Evening star., 1938-07-08
new BROKERAGE
PLANS OUTLINED
Parker and Garrett Send
Notices to Customers
Regarding Changes.
By EDWARD C. STONE.

today by John E. Parker and George
A. Garrett. retiring partners in G. M. P.
Murphy & Co., announcing their new
affiliations with other brokerage
ofnces in the financial district. Due
to change in policy the Murphy
concern is closing most of its offices
outside of New York City, including
the Washington Office.
AS already announced, Mr. Garrett
becomes resident partner in the
New York Stock Exchange firm of
Fenner g. Beane. and with members
OF his staff, will remain at his present
location. 8l5 Fifteenth street The
local Office Of Fenner & Beane will
move there from 800 Fifteenth street.
Mr.. Parker today became a partner
In the exchange firm of Auchincloss,
Parker g. Redpath, which is located
In the National Savings e. Trust Co.
Building in a suite of Offices on the
top floor. He takes with him asD-
eiates of many years in the Murphy
office
First Consolidation Brief.
The change in policy by the Murphy
partners in New York terminated
suddenly brokerage consolidation of
only few weeks in this city Only
about two months ago Mr.. Garrett,
who had been resident partner in
Hartman e. Keech for some years,
and members of his staff Joined the
Murphy Office. They had hardly got
settled when the New York announce
ment broke.
This will be the first time that
Fenner & Beane have had a resident
partner in the Capital. The concern S
first Office was in the Willard Hotel
They have been here about IL years.
The firm of Auchincloss, Parker g.
Redpath was organized in 1890. with
the home Office in Washington. Other
Offices are located in New York. Balti-
more, Wilkes Barre and Philadelphia.
The firm was founded by Hugh D.
AuchinclosS. Chauncey G.. Parker, jr.;;
Albert Redpath, Richard Dunn and
Harold Patterson. all Washington men,
and has always held New York Stock
Exchange membership.
Flather to Manage Office.
A. Chester Flather. manager of the
Murphy Office, will be manager of the
Authincloss Office. He has been in
the financial district for many years,
his first brokerage connection being
with John L. Edwards g. Co.. con-
Germ which was taken over by G. M. P.
Murphy g. Co. in 1925. John Parker
rf,ith
Both AuchincloSs. Parker & Red
path and Fenner g. Beane have men,
berships in or affiliations with al the
leading stock and commodity ex-
changes in the country. The placing
of three brokerage houses under two
roofs will cut down overhead and
comes at a time when the outlook for
the brokerage business is vastly bright
er than it has been for many months.
Metropolis Officers Named.
The Metropolis Building Association,
POI Pennsylvania avenue Sc. at the
July meeting elected all officers and
directors nominated in June. R. w.
Santelmann, treasurer reported total
assets in excess of s5,750,O00, with un-
divided surplus and profits of $780,
OOO
Activity for the first six months was
stated to be ahead of the correspond
ing period Of 1887. There has been no
lull in the demand for loans on prop
critics and indications point to 1888
being banner year. Metropolis,
second only to Oriental Building in
point of age, was established in 1866.
Harry G.. Wilson continues as presi-
dent, John Scrivener, vice president;
Edward A. Tripp. secretary, and Ru-
dolph w. Santelmann, treasurer.
These officers together with George A.
Siebert, William A. Simpson, Henry
M. Wiegand. Martin T. Wiegand,
Arthur Seagran, Harry H. Wilson and
Henry E. Trip compose the Board of
Directors.
Peoples Drug Store Sales Improve.
Sales OF Peoples Drug Stores in June
we're reported today as $l,705,O55, in
comparison with s1,77O,5O6 in June,
1887. drop of 36 per cent.
Sales for the first six months of this
year amounted to sl0.4l4,589, as COM
pared with sl0.8S2.427 in the like
period of 1887, modest decrease of
"a per cent.
The June sales record was better
than May, when sales were off 90 per
cent the corresponding month last
year the report stated.
Electric Output Rises Here.
Electric output of the North Amer
lean Co. System in the second quarter
of this year ran behind last year by
948 per cent, according to J. F. Fo-
garty, president. For the year to date,
Mr.. Fogarty said, output was under
1887 by 8.8 per cent, but was l.88 per
cent ahead of 1886.
The systems Washington subsidiary,
the Potomac Electric Power Co., has
contrasted sharply with the national
trend, there having been an increase in
electric output each week during the
first half of this year.
Farm Mortgages Show Increase.
Private creditors are showing no re-
luctance to invest funds in farm mort
Ed6CS, lldNlllS CAtClluCu ONcl oUoC .GOO,.
900 of such credit in the II months
ended April l, 1888, compared with
se42,017,0 900 year ago. w. I. Myers,
Governor of the Farm Credit Admin
istration, said today.
While the amount of mortgages
written by individuals and commercial
banks declined slightly during the first
three months of this year as compared
with the 1887 first quarter, Gov. Myers
said the amount written by insurance
companies continued to increase. being
IS per cent above the 1887 level, and
more than three times as high as in
1894.
Heard in Financial District.
E. c. Graham, president of the
Hamilton National Bank, received a
fractured leg in an automobile acci-
dent in Florida, it was learned here
today. He expects to return to Wash
ington in two weeks, although his re-