Evening star., 1927-10-14
MURPHY CO. WILL
HAVE TWO OFFICES
Open Monday-American Sc
curity Becomes Full Clear
ing House Member.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Announcement which somewhat
changes the complexion of the finan-
cial district is made today by G. NJ. =.
Murphy & Co, members of the New
York Stock Exchange, of the removal
of their Washington office from the
Edwards Building. 1416 II street, to
two new locations, one in the Glover
& Flather Building. 1903 II street
northwest, and the other at the cor
ner of Connecticut avenue and K
street. The brokerage firm found sew
eral months ago that the renewal of
the lease of the Edwards Building for
a sufficiently long term could not be
assured. and the new sites were then
selected. The new offices will be open
ed Monday morning.
The opening of two Offices with COR
responding facilities in each is the
outcome of the firms desire to make
it's services more conveniently avail
able to it's customers. The office at
1903 H street. Immediately adjoining
the Union Trust Co. Building, is
close to the heart of the financial
district. The office on Connecticut
avenue occupies a substantial area of
the new building known as 1000
Connecticut avenue. On the second
floor of this building the recording
and accounting departments of the
business will be maintained. In each
office boardroom has been arranged,
on which New York Stock Exchange
quotations will be displayed. The two
| offices are connected by a group of
private telephone lines, and both have
full ticker service.
Arrangement of Firms Personnel.
The bond department, under the
management of Charles Carroll Nor
gan, will be located at the II street
| office. The stock department in this
office will be under the management
of Robert c. Jones, assisted by John
f. Parker and Edgar Allan Poe, jr.
AT the Connecticut avenue Office AL
fred c. Flather will be in charge,
assisted by E. r. Finkenstaedt and
j. N. Thompson.
In this Office a room with private
| stock ticker has been arranged for
the exclusive use of woman customers.
There Is an individual entrance to this
room from the K street side of the
building and these facilities, provided
IN addition to the firms board rooms,
are intended for the convenience of
women who prefer privacy.
Several members of the firm, includ-
ing Grayson M. p. Murphy, will arrive
| in Washington tomorrow to visit
Oscar Coolican, the firms Washing
ton manager, and to be present at
the opening of the new offices on Mon
day.
Clearing House Association Meets.
Harry V. Haynes, chairman of the
Washington Clearing House Associa-
ton, announced today that the Ameri-
can Security & Trust Co. was taken
into full membership at a meeting held
yesterday afternoon. The trust com.
pany has for years been an associate
| member.
Several. routine matters were also
| discussed. The advisability of an
auxiliary association being formed to
| include banks in Maryland and Vir.
ginia, In the so-called Metropolitan
| district, was brought up and dis
| cussed. The problem will be given
| further careful consideration before
any final action is taken. Much data
bearing on the question has already
been collected by Secretary Victor B.
! Deyber.
1t was reported at the meeting that
the total resources of the IA banks
now making up the association are
now roundly $210,OOO,OOO.
Local Market Strong Today.
Capital Traction climbed to 1OS to.
| day on the Washington Stock Elk.
change, and many other issues were
also strong. Railway & Electric sold
at SO. while Merchants Transfer &
| Storage preferred opened at 103 and
advanced to 1033s. Potomac Electric
Power 512 per cent preferred changed
| hands at 1861.
Columbia Sand & Gravel was active
at 1O2. Sanitary Grocery opened at 1O2
| and closed off an eighth. Five shares
of District National sold at 255. Fed
eral-American Co. common gained an
eighth during the session, closing at
4OB. There were also transactions in
an unusually large number of bonds al
strong prices.
The session was the most largely
attended in months. Among those
present were Albion K. Paris. a for
| mer president and one of the founders
of the exchange.
Four Bank Calls This Year.
! Yesterdays call by Controller Nc.
Intosh for the condition of all local
banks on October 10 means that there
will be four calls this year instead of
| three. as was the case last year. The
and more If the controller deems them
necessary. A year ago Mr.. Mcintosh
| chose to omit the October request.
The weekly and monthly reports
made by the national bands to the
Federal Reserve banks now furnish
the Treasury with q great deal of in
formation that was obtained years ago
only by the bank call statements.
The trust companies and savings
banks, as well as the national banks.
are today completing their reports for
| the controller. Complete detailed fig.
ures for every bank in Washington
will be published in The Star as soon
as they can be compiled While the
total deposits are expected to show
decline over the June 80 call, some
individual banks have reported sub
stantial increases.
Banks May Insure Employees.
Controller Mcintosh issued a ruling
yesterday that national bank may
| take out insurance on the life of an
officer, provided the success of the
banking business is dependent upon
the continued life of the person in
sured.
The controller stated, however, that
he would not encourage the practice
II such action is taken by the direc.
tors the insurance upon the life of
the officer must be for the sole benefit
of the bank and such insurance must
be confined purely to protective insur-
ance-namely, Straight" or "ordi.
nary" life and term" insurance and
not endowment"
Bankers to Visit Capital.
H. G. Tyson, resident manager of
Harris, Mooney & Co., will entertain
the members of the New York and
Baltimore offices next Monday. The
party will lunch at the Mayfower.
tour the city thoroughly, later return
ing to Baltimore. During their stay
In Raltira Gf.o thn.. ,..ill La.