Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-09

crane, ParTlS X % - $500
Co., organized in u :S
1888, Is the oldest
investment bank B 8
ing house in Wash Thomas W, Brahany
ington, with Of
fees In its own building at 821 Fiji
teenth street northwest. The firm will
now consist of Eugene E. Thompson, B.
Ogle Harper and William Knowles
Cooper Mr.. Thompson has been identi-
fed with the firm about 80 years, Mr..
Harper for IL years and Mr.. Cooper
since his retirement in 1929 as general
secretary Of the Y. M. G. A. OF this
city.
Mr.. Thompson is president of the As
ISOLATED Stock Exchanges, former vice
president and member of the board of
governors of the Investment Bankers
association. former president of the
washington Stock Exchange and for
the last four years has served as chair
man of its board Of governors.
=. A. Pierce & Co. was organised In
1885 and has membership in the New
York Stock, Cotton, Coffee, Produce
and Curb Exchanges and the Chicago
Board of Trade. It has offices in rs
cities. The company's Washington Of
fee Is located In the Transportation
Building, Seventeenth and H streets.
Joseph II. Hines, who has large finan-
cial and property interests in the Cap
ital and who has lived here since his
retirement from Congress, Is a resident
partner.
Mr.. Brahany is well known in f1nan-
cial circles in washington, having been
especially active in directing the en-
tertainment programs at annual con-
ventions of the District Bankers Asso-
citation. He Is a member of the Wash
ington Stock Exchange and was born In
Wisconsin. A former newspaper corre-
spondent and Senate secretary, he was
secretary of the Tariff Board and as
sistant secretary at the White House
in the Taft and Wilson administrations.
Mr.. Brahany accompanied President
Wilson on his tour of the country at
the close OF the World War. He is
member of many organizations, in
GLIDING the Gridiron Club, Columbia
Country Club, National Press Club
Blue Ridge Rod and Gun Club, Alfalfa
Club and the Milwaukee Press Club.
Offers Banking Solution.
Solution of the branch banking
problem by the organization Of spe-
cial corporation, whose stock would be
entirely owned by existing banks, TO
carry on branch banking, is suggested
by Elmer H Youngman, editor OF the
Banker5' Magazine.
Mr. Youngman suggests the lorna
ton Of a company with capital OF
not less than $4,000 600, which com
pany would be permitted TO establish
branches only in the smaller towns,
where an independent bank could not
be supported. This, he says, would
enable the banks Of the country gen.
orally to participate in the ownership
and operation of branches, and it
would not interfere with the indie
pendent bank where there was busi-
ness enough to warrant such an insti-
tuition.
"FIIrthernore. a company formed
specifically to conduct banking in rural
communities might avoid some Of the
criticisms that have been raised against
branches Of the great metropolitan
banks. With SUFFICIENT capital and
proper MANAGEMENT it could afford
safety and some Of the facilities usually
ascribed to metropolitan banking"
The chief question in considering
such a company, according to Mr.
Youngman, Is whether or not sum
cient profit could be made TO justify 1t.
Tax Experts In Local Banks.
Patrons Of the local banks were be-
ing given assistance today IN the max
ing out Of their income taxes by ex-
perts from the Internal Revenue
Bureau assigned for this special duty;
banks during the remaining period for
nIing these returns. They are assigned
to the work on the special request OF
the District Bankers Association.
Twenty-eight men were assigned 70
the local banks last year and the same
number was expected again this year.
The bureau, however, announced that
on account Of pressure OF work, no tax
of1cials would be sent out this year,
that patrons Of the banks would be
given advice at the Internal Revenue
main once.
As the banks are swamped with re-
quests for income tax help and had no
time TO train men to take the places
Of the Government agents, they asked
for reconsideration of the matter. The
ruling was modified and some IL men
have been sent around the city to the
larger banks.
TOday's Trading on Exchange.
Trading on the Washington Stock
Exchange today was as quiet as mid
Summer The only stock appearing on
the board was Washington Railway d.
Electric preferred, three 10-Share lots
changing hands at 1914 and nine more
at 9sl2.
The first bond sale was in Capital
Traction SIS, $4,000 selling at slA4 prac-
tically the same as the last sale. A
$500 washington Gas Light 6, series A,
sold at 1924
The bond market closed with two
81 900 Potomac Electric Power Console
dated IS selling at 1929.
Heard In Financial District.
AS noted elsewhere in todays Star, 1t
is announced that the Washington d
Suburban Co, which is the successor Of
the Seaboard Investment Co. plans TO
put out a $500, 900 bond issue, backed
up by the stock of the Washington Gas
Light Co., the Alexandria Gas Co. and
other companies In the suburban area.
The General Baking Co. has declared
the regular quarterly dividend OF 81 a
share on the preferred stock, payable
April ! TO stock Of record March 81
Reports Of l,l55 factories show that
in January, 1881. production of boots
and shoes totaled 10 429 OCT pairs, as
compared with 1887 ADJ pairs IN De-
cember, an increase Of 1913 per cent,
according TO the Commerce Department.
January production was 26.8 per cent
less than that for the corresponding
month a war am