Evening star., 1934-11-26
BROKERAGE.F|RMS
WILL Be MERGED
Clark, ChiIds & Co. to Join
With Shields & Co. on
January |.
BY EDWARD c. STONE.


Consolidation of Shields & CO. and
Clark, Childs & Co., two widely known
Wall Street brokerage houses, under
the name Of Shields & Co., was an
nounced in an Associated Press dis
patch from New York today, the con-
solidation to become effective January
!. The dispatch added:
THE combination was regarded as
the first important concentration of
market facilities since the recent
wave of regrouping in brokerage firms
started to effect economies in opera
ton.
With the expansion. the new COM
pany will become one OF the three
most active firms on the Stock Ex-
change and will have branches in the
East and Middle West. in London and
on the Continent. 1t will hold men,
berships in the Stock Exchange, the
Chicago Board Of Trade, and all other
security and commodity markets.
Clark, ChildS & Co. two years ago
combined with F. B. Keech & Co,
and the latter organization IS expected
to combine with Hartman g. Co.
although no announcement has yet
been made.
Paul V. Shields who organized the
firm of Shields & Co., will become
senior partner in the new firm. Other
partners are Joseph H. Seaman,
Cornelius Shields. Egbert Moxham. T
c. Rodman, Jess w. SweetSer James
P. Maher. Robert Ayres, Warner
Jones, Daniel A Lindley, Eugene
Barry, V. N Bashkiroff and Thomas
H. Scarborough.
u. F. A. Clark will become a spe-
cial partner of Shields & Co Herbert
H. Childs Lewis E Waring and George
PaSsmore will become general part
Iers."
Second Merger Expected.
Clark Childs & Keech have had an
Office in Washington for several years,
of which George A. Garrett is resident
partner and manager. The Washing
ton Office of Hartman & Co. is man
aged by Mai Ferry K. Heath. Reports
of the consolidation of the original
+. B. Keech & Co. and Hartman &
Co, to which reference is made in the
above dispatch, have been heard in the
local financial district for some time.
Mr. Garrett, when asked about the
report today, stated that he would
make an announcement regarding fu-
ture plans in very short time. The
announcement awaits approval of the
New York Stock Exchange, which is
always necessary in such cases.
From other sources, however, it is
evident that KeeCh and Hartman will
consolidate and will maintain COM
bined Washington Office. Both have
been in business here for many years
and are well established in the bro
kerage field.
Christmas Clubs Open Soon.
Plans are under way for the OPEN
ing of the 1885 Christmas Savings
Clubs by Washington banks.
The Advertising Committee Of the
District Bankers Association is due to
hold meeting shortly and fix the date
for starting the new clubs and arrange
any other matters in connection with
the usual campaign.
In the past the new clubs always
have been started at about the time
that the funds were being paid out to
the present years club members. In
many instances members placed a
part of their money in the accounts of
the new clubs.
President F. P. H. Siddons of the
association also announces a meeting
OF the Council of Administration this
week. Many routine matters are due
for consideration. The housing cam
paign, in which the association has so
fully co-operated. has made many
special demands on the time Of local
fnanciers. The recently appointed
committee of bankers is ready for serv-
ice at the coming exposition.
Reserve Boards Index Up.
Improved business sentiment and
activity noted by the United States
Chamber of Commerce are empha-
sized by the Federal Reserve Board
in its regular study of business indiceS.
The volume of industrial produc-
ton and factory employment, which
usually shows little change at this
season, increased in October, reflect
ing chiefly the resumption of activity
at textile mills" the board reported
The Chamber of Commerce an
nounced that indications from many
sources point to realization that
a concerted effort on the part of all
groups is essential in lmplementing
and putting into operation wise poll
cies for the regeneration of trade and
industry and the resumption of nor
NAL employment. 1t is apparent, the
chamber stated, that attention has
shifted from the planning to the
executing phase Of recovery.
The Reserve Board states that ac-
tivity at industrial establishments, as
measured by seasonally adjusted in
dices, showed an increase from II
per cent of the 1923-25 average in
September to 73 per cent in October
Transit Stock at New Top.
Capital Transit stock scored new
high mark on the Washington Stock
Exchange today, when small sale
was made at 20 fiat. The stock closed
Saturday at 20l ?, gain over the last
previous sale of % points.
Two 10-share lots changed hands
today at 282i. where the stock closed.
The final bid was 1912, asked 29
Potomac Electric Power per cent
preferred moved at 109 and the 5l2
per cent issue at 11112.
Washington Gas Light stock sold
today at So, and Riggs National Bank
common stock again changed owner
ship at 2l0. Peoples Drug Stores pre-
ferred sold at 110@i.
In the bond division, Potomac Con-
solidated IS came out on a $1,000
turnover at los, $1,000 Capital Trac-
ton IS sold at 81 and 81 900 Washing
ton Gas IS, 1858. at 9924. 1t was an
excellent Monday market.