Evening star., 1941-07-25

bIlICu IldlIIC VI MCIIl III DyIlCIl, rJtICe,
Fenner e. Beane, will be operating
there probably on August 1S, or the
day after
George A. Garrett. who has been
resident partner of Merrill Lynch, E.
A. Pierce g. CasSat. will continue in
the same capacity in the consolidat-
ed firm. He has been prominent in
local financial circles for the past 20
years.
The consolidated firm has a total
Of 48 general partners and l9 spe-
cial partners, among the latter of
which is Joseph H. Hines, we'll
known Washington financier. who
has been connected with the former
firms of E. A. Pierce, then Merrill
Lynch, E. A. Pierce & Cassat, and
now with the new merger.
Personnel to Combine.
THE personnel of the two organi-
cations will be joined,' it was an
nounced in the official statement
given out here by Mr. Garrett.
Washington is one of the SO cities
In which the new merger will be
represented. Fenner e. Beane oper-
ated in 55 cities, and Merrill Lynch,
E. A. Pierce and CaSsatt had Offices
in 40 cities. The two firms have
competed in only IL cities.
Consolidation will result in saving
of overhead here and in other COM
peting cities, it was pointed out.
Both firms are financially strong
and have been operating at profit.
it was explained. AT the same time
through the elimination of dupli-
cate facilities, it is estimated that
our new firm will realize a saving
of about 81 lOOO,000 a year in over
head-a fact important to us and to
our customers alike"
S. Harold Williams and Hayward
Strecker will continue to be asso-
ciated with Mr.. Garrett as assistant
managers of the new firm. The
present location of Merrill Lynch.
E. A. Pierce, and CaSSatt, at 729
Fifteenth street NV, will be va
Gated.
Transit Income Climbs.
Capital Transit Co. showed a gain
In net income from SOL ,220 in June,
1910, to Sll7.723 in June, 194l. ac-
cording to the monthly report of
the company filed today with the
Public Utilities Commission.
Operating revenues in June were
1892 1888, as compared with 81 05l.-
003 last year. Operating expenses
were S046.8l2, as compared with
S697 99l. Provision for depreciation
was Sl302l2, as against Sl15.097 last
year, the increase being attributed
in service.
Interest charges were s58.757. as
compared with S60.0ll, in June, 1910
Taxes were Sl67.198 AS compared
with Sl06,0l2 a year ago.
Delmar Denies Rumors.
Charles Delmar of this city, preSi-
dent of Lincoln Service Corp. with
Offices in the Woodward Building.
who is in Maine, on vacation, today
notified The Star to deny "rumors"
in Washington that he had sold his
controlling interest in the corpora
ton. Il wish to deny it, he wrote,
land to further state. I have no in
tention whatsoever to sell any of my
holdings in the corporation.
Store Sales Gain.
Keeping up the rate of progress
already noted this year, department
store sales in Washington in the
week ended July 10 were 80 per cent
more than sales in the week ended
July 20 last year and we're per
cent ahead OF sales in the preceding
week this year, ended July II, ac-
Cordlng to report by the Federal
Reserve Bank of Richmond
For the four weeks ended July 19
sales here were 35 per cent ahead
Of the four weeks ended July 20, 1910
For the fifth district as a whole
sales in the week ended July 19 were
30 per cent more than in the similar
week last year but were per cent
below sales in the preceding week
this year.
Cumulative sales in the four weeks
ended July 10 averaged 81 per cent
above sales in the four weeks ended
July 20, 1910. The figures were
based on reports from l8 leading
department stores.
Baltimore showed a gain of 30 per
cent for the week ended July 19,
compared to the similar 1910 week.
drop of 13 per cent from the preced-
ing week this year but a gain of %
per cent in the four-Week period
this year as compared to last.
Bank Luncheon Held.
The District of Columbia Bankers
Association held its regular Friday
luncheon meeting today at the Will
lard Hotel, with T. Stanley Holland,
president, presiding for the first
time since his return from vacation.
Following the luncheon, the Council
of Administrator of the association
held its monthly meeting.
AS local banks began considera-
tion Of the plan proposed by the
American Bankers Association for
pay roll deductions to help employees
buy Defense bonds, the Treasury
Department has started moving its
Defense savings staff into the Sloan
Building, I'll Twelfth street NV,
where all six floors will be occupied.
The first unit to move was the in
formation division, for radio, press
and motion pictures, headed by
Hartford Powell, chief. Others will
follow later Personnel is to be
transferred from the Washington
Building and from the Treasury De-
partment.
Financial District Notes.
G. E. Hall of w. B. Hibbs e. Co,
who is on vacation in Pennsylvania,
plans to return Monday.
William B Willard. vice president
Of National Savings e. Trust Co.. is
r eypeeted hack Monday from yaca.