Evening star., 1938-04-16


area will compete
for the right to
enter the final contest
The winner will be sent to the ma
tional convention of the institute to
be held in Louisville. KY, from June
6 to TO- There he will compete against
the winners in seven other geographi-
cal areas for total Of 81 100 in prizes,
the awards of the A. P. Giannini ma
tlonal public c-Speaklng contest.
E. Wallace Schreiner, First National
Bank of Alexandria. Va placed Sec
ond in the contest, and will be WASH
ington's alternate contestant. Stephen
o. Porter. Riggs National, and Will
liam Blum, jr., National Savings &,
Trust Co., also participated.
Thomas J. Groom, president of the
District Of Columbia Bankers Associa-
ton; Raymond B. Dickey. dean of the
chapter faculty and De Witt Bennett,
instructor of public speaking, George
Washington University. acted as
judges. j. Earle McGeary presided.
Brokerage Changes Completed.
George A. Garrett and John E.
Parker. new resident partners of
G.. Mp. Murphy g. Co., sent out no.
tices today to all the firms clients
end to all former clients of Hartman
& Keech, announcing the new loca-
ton of the Murphy & Co, Offices at
BIS Fifteenth street and the names
of the brokers to be associated with
them under the new arrangement.
Associated in the Office will be A. Ches-
ter Flather as manager, John CasWell.
.Jr., assistant manager, and T. Baker
Robinson, manager of the investment
department.
Other members of the staff include
Stanley Carr, CORTLAND E. Candlee,
j. Warren Dooley, E. f. Kinkenstaedt,
G.. Tinsley Garnett, Walter j. Harri-
son, Perry B. Hoover, J. Edward Jones,
Warfield S. Melton, E. Fairfax Ran
dolph, Henry H. Rutherford, w. Jo-
seph Schultz, William N Sturtevant
and S. Harold Williams. The enlarged
staff includes all the customers men
who have been with G. Mp Murphy
& Co. for years and many from the
Hartman & keech staff, this firm dis
solving at the end of business on
April IA.
Ferry K. Heath, formerly associated
with Mr.. Garrett and now resident
partner of Winthrop, Mitchell e. Co.,
took several customers men with him
to his new surroundings in the Securi-
ties Building. 729 Fifteenth street. His
announcement of the new deal shows
that Joseph F. Dowdall remains as
manager of the Office and that other
members of the staff include:
John P Bergan. William R. Boyer,
William v. Freeman, Richmond H.
Gibson, Burdett S. Warden. Harry
Brisker. Rosalie H. Dill, W. Page
Jones. Jesse L. Leverton, Thomas P.
Trevvett, jr., and Marchant T. Went
worth.
The changes put into effect on April
is, while the New York Stock Ex-
change was closed, eliminated one
brokerage firm here. The other two
firms are receiving deserved congratu-
lations on the manner in which they
took care Of the personnel of the con-
Germ which dissolved.
Telephone Earnings Lower.
Notices received by about 10000
holders of American Telephone stock
In Washington state that the Bell Sys-
tenn earned S207 per share in the first
three months of this year, compared
with $3.50 share in the first quarter
OF 1887.
Earnings for the IL months ended
March 81, 1888, amounted to 1886 a
share, in comparison with $685. per
share for the II months ended March
81. 1887, President Walter S. Clifford
stated
The Bell System had a net gain of
about $4,000 telephones in the first
quarter OF this year. compared with
gain of about 10000 in the preceding
quarter and of 293 1000 in the first
quarter Of 1887 The number of toll
and long distance conversations was
2.5 per cent less than for the corre-
spending period last year.
While revenue per telephone is lower,
total operating revenues of the system
are at about the level of year ago.
Expenses are higher due mainly to in
creased wages and taxes. Current
earnings also reflect decline in earn
tngs of the Western Electric Co.
Collection Ratios Decline.
According to announcement today
by the Bureau of Foreign and Domes-
tic Commerce, collection ratios on open
credit accounts receivable of depart
ment stores showed a decrease of 81
per cent for February, 1888, from the
same month in 1887; while a decrease
OF 81 per cent was recorded from jan
uary, 1888. This decrease over JAN
uary appears to be of seasonal ma
ture, however, since February losses
over the previous month have been
shown since the index was started
OF the IL Federal Reserve districts,
only two, Chicago and st. Louis,
showed gains in collection ratios on
open accounts for February, 1888, COM
pared with February, 1887. St. Louis
recorded the greatest increase with 4.3
per cent, while Atlanta showed the
largest decrease with 112 per cent
On installment accounts, Richmond
and st. Louis were the only Federal
Reserve districts to record gains: Dali
las showed no change; while all nine
other Reserve districts recorded de-
creases ranging downward to the 13