Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-07-18
PIERCE GETS DEAN
ONAT|V|A TRADE.
Change Effective Today.
Two Offices Will Continue
in Operation Here.
by EDWARD c. STONE.

with Offices in the Ira importation
Building, today took over the ac-
counts of the customers of Dean,
Onativia & Co, another brokerage
house. which has Washington offices
in the Woodward Building.
Circulars sent out by Dean, Ona-
tavia & Co. to their customers an.
nounced the change effective at the
opening of the New York Stock Mar
ket today, adding that f. A. Pierce &
Co. was a very large firm and in
an excellent position to give their
customers first-class service.
Hammer Reside is manager of the
local office of Dean, Onativia Il Co,
and will continue in this capacity. as
the Washington boardroom is to be
continued in operation by T.. A. Pierce
e Co. with the same personnel.
Bernard A. Smyth, manager of the
Washington office of +. A. Pierce Il
Co, said today that he had received
no public statement from the New
York headquarters other than that his
firm had acquired the Dean, Onativia
accounts and that the Dean. Onativia
office here was to be continued as at
present operated.
Mr.. Smyth added. however, that the
deal was not a merger or a consolidl-
ton, as was reported yesterday in
New York. While f. A. Pierre & Co.
have taken over the debit accounts.
they ave assumed none of the other
firms financial obligations.
l is also known that there has been
no chan"' in the partners making up
tn Pierce firm, none of the officers
of D5an, Onativia having been taken
into membership. Manager Smyth ex-
poets that Mr.. Pierce will make de-
tailed statement in regard to the mat
ter in a short time.
According to the New York advices
the q ! was completed late Saturday.
Trading Lively i'm Exchange.
Capital Traction stock jumped to
the front when the weeks trading
opened On the Washington Stock Ex
change today, 215 shares changing
hands during the session at the recent
price of 105.
Potomac Electric Power 512 per
cent stock again was active, selling
at 1919 on a moderate turnover. The
per cent stock of the same COM
pany sold at 10S5s. Ten shares of
Peoples. Drug Stores preferred were
strong, selling at 10. Barber & Ross
common came out at 81 and one share
of Railway and Electric preferred reg
istered 92 Fifty shares of Washing
ton Gas Light sold at 7412.
Riggs National Bank stock opened
at 474 and closed at APPS. Cont
mental Trust came out at ITO and 80
shares Of Merchants Bank & Trust
Co. sold at 153. Union Trust also ap-
peared on the board, selling at $50.
One share of Departmental B1nk
stock moved at JOG.
Potomac Electric Consolidated SIS
cold of 1013. S1Ipc fOta1iYc $40 0O0
in Barber & Ross Gas were recorded
at 96. Potomac Electric first SIS came
out at 101, While the closing bond sale
was in Washington Gas 6s, series A.
at 1903.
Stock Permission Granted B. & O.
The Interstate Commerce Commits
sion today granted permission to the
Baltimore & Ohio Railroad to issue
and sell to present stockholders $685.
PAP 500 in new stock. Terms and con-
ditiOrj are to be announced later.
The Baltimore and Ohio proposes
to sell the stock at $107.50 per share.
and in addition pay commission of
1925 per share to Kuhn, Loeb & Co,
and Speyer & Co. of New York City.
The commission was attacked by
Lloyd Church of New York, stock
holder, in behalf of himself and
others.
1t was announced that the payment
to the bankers on the issue had been
approved.
Urges Funds for Research.
Whatever form of farm-relief is
finally adopted by the Federal Gov
eminent, it should be supplemented
by more funds for agricultural re-
search and extension work, declared
Charles J. Brand, executive secretary
and treasurer of the National Fer
sued here today.
His statement pointed out that the
Governments annual budget provides
only 10 cents per man, woman and
child in the United States for the re-
search and extension of the United
States Department of Agriculture all
over the country, whereas promotion
Of marine transportation" gets 81
cents and National defense" gets
S465 per capita.
Heard i'm Financial District.
A. G. Flather of G. M. =. Murphy Il
Co., left the city Saturday on his an
nual vacation. He plans an extended
motor trip.
Thomas w. Brahany of Crane, Par
ris & Co, has returned from short
stay at the Blue Ridge Rod and Gun
Club. near HarperS Ferry.
American Bond and Mortgage Co.
announce the offering of $75O,000
Keith-Albee Chester Theater first
mortgage bond certificates. The issue
is offered to yield 6A per cent.
With 420, POI stockholders as of
June 20, the record date for the quar-
terly dividend, payable July Is, the
American Telephone & Telegraph Co.
established a new record, according
n Officials