Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-01-02
BROKERAGE HOUSE
PLANS D. c. BRANCH
New Offices Will Be Located
in Shoreham
Building.
BY EDWARD c. STONE.


the New York Stock Exchange, particl-
pants in and among the originators of
security Syndicates, with IS Offices in the
East and Middle West, are to open Of
fees in the new Shoreham Building as
soon as construction has been COM
pleted UNDER the management OF
Thomas J. Mangan, Jr., In charge OF
OF stocks. The new Offices will have
every facility for investors, including
private wire service. The firm is tenn
porarily located in the Securities Build
ing.
Mr.. Mangan is a graduate of George
town University and has been resident
of Washington since the war. he Is
widely known in tennis circles. having
at various times been champion OF the
District of Columbia. Until recently ne
has been associated as co-manager OF
the washington Office of Halsey, Stuart
81 Co., and prior to that was an income
tax expert.
Mr.. Gardner, a graduate of Lafayette
College, is native OF washington ana
well known here. For the past six years
he has been with the National American
Co. of New York. Thomas P. Bones,
formerly with j. & w. Seligman g. Co.,
is to be connected with the local ofhce.
Arthur Guy, former Washington
man, is manager of Hemphill, Noyes d
20. HElIducApI1Id OA4ASC.
Joins Stein Brothers & BOyce.
Edward w. Gamble, jr., who has been
associated for number of years in an
executive capacity with the New YORK
and Washington Offices Of j. u w.
Seligman & Co., has accepted appoint
ment as Washington and general
Southern representative for Stein
Brothers & Boyce, members. OF the New
York Stock Exchange. He took up his
new duties this morning at the wash
1ngton headquarters of that banking
house, situated in the woodward
Building.
Mr.. Gamble is a member of a dis
tinguished irginia family and Is q
graduate of the University of Vir-
ginia. His first banking experiences
were attained 10 years ago as a rep
resentative in Virginia for Redmond
&c Co. Subsequently, he accepted
more advantageous offer from j. & w.
Seligman & Co. and was detailed for
several years to the Washington Offices
of that Wall Street firm. He left this
city to take charge of an important
banking department in the Seligman
New York offices, where he has re-
manned until his selection by Stein
Brothers & Boyce as their chief Of
Southern activities.
Arrangements are now being COM
pleted by Stein Bros. & Boyce for new
and more commodious ground-fioor Of
fees, in which the latest investment
banking and stock exchange facilities
will be installed. Mr.. Gamble will have
associated with him in Washington a
large staff of assistants thoroughly ia
millar with local financial conditions
rs well as the technical details Of the
brokerage and banking business.
Chairman Charles z. Howe, treasurer
of the American Security & Trust Co.,
has appointed the following committee
chairmen to serve the safe deposit Sec
ton of the Bankers Association for the
present year:
Education and publicity-James e.
WoltZ, chairman National Metropolitan
Bank.
Standardization safe deposit forms
Earle M. Amick, chairman, Riggs Ma
tional Bank.
Standardization of safe deposit prac-
tices-Arthur P. Miller, chairman, Lib
erty National Bank.
Committee to prepare a set of ques-
tons for each meeting to be submitted
to the membership for discuSsion-F H.
Cox chairman, Commercial National
Bank
Christmas Savings Clubs Booming.
It is reported that the Christmas
savings clubs, now well started for
1880, are still growing in membership
and in the amounts which the deposit
tors propose to save during the coming
year. The total for Washington Is sure
to be well above the fine record made
last year. And it is not too late yet to
open these accounts.
Banks report that considerable more
interest Is being displayed in the regu-
lar savings departments than was the
case during much Of 1929. Ofhcials
see gradual building up OF a great
many savings accounts that were pretty
badly depleted during the closing
months of the year just ended
While 1929 was a year that broke
many records 1t was also a year that
broke many people and forced them to
turn to savings accounts. Such large
scale Withdrawals are not expected
this year. One reason is that it will
take years to bring about conditions
similar to those that caused the stock
market crash. Furthermore, yields have
come to the front and very little in
vesting or specializing Is now being
based merely on hopes.
Local Stocks Steady Today.
Local securities started of 1880 to-
day almost exactly where they left on
in 1929. Potomac Electric Power 6 per
cent preferred came out at Ill and the
sig per cent issue moved at los.
Two bank stocks appeared on the
board. Riggs National again selling at
$50, up five points, and National Saw
ings & Trust again changing hands at
$40. Both were only flve-share lots.
Lanstop sold at 113 today and Mer-
genthaler brought 106. Peoples Drug
Stores sold at 1882 and 104 and 10
shares of Merchants Transfer g. Storage
common came out at l18. Railway &
Electric preferred sold at 81 and 94H :.
Trading in bonds was confined to
Railway & Electric As at 82I2, Washing
ton Gas SIS at par and Washington Gas
6s series A, at 1907 on a very light
turnover.
Heard in Financial District.
Frank W. Stone, vice president of the
National Savings g. Trust Co., has re-
turned from a weeks visit to New York.
The District Bankers Associations
annual convention, which is to take
place at Ashville, NJ c., will be held
on June 5, 6, and g.
The annual meetings of most of the
Washington banks are to take place
during the month of January. There
are comparatively few vacancies among
the directors.
Along with the monthly bills received
in the morning mail there were many
dividend checks, local securities playing
an important part in these welcome
One forecast says that 1880 will be
just the opposite from 1929. Last year
started with a rush and ended with Q
crash. This year, which will start SLOW
~, should steadily gain momentum In
business and finance
The North American Co. reports that
the Cleveland Electric Illuminating Co
p subsidiary, is to spend $18 .O0O, 900 thi:
year in requirements and extensions
ITO show the way people have cur.
tailed expenses" said local banker to.