Evening star., 1934-08-20
BROKERS COMBINE
CAPITAL OFFICES
Charles D. Barney & Co.
Takes Over Stein Bros. &
Boyce Accounts.
BY EDWARD C. STONE.

here today when Charles D. Barney
IL Co. took over the accounts Of
Stein Bros & Boyce, the latter firm
having closed its Washington office
last Saturday.
John A. Purcell and John A. Wein-
berg, jr., who have been customers
men in the Stein Bros. & Boyce Office,
Joined the staff of Barney & Co. when
the business opened today.
Taking over of this Office follows
similar action carried out at Char
lottesville, Va, about a month ago.
The Barney Office in the Virginia city
annexed the business of the other
firm there.
Edward w. Gamble, jr., and Frank
p. Morse are managers of the Wash
ington Office of Charles D. Barney
e. Co. Mr.. Morse. who now is in
New York on business, was president
OF the Washington Bond Club last
year. Mr.. Gamble has been active in
the financial district here for years.
Mr. Gamble looks for a more active
stock market as Fall approaches and
is not worried about the Securities
and Exchanges Control Commission.
He looks for the development of
broader investment market than the
New York Stock Exchange has yet
known
Many ID. C. Issues Above Par.
Seven stocks and eight bond issues
on the Washington Stock Exchange
are now selling above par in the
blue stocking" class. Washington
Railway e. Electric common is the
highest priced stock on the board,
the last sale being at 315. The last
sale in Railway & Electric preferred
was at 100. but it sold at 1902 a
few days ago.
Potomac Electric Power 51a per
cent preferred closed last week at
112 while the corporations 6 per
cent preferred has been selling re-
Gently around 11134. Peoples Drug
Stores preferred sold recently at 109
while another very high priced stock
rarely offered for sale, is Woodward
g. Lothrop preferred, which last
changed ownership at ITO.
Among the bonds selling above par
are Anacostia g. Potomac guaranteed
5s Chesapeake g. Potomac Telephone
IS of Virginia command 1882 while
the last sale in Georgetown Gas was
at 1854. Potomac Electric Power
consolidated IS are always strong, the
last sale being made at 105%. The
same company's guaranteed refund
ing IS sold last at ITO.
Washington Gas IS, series B., reg
istered 103 in their last sale and
Washington Gas first IS brought 1924
To this list may be added Columbia
Country Club first IS which moved
at 100H the last time they changed
hands. And, in addition to these
issues, there are number of others
which are selling not far under par.
Expects Stock Profits.
Laurence Somerby Winchester
President of the Winchester Institute
of Finance, in a discussion of profits
in stocks, says:
There is definite basis for opti-
i1iSm and reason to expect profit to
the investor during the next months
of this year. Yet temper optimism
with caution. Foolish is he VINO will
use the grab-bag method and trust
that a rising tide of averages will
bring forth handfuls of gold.
Under the new restrictions We
shall have far shorter swings, sharper
dips and more acute rallies. Either
the investor must be in position ahead
of time or be left out. In and out
trading cannot be conducted as sue
cessfully now as it has been IN the
past But with business slow.y yet
unmistakably gaining and with human
nature craving profits-regulations or
no regulations-I believe there will be
opportunity in the remaining months
of this year for profits in the market" I"
Lively Day on Exchange.
Trading was unusually active on the
Washington Stock Exchange today,
the lead being taken by Washington
Railway & Electric As Five 81 1000
sales and one $500 sale were recorded
q 97A. Washington Gas SIS, 1858,
came out at 80 on 81 900 transfer.
Mergenthaler Linotype appeared on
the board today after considerable
lull in trading, SO shares changing
hands in four transactions at 2112
Three sales in Woodward g. Lothrop
preferred were also noted during the
at 110.
After call, Washington Railway &
Electric preferred figured in a 10
off fractionally from other recent
sales.
Financial District Notes.
George M. Ferris Co.. inc, in
vestment firm in the Washington
Building, is sending to clients pam
phlet entitled Why Wise Investors
Buy Bank Stocks" The circular goes
deeply into the history of New York
banks, their dividend records, present
earnings and future prospects. The
review says that history has repeatedly
shown that when business in general
picks up the banks will be among the
first industries to benefit because they
will be the source from which all in
dustry must draw directly or indirectly
for increased activity.
John NJ De Marco. manager OF the
Seventh Street branch of the Hamil-
ton National Bank, has passed the
examination for admission to the
District of Columbia Bar, according
to information made public today.
Ralph T. Crane, vice president OF
Brown, Hartman Co., New York
has been appointed to the Investme nj
Bankers Association Code Committee
succeeding the late Robert E. Christie
jr.
Rome C. Stephenson, former presi-
dent Of the American Bankers ASso-
citation, has been made member OF
a trade practice committee under the
code of mutual savings banks.
Gross Deposits Mounting.
Gross deposits in the country's 5,42:
national banks (including Alaska anc
Hawaii) on last June 80 showed ar
increase of So, 1853, ,545 900, or 1888 PEI
cent, compared with year ago, wher
there were 1902 institutions function
ing. and amounted to S19 ,932, ,660 900
Against last March 5, when there were
5.293 banks operating, the gain in de-
posits to June 80 was sos per cent