Evening star., 1932-06-27
BROKERAGE HOUSE
! IN LARGER OFFICES
D. C. Manager and Staff Re-
tanned by MaCkubin,
Goodrich & Co.
BY EDWARD C. STONE.

Mackubin, Goodrich 81 Co., members
Of the New York and Baltimore Stock
Exchanges, opened their Washington
office today in much larger quarters on
the first floor of the Woodward Build
ing, having moved during the week end
from the 1900 block on H street.
This firm has been doing business in
Washington for many years, having
been started in Baltimore in 1899. The
house has full stock and bond service
and holds an associate membership
on the New York Curb Exchange.
The new Offices have an unusually
fine location and are we'll situated in
the business section Of the city. The
board room is ample in size, and has
excellent light and ventilation. Ad-
Joining the board room is a room espe-
cially fitted up for the investment de-
partment
Ralph M Wolfe has been manager Of
the washington Offices for long time.
The personnel remains the same as 1t
was in the former Offices. Among other
members of the staff assisting Mr..
Wolfe are Harry Brisker, Charles B.
Quarler and Henry NJ. Camp, in the
stock. department. and Richard H. Wood
and John H Clarke in the investment
department
Virginia Bankers Name Officers.
Samuel w Key of Glade Springs was
elected president of the Virginia Bank
ers' Association at the closing business
session. at Old Point Comfort. S. H
Plummer. Newport News, was named
vice president; c. w. Beerbower, Roa-
noke, secretary, and Thomas B. Neal,
Richmond, treasurer.
The Executive Committee was named
as follows: Group l, B. A. Bane anc
w. c. Roberts; group 2 Alex L. Rylanc
and Julien H. Hill; group 8, L. w. H.
Peyton of Staunton and c. L. Robey OF
Clifton Forge; group 4, w. w. Dicker-
son and c. H Mountcastle; group 5,
o. P. Jordan and James j. Greer. ano
group 6. c. E Hall and w. T. Waring.
Miss Lillian Kindall of the First q
Merchants National Bank, Richmond.
was named assistant secretary, and
Thomas w. Ozlin of Kenbridge was
continued as attorney.
Believes Depression at Bottom.
DR.. Douglas s. Freeman of Richmond,
speaking before the association, said he
believed the bottom of the depression
had been reached in the United States,
but he did not consider the interna-
tional situation as favorable as that In
this country.
He added that all of the contributing
factors have not yet been stabilized
and that he believed the German finan-
cial crisis was passing. He predicted
gradual rise in prosperity but discredit-
ed any belief that an imitation such as
that Of 1928 would come again.
John M Miller of the Virginia State
Chamber Of Commerce, a widely known
Richmond banker, spoke of the accom-
,,Ifek re Of thn PhaT1ahnr cinPp its
establishment in 1924. Mr.. Miller
touched on the chambers work in tax
reform. completion of the Shenandoah
National Park, its Inauguration of aerial
photography in Virginia, and pointed
out that since its establishment the
chamber has obtained more than 1000
pages of publicity for the State, which,
at paid advertising rates, would have
cost $l.250,000.
In other words, he said, each dollar
invested in the chamber had brought
more than $50 in returns from that
source alone.
Bankers in Virginia banks near Wash
ingtop we're back at their desks today.
They reported an unusually profitable
meeting
Business Good on Exchange.
Bonds again led trading on the Wash
ington Stock Exchange today after the
two-day holiday. The market opened
with Potomac Electric consolidated SIS
selling at 102.
Washington Railway g. Electric Is
figured in two $1,000 transfers at 8l12
and 81H respectively. Washington
Gas Light IS came out at par and ss
and a $1,000 sale in Washington Gas
6s, series A, was recorded at 100as.
In the stock division, four 10-share
lots of Potomac Electric Power 512 per
cent preferred changed hands at 1922.
The market closed with small lot of
Norfolk & Washington Steamboat Co.
stock selling at 102. ex-dividend.
Liberty National Bank and Federal
American National Bank & Trust Co.
stocks are now quoted ex-dividend fol-
lowing recent dividend declarations
Terminal Refrigerating g. Warehousing
Corporation has also been added to this
list. Last week was unusually active
in local dividend announcements.
Industrial Outlook Scanned.
Industries whose earnings should
make the best showing in the first half
of 1882 are listed by the Standard Sta
tlStlcS Co, as chain stores, cigarettes,
dairy products, -four and feed, oil pro-
ducing and refining, package foods and
speciality bakeries.
The following lines, while they make
a poorer showing currently, are listed as
among these which will be among the
leaders in the next sustained period of
advancing business: Automobile parts,
automobiles passengers - beverages,
electric and gas utilities, metal con-
tsiners and welding supplies.
Dropping of Statesmen Condemned.
A fundamental mistake at this par
ticular time, says the United Business
Service, is to take good men of the
sales force or to put them on part time.
This step develops from a general
order which has in mind primarily the
production departments. The sales
problem is different the service points
out.
Because it is harder to get business
these days, it requires more time, not
less, to produce sales than during nor
NAL periods, The adequate use Of
competent men is a necessary pre-
requisite to higher volumes
Heard in Financial District.
William D. Hoover. president of the
National Savings & Trust Co, passed
the week end at Huntington, w. Va.
E. Don Ross. Portland, Oreg was
elected president of the National AS
sociation Of Credit Men at the closing
convention session at Detroit. The
Washington Association was greatly in
tereSted in this convention.
Net operating income of the Sea-
board Air Line for the first five months
Of 1882 was S855,O77, against s2l199 90o
In the like period in 1881
The Federal-American National Bank
& Trust Co. has printed a folder with
many of the salient facts about the
new check and safe deposit taxes for
distribution among patrons and others
interested.
A gradual closing Of the gap be-
tween business in 1882 and 1881 in the
fifth Federal Reserve district has been
noted in several localities, the Rich
mond Reserve Bank reports
Operations in the boot and shoe in
dustry in this country during the past
week has shown a definite upturn and