Evening star., 1937-02-12
GENERAL ELECTRIC
ACQUIRES CONCERN
Sale of National Electric
Supply Co. Announced by
President Graham.

Sale of the 40-year-old National
Electrical Supply Co.. 1880 New York
avenue, to the General Electric Supply
Corp. was announced today by Z. G.
Graham, president of the local con-
cern.
Under the terms Of the conveyance,
the company sold its electrical whole
sale and retail business, including the
inventory on hand, fixtures, ETC., as of
February l, but the transfer does not
include the business in connection
with the local shop and factory, the
Carrier air-conditioning division and
the oil burner and heating division.
1t was said the sale price has not
as yet been fixed. Last year, however,
National Electrical Supply Co. did q
$2,500, 900 business as against $25, 900
business in its first year. The firms
assets are valued at about $1,0C0,000
but not all of them are being taken
over by the purchaser.
Mr.. Graham said his company will
retain offices at 1880 New York ave-
nue. to carry on the collecting and
settlement of all accounts receivable
and the air-conditioning and auto
matte heating businesses. The former
officers, Mr.. Graham, E. M. Graham,
vice president; J. Mayfield, secretary,
and F. w. White, treasurer, will have
charge of this work.
Stringham to Have Charge.
Ward Stringham, district manager
for the General Electric Supply Corp,
will be in charge Of the local manage
ment Of the new agency, but Mr..
Graham will be associated with it, al
though not taking an active part in
the new business.
j. G. Johannesen, vice president of
the purchasing corporation. said the
retail department of the local concern
probably will be sold outright in the
near future to an independent buyer.
He SAID the indications are the two
buildings OF the local company will be
arranged in such way that the pur-
chaser of the retail business can use
part of one building.
1t was expected that few, II any, Of
the more than 200 employees Of the
local company will lose their positions
as a result of the sale.
In acquiring the local concern. the
purchaser will use the property to
carry on its wholesaling Of electrical
supplies. The purchase virtually COM
pletes its chain Of wholesale distribute
ing houses along the East Coast.
Mr.. Graham, in announcing the
sale. said he was motivated by the
pressure Of other business, particularly
his duties as president of the Hamilton
National Bank.
Much Time Required.
Il was drafted into the reorganiza-
ton of the closed banks here" he said,
"and my duties in that connection are
taking up great deal of my time.
Then, the trend in the electrical sup
ply business is toward more direct
and intensive distribution. and, in the
interests of the future welfare of my
employees, felt it desirable to sell this
business while 1t was a strong, going
concern"
Mr.. Graham has been active in civic
affairs in Washington, having served
as president of the Board of Trade,
president of the Rotary Club and as
member of the Board of Education for
nine years. He gave up this last post
shortly after becoming a member of
the Federal Reserve Board at Rich
mond in 1922. He retained the Re-
serve Board post for IL years, or until
he became president of the Hamilton
Bank in 1898.
The National Electrical Supply Co.
took over the pioneer firm of Royce g.
Marean in 1897. Mr.. Graham went
with Royce & Marean in 1891, remain
ing until he organized the successor
company.
Prospering under his direction, the
new company steadily increased the
volume of its business, surviving de-
preston years which saw many other
concerns go to the wall.