Evening star., 1943-08-17
Securities Dealers
Map Changes 10 Aid
Small Exchanges
BY EDWARD c. STONE.

DS LII w AMI -. . oINL.
Five important suggestions TO
aiding regional stock exchanges b,
simplifying the Securities Acts hav,
been made to the Senate Commit
tee to Study the Problems of Small
Business by Wallace H. Fulton, exec
utive director of the National Asso
citation of Securities Dealers, 1t Il
announced here.
The suggestions in the interest o.
the exchanges were requested by
Senator James E. Murray, commit.
tee chairman, who has been seekins
the viewpoints of investment dealers
In reply, Mr.. Fulton urges the fol
lowing amendments to the Securi.
ties Acts:
Simplification of procedure under
both acts and especially elimination
of duplication. to make it possible tc
transact business more efficiently
and at less expense to the public
and issuers without impairing the
protection afforded to investors by
adequate information on all securi-
ties offered for sale.
Simpliflcation of the restriction or
methods of offering of securities sc
that the public may receive more
adequate and comprehensive infor-
nation to the end that it may exer-
else more mature and considered
Judgment in it's choice of securities
Increasing the permissive small
issue exemptions under the 1888 act
to at least $500,000.
A more workable standard of liza
bility under the 1888 act with respect
to the dissemination of information
relating to securities already out
standing.
Elimination of the threat of segre-
cation of the broker-dea function
by amending Section II of the 1888
act.
Record Bank Earnings Seen.
Net earnings of banks for the cur
rent year will be the highest since
1881, according to a survey of the
banking industry just published by
Standard & Poor's.
Practically all banks have partici-
pated in varying degrees in the trend
of deposits and of earning assets,
and these items will continue to ex-
pand at least through early 1914.
The earnings outlook is subject only
to tax uncertainties.
Belief is expressed that current
dividend rates are conservative in
relation to earnings. They are ex-
pected generally to continue un-
changed. Earnings were distinctly
higher in the first half of 1943 than
at the end of, 1912 because OF the
huge increase in holdings Of Gov
eminent securities.
Any changes in money rates after
the war will probably be toward
higher than lower rates, the survey
adds.
Real Estate Bonds Higher.
Prices of real estate bonds in
cluded in the -Amott- Baker averages
gained 1.6 per cent in July, the 18th
consecutive month to show improve
ment, according to the monthly re-
view.
Mayfiower Hotel 1st SIS gained half
a point, ending the month with a
bid of LA. National Press Building
3-5s picked up a full point, while
National Press 4lss moved up half
point. Washington Properties were
off five. points, with a final bid of
85i2.
In the seven months, the average
price of 200 issues gained II points.
The average price per $1,000 bond
had risen to 1887 from 1881 on June
80 and from $3.50 at the end of 1912.
During July apartment hotel issues
scored the largest advances, the
survey says.
Virginia Dailies Push Bonds.
virginia's daily newspapers car
ried 410,267 lines of sponsored War
bond copy in 374 advertisements
from May 16 through June 80, which
entities them to 10th position among
the States in lineage and 18th in
the number of these advertise
ments, according to a Treasury re-
port. The States ranking ahead of
Virginia had more papers and
greater populations, in almost every
instance.
Net assets of 81 active investment
trusts in the first half of this year
increased from 1926, ,00O, 900 to $780,
5000, a gain of 80 per cent, ac-
cording to Arthur Weisenberger &
Co. The largest gain was "a per
cent by American Cities Power g.
Light, with Blue Ridge, AZ per cent,
second.
Financial District Comment.
w. w. Keck, assistant vice presi-
dent of the American Security g.
Trust Co., has returned to his desk
from his annual vacation. The vet
eran banker passed most of the time
on the Eastern Shore. Richard E.
Harris, assistant treasurer, also is
back at the main Office.
Eldridge D. Kendrick, secretary of
the District Bankers Association, is
taking a weeks vacation in Boston.
He made the trip by air.
Washington Gas common sold at
% on the Washington Stock Ex-
change today, off a half point.
The bid for Woodward & Lothrop
common stood at 80 today, with 1914
asked. No sales.