Evening star., 1932-04-24
Many Vital Problems Due for
Full Discussion by A. B. A.
Leaders.
TWO LOCAL BROKERAGE
OFFICES CONSOLIDATED
Peoples Drug Reports First Quar-
ter Earnings-Credit Body
Retires More Notes.
BY EDWARD C. STONE.

The executive council meeting of the
American Bankers Association will
convene tomorrow at White Sulphur
Springs, w. Va, when many important
banking problems will be given careful
study. Washington will be well repre-
sented at the meeting.
Robert v. Fleming, president of the
Riggs National Bank, is a member of
the executive council, chairman of the
Committee on Federal Legislation and
OF the Federal Legislative Council. He
is also member Of the Executive Com
mittee Of the National Bank Division.
Howard Moran, vice president of the
American Security 81 Trust Co., is a
member Of the Executive Committee
of the Savings Bank Division and also
chairman of its Legislative Committee.
Francis G.. Addison, jr., president OF
Security Savings & Commercial Bank,
will also attend the council meeting as
the representative Of the District of
Columbia Bankers Association on the
executive council.
During the council, MIR. Fleming will
make a report as chairman of the
Federal Legislative Committee. This is
likely to be one Of the most important
reports Of the session, on account Of
the tremendous amount of banking
legislation that has come before the
present session of Congress.
Brokerage Offices Combine.
An important consolidation will take
place tomorrow when the Washington
Offices of Hemphill, Noyes & Co. and
Maynard Oakley 6S Lawrence, both
members Of the New York Stock Ex-
change, with Offices in the Shoreham
Building, will consolidate under the
name of Hemphill, Noyes e. Co.
The Washington Office Of Hemphill,
Noyes q Co. was opened In November,
1929, and has been located in the
Shoreham Building the past two years.
The company operates a vast wire sys-
They have been members of the New
York Stock Exchange for over 20 years.
The partners include Clifford Hemphill,
Jansen Noyes, Stanton C. Grifis, Har-
old C. Strong. Kenneth K. Ward, Leo
NJ. Biancke, Walter T. Collins and
Charles L. Morse, jr.
The local office of Maynard Oakley
e. Lawrence was opened April /, 1880.
All the partners, at one tiyle, were con-
nected with Hemphill, Noyes e. Co. and
on January /, 1925, a separate COM
parly, under the name of Maynard Oak
ley & Lawrence, was organized.
Both Members Well Known.
chester w. Lockwood, president of
the Ticker Club, is manager of the
Washington Office Of Maynard Oakley
Sz Lawrence and Thomas ]. Mangan,
jr., manager Of that of Hemphill, Noyes
e. Co. Mr.. Lockwood will have charge
of the stock department and Mr.. Man
san will have charge of the investment
and syndicate department. The sales
personnel Of both offices Is retained and
includes August Schmidt, H. Kenneth
Murray, customers man, and Robert
II. Menzel, cashier.
Mr.. Lockwood was born in Troy, N. Y,
and moved to Washington at an early
date, where he attended st. Alban S
School. He graduated from Harvard
University in 1919, attended the Naval
Research Officers Training School at
Annapolis, and was in service during
the World War. He Is member of the
Burning Tree and Chevy Chase Clubs
OF Washington and the Harvard Club of
New York City.
Mr.. Mangan was born in Pittston,
Pa, came to Washington in 1916 and
attended Georgetown University, to be
interrupted by service during the World
War. He returned at an early date and
completed his studies. For the past six
years he has been engaged in the in
vestment securities business and became
associated with Hemphill, Noyes 81 Co.
at the opening of their local office. He
is member of the Executive Commit
tee Of the United States Lawn Tennis
Association and has been tennis cham
pion of the District of Columbia for
several years. He is a member of the
Columbia Country Club.
Peoples Drug Reports Earnings.
Peoples Drug Stores, Inc, reported
net earnings for the first quarter of
1882 yesterday as So cents per share on
the outstanding common stock, COM
pared with Sc cents in the first quarter
of 1881 and Al cents in the like 1880
period. The report shows net sales for
the quarter are below last year, but
above the same period in 1880. The
profit and loss statement in the first
quarters of 1882 and 1881 compare as
follows:
Net sales ........ $4,I62. .663 SO $4,230.i88 is
Other store income 65.735i9 72.544 81
Total store
income ...... ,3qS II "a 400 7s2 70
Cost Of sales, store
operating, ware
hlUSe