Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-04

. local financial dis
trict for several S S$
years. He is izssss1
director in the William n coors,
Federal American ''e-'
National Bank and has wide acquain-
9 lance among prominent people. His
& work with the Y. NJ. G. A. is known all
over the world, his accomplishments
during his long service in Washington
standing out like beacon light.
The firm of Crane, Paris & Co. is
now made up of four partners. Eugene
, E: Thompson is the senior partner,
while The others are Thomas w. Bra
. hany. B. Ogle Harper and Mr. Cooper.
= The investment firm was established in
, 1888 and is the oldest investment house
= in the city. 1t has membership in the
: District Bankers Association and in
, the Investment Bankers Association of
> America. Albion K. Paris of George
town, was one of the founders of the
. local firm and is still at the Office
nearly every day.
Mr. Thompson and Mr.. Brahany are
: members of the Washington Stock Ex-
. change and Mr.. Thompson is president
of the Associated Stock Exchanges. The
firm has close affiliations with Wall
Street through the New York Stock Ex-
change firm of Tucker, Anthony & Co..
Stock Selling Partly Explained.
G. Bowie Chapman. resident partner
ST Hartman g. Co., in conversation with
a prominent London financier today,
was informed that the recent failure
of HAIRY & Co., in London, which was
reported as a S50,000,000 failure, was
really a 100000 crash.
The London banker stated that he
considered this by far the most import
ant factor in the selling which has been
taking place on the New York Stock
Exchange during the past month. Lon
don bankers were obliged to sell enor-
nous amounts of securities in New
York and at the same time make heavy
calls on thsir New York loans.
While both of these facts have been
known here. yet the extent of the
transactions has not been fully realized.
Brokers here believe that the informa-
ton explains the mystery of the loan
situation in New York, the Federal
Reserve Board reporting increases in
loans in spite of the recent selling. 1t
is now claimed that the selling of
securities for London accounts and the
heavy calling of loans at the same time
forced New York to do far too much
new financing.
In other words, Wall Street had to
finance a market situation forced upon
it by the London failure. 1t is be-
practically all the stocks which London
ordered sold.
Glowing Tribute to Financier.
Scores of prominent Washington
bankers attended the funeral of Charles
j. Bell. late chairman of the board of
the American Security & Trust Co.. at
Bethlehem Chapel yesterday afternoon.
There was not vacant seat and many
nolnna
resenting the Bankers Association and
the local Stock Exchange were present.
The service was most impressive and
the floral tributes profuse in the eX-
IRENE. The senior officers of the trust
company were the honorary pallbearers
and the junior officers the active pail
bearers.
The Stock Exchange will miss Mr..
Bell especially. He always enjoyed
by attending the daily sessions, always
occupying the same seat and doing his
full share Of the daily business.
A friend of his was commenting to-
day on Mr. Bells ability to add figures
He could add like lightning. instantly
detecting an error. His speed and &C
curacy were considered uncanny.
ID. C. Exchange Opens Saturday.
1t was announced on the Washington
Stock Exchange today that the Winter
schedule will go into effect tomorrow
and that the exchange will now be open
every Saturday until next Summer.
The trading session today was COM
paratively quiet. Capital Traction, the
stock which has been so closely watched
of late, figured in only two sales totaling
but Is shares. Both were made at SO,
quarter point under yesterdays close.
Potomac Electric Power per cent
preferred stock moved at I'LL and the
SIG per cent issue changed hands to the
extent Of 25 shares at LOG. American
Security & Trust Co. stock changed
hands at AGO.
Sixty shares of Security Storage
changed hands at 112, 100 shares of
Real Estate Mortgage & Guaranty pre-
shares OF the same stock sold at the
same price, making 300-share turn
over.
Bonds were in fair demand, Capital
Traction SIS, Potomac Electric Console
dated SIS and the Washington Gas is
sues figuring in the days trading.
Hobson Opens Investment Office.
Returning to this city, after an abb
Sence of six years, Ivan L. Hobson has
opened offices in the Investment Build
ing, under the firm name of Hobson &
Co., to deal in investment securities,
particularly the shares of Incorporated
Investors, one of the oldest mutual in
vestment trusts in this country. His
firm will give a specialized service in
analysis of investment trusts.
For the past three years Mr.. Hobson
has been member of the firm of
Smith, Scott & Hobson, Inc, of Boston
and Springfield, Mass, which is one of
the largest distributors of purely mu-
tual investment trust shares in New
England.
Mr.. Hobson was for several years
connected with the United States De-
partment of Agriculture.