Evening star., 1933-10-09
BRANCH IS OPENED
BYEXCHANGEF FIRM
Philadelphia Office Started
by AuchincIoss, Parker
& Redpath.
BY EDWARD c. STONE.


Auchincloss, Parker & Redpath, New
York Stock Exchange firm, with its
main Office in the National Savings &
Trust Building in this city, that the
organization has expanded further by
opening a branch office in Philadelphia.
This firm is one of only two Stock EX-
change houses that have their main
Offices in Washington. The partners
have been associated with the business
and social life of the Capital for many
years.
After the opening of the main Office
in Washington some years ago.
branch was established in Baltimore.
In June of 1881 the local business OF
Eastman. Dillon & Co. was absorbed
and in the Fall of that year a branch
office was opened in Wilkes-Barre, Pa.
With the addition Of Philadelphia to
their chain of Offices, Alfred Putnam OF
that city becomes general partner
in the Stock Exchange firm. Mr.. Put
nam has been for Is years manager
of Dillon. Read g. Co.'S Philadelphia
house.
The wire system which includes
Clark. Dodge g. Co. and Eastman Dill
lon g. Co as correspondents, will be
extended to include Philadelphia.
In addition to Mr. Putnam, the men,
bers of the firm are Hugh D. Auchin-
Gloss. Chauncey G. Parker, Jr.; Albert
G. Redpath Richard P. Dunn and Har-
old C. Patterson.
Securities Law Changes Seen.
In the opinion of investment dealers
~, TO nd alcpu-herp If iS unite
probable that the next Congress will
make some changes in the new securi-
ties law enacted at the last session and
placed in the hands of the Federal
Trade Commission for administration
The claim is made that the law Is so
drastic that it is greatly hampering the
issuing of new long-term investment Is
sues.
In this connection the appointment
by President Roosevelt Of Prof. James
M. Lands of the Harvard Law School
to membership on the Federal Trade
Commission is doubly interesting. He
succeeds Raymond Stevens. who must
return to his service with The Slamese
government
Prof. Lands will have charge CT the
administration of the securities law.
He played a prominent part in its
drafting and passage and in its admin
istration since last Spring. In addition
he will study stock practices in on
junction with a committee named by
Secretary of Commerce Roper.
For the past several weeks he mas
had under consideration the rules and
regulations promulgated by the securl-
ties administration and has been at
tempting to put them in such shape
as to meet the charges that tie bill
was blocking capital issues.
Large Savings in Bank Salaries.
Operation of national banks through
out the country by conservators under
direction of the Controller Of Cur
rency has resulted in very large savings
in salaries. which savings ultimately
will rebound to the benefit of depositors
in such institutions. according to j. F.
T. OConnor. Controller of the Cur
rency
In 10 banks in 16 States, picked at
random. the annual salaries, prior to
conservatorships amounted to an ag-
gregate of S3381 1922. The present an
nual salaries in these institutions, under
conservatorships, is $1.917,739 In
other words, there has been saving.
on an annual basis, of 81 ,464 OBS, or
433 per cent.
While the reduction in salaries means
something to the pocketbook of every
depositor who has funds tied up IN
these banks. of even greater importance
to them is the recent improved progress
in getting banks re-opened. Huge sums
have been involved in money released
during the past month.
Cooler Weather Helps Trade.
The Federal Reserve Bank OF Rich
mond reports that the cooler weather
has been stimulant to retail trade in
the fifth Federal Reserve district dur
ing the past week. The mild recession
in retail business, noted in some sec
tions of the fifth district in the latter
part Of September, has now oeen
checked, according to latest reports.
Wholesale trade in the district is said
to be somewhat slower than it was
month ago. but the change is only mod
crate. Railroads carrying ccal are Stlll
showing improvement, and lumber pro-
duction is holding up. Construction
shows no signs of any real pickup.
Farther south. in the Atlanta dis
trict, both retail and wholesale trade
are reported as improving. Bullolng
and coal production are also better, ana
the employment situation is reported
as improving.
Reports show that the production of
electric power has been on the increase
in the South in the past two weeks, TINS
being considered an important sign In
industrial centers.
Trading on d. c. Exchange.
Trading was quite active on the
Washington Stock Exchange TODAY
when the weeks business opened. The
first transactions was a $500 sale in
Chesapeake & Potomac Telephone OF
Virginia IS. at 104.
eI, hOnHc next 9nnParPO
on the board, $500 Gas IS. series B,
moving at 103. same as the last sale,
while ST 900 Washington Gas S. 1860.
came out at 1043s.
Mergenthaler Linotype recorded the
only stock trading of the day, 10 and
IS share lots selling at 26l2. unchanged
from the last recent transfer.
After call Washington Railway &
Electric 4s came out at 86l2. The
days heaviest trading was registered In
Capital Traction 5s, three $1,000 sales
taking place at 56.
Capital Traction stock. which has
been more active in recent sessions on
account of the street car merger, wit
messed no sales today, cloing at 13l2
bid and Is asked.
Gossip in Financial District.
Many reservations were received
Today for the frSt forum OF the sea-
son of Washington Chapter, American
Institute of Banking. which takes place
Wednesday evening at the Hay-Adams
House. Thee abe speakers have been
secured.
The Chesapeake & Potomac Tele-
phone Co. of Baltimore reports a net
increase of 938 telephone installations
in Baltimore and gain of 374 stations
in Maryland during September, the first
increase since December, 1881. Losses
by other localities, such as seashore and
Summer resorts offset the gain in Balti-
more and accounted for the smaller in
crease for Maryland as a whole.
More than 5000 900 men went back
to work up to the end of September and
employment is still increasing" the
American Federation of Labor states in
us Octoner survey OF business. oa tile