Evening star., 1935-01-23
MANAGERS NAMED
BY SECURITY FIRM
Schmidt and Buchanan Head
D. C. Office Of HemphiII,
Noyes & Co.
BY EDWARD C. STONE.

Of Hemphill, NoyeS & Co., member
has appointed August Schmidt and
c. Shelton Buchanan as co-managers
of the Washington Office, which is
located IN the Shoreham Building.
The appointment becomes effective
at once, the two brokers succeeding
the late Chester w. Lockwood, whose
death occurred some weeks ago. The
firm has maintained an Office here
for several years.
Mr.. Schmidt became associated
with Hemphill, Noyes g. Co. in Au-
gust, 1881, and since that time has
served that firm in the capacity of
customers man and recently as act
ing manager. Prior to this employ
ment he was associated with G. Mp.
Murphy g. Co. for six years and J. L.
Edwards & Co. for four years. Mr..
Schmidt is a member of the Bond
Club of Washington.
Mr.. Buchanan, who was recently
appointed manager of their bond
department, has been associated with
Hemphill, Noyes g. Co. since Janu-
ary, 1884. at which time that firm
absorbed the Washington business of
Goodbody g. Co. He was associated
with the latter firm for three years,
and prior to that time was with Har-
riss g. VoSs for a period of three
years. He is member of the Bond
Club of Washington.
Bank to Expand Offices.
The growth of the Northeast
Branch of the American Security g.
Trust Co. in the past few years has
caused the company to make plans
to enlarge the present quarters OF
this Office.
The trust company owns the prop
erty adjoining the Northeast Branch,
and when the addition is completed
the present banking space will be
more than doubled. Appleton P
Clarke, jr., is the architect, and he
is expecting that the remodeling will
bogin in the very near future.
The Northeast Branch of the COM
pany was established by the Home
Savings Bank in 1906 and has been
in business in that section for %
years. The Home Savings Bank
merged with the American Security
& Trust Co. in 1918.
Harry P White, assistant treasurer
of the company, is manager of the
Northeast Branch. Mr.. White is one
of the past presidents of the North
east Business Mems Association, is
now its treasurer and is active in varl-
Gus organizations in different sections
Of the city.
TurnabOut in Bus Earnings.
The full IL months report of the
Washington Rapid Transit Co. was
filed with the Public Utilities Com
mission today revealing a complete
turnabout in earnings during 1884.
Net income Of the rapid transit COM
pany totaled S99214 against def
cit of S45.62l.51 in 1888. This means
an improvement in earnings during
1884 of S55,54297.
Operating revenues for the -
months totaled s407, 7,12453. against
S31.485.32. Operating eXpen S
amounted to S371,6 1854, as compared
with $3.50, 40 in the previous year,
a decrease in operating costs OF Sl6,-
34699 and leaving a net operating
income of $3524912, against a def
cit in 1888 of S12,583.19, making a
total gain in 1884 of SAT ,832.3l. De-
duction from gross were practically
the same as a year ago, leaving the
above stated sharp increase in net.
washington Rapid Transit also
filed the financial statement for De-
cember with the utilities commission.
Operating revenues amounted to $685.
O6e.21. as compared with S33, 3,329.26
a year ago. a gain Of $2,739.95, Oper-
ating expenses required $32,533.2O,
against S3O.335l7, an increase OF
S2.ls8O3. leaving a net operating IN
come of S3,5360l, compared with 81
e94.O9, an increase of S54l.92. Ad-
dition of incorporating income gave
the bus company net income Tor
December of Sl,489.9l, against only
S563.43 in 1893. an increase OF
S826.48.
Pierce Office Unchanged.
Thomas M. Brahany, manager OF
the Washington Office Of E. A. Pierce
g. Co. announced today that there
would be no changes here as result
of the merger of his firm and John F.
Clark g. Co., another New York Stock
Exchange firm. The merger was re-
ported in the $50 Star last night.
John F. Clark g. Co. had no Wash
ington Office. In the cities where each
firm had an office, the business will be
combined and one of the Offices closed
in the interest of economy, Mr.. Bra
hany stated The big companies will
consolidate on February l.
The new concern will do business
under the name of E. A. Pierce & Co.,
and means the addition of about 26
Offices to the companys present Ma
tion-wide chain. the Washington
manager said. Three present senior
partners in the firm of John F. Clark
& Co. will become general partners in
the new organization. They are Rus
sell Clark, A. H. Stafford and James
Coker.
Storm Slows d. C. Exchange.
American Security & Trust Co.
stock appeared on the board during
the session of the Washington Stock
Exchange today Three sales, totaling
80 shares, were recorded at 200 Evil
IDENTIFY the snowStorm hit business on
the exchange severe blow as no
other transactions we're recorded.
A dividend of per cent has been
declared on the capital stock of the
Chr. Heurich Brewing Co., payable
at its branch office at Twenty-f1fth
and Water streets, northwest, on
February /. Books for transfer of
stock will be closed from January 21
IN Fehr1larV inclusive
The safe deposit section of the
District Bankers Association meets
tonight in the board room of the
American Security & Trust Building.
An unusually interesting program has
been arranged.
Phelps Fem g. Co. of Baltimore
has been awarded 100000 City of
Cumberland general improvement 5
per cent bonds, dated July l, 1884, and
due 1855 to 1858, on bid of 107.85.
second high bid of 106.30 was sub
mitted by Halsey, Stuart & Co. w.
L. i