchase of preferred
stock at $l03 share, were to ex-
pire at the close of business this
afternoon.
How many rights have been exer-
clsed, whether Is per cent, 60 per
cent or some other amount was un-
known in the financial district to-
day. The number, however, will be
known tomorrow or Wednesday.
The six Washington investment
houses underwriting the forthcom-
ing issue of 24,400 shares of Wash
lngton Gas Light Az per cent cumu-
lative convertible preferred stock.
without par value, at 103, will place
the unsubscribed stock on the mar
ket at once. They will also see
that other investment houses in the
city have stock available for their
customers. A large amount of stock
has already been ordered, it was
announced today.
Reserve City Bankers Meet.
-Four Washington financiers are
attending the annual convention of
the Association of Reserve CITY
Bankers, now in session at Hot
Springs, Va. They are Joshua Evans,
vice president, and Wilmer j. Waller,
vice president and cashier of the
Hamilton National Bank; Frederick
P. H. Siddons, secretary of the
American Security g. Trust Co., and
Robert V. Fleming. president of the
Riggs National Bank, who remained
at Hot Springs after adjournment
OF the council meeting of the Ameri-
can Bankers Association.
The association is made up of
bankers located in what were known
as reserve cities in the days before
the Federal Reserve System was
established. The number of WASH
1ngton members, as elsewhere. is
very much limited.
About 400 are attending the con-
clave, the program covering prac-
tically all of todays leading bank
ing problems.
Costa Rica to Buy Coupons.
DR.. Ricardo Castro Beeche, Costa
Rlcan Minister at Washington, an
nounced today that, commencing
May l, 1910, his government will
purchase, at the rates and under
the conditions set forth in the pur-
chase offer of the Republic of Costa
Rica, dated March 20, 1889, the in
terest coupons which matured May
l, 1887, detached from the repub-
hes per cent bonds of 1926, due
1851, and 5 per cent funding bonds
OF 1882, due 1851. The 1899 offer
provided that these coupons would
become purchaseable only on and
after November /, 1910.
The announcement stated that
the coupons which will be purchased
under the offer on and after May l.
1910, include, in addition to the
May /, 1887, coupons, the coupons
dated November /, 1886; May l.,
1889; November l, 1899, and May l,
1870.
Jones Sounds Caution Note.
Grosvenor Jones, assistant direc-
tor, Bureau of Foreign and Domes-
tic Commerce, who addressed the
Bankers Association of Foreign
Trade at French Lick. Ind, the
other day, sounded a note of eau
ton to exporters who anticipate
that this country will be able to
supplant Europe as a supplier of
goods to Latin American markets.
Those who expect that the United
States will fall heir to Germany's
export trade in Latin America over
look the fact that Germany's trade
was based almost entirely on barter.
Neither, he said, will the United
States benefit indirectly from in
creased shipments which certain
countries, such as Argentina and
Uruguay are making to Great
Britain and France. THE sterling
and franc funds received from such