Evening star., 1941-01-02
Merrill Lynch Office
Moved 10 Fifteenth
Street Location
George Gorrett Takes
Charge as Resident
PHtner of Firm
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Several important changes in New
York Stock Exchange Offices in
Washington took place today.
George A. Garrett became resi-
dent partner in the firm of Merrill
Lynch, E. A. Pierce e. Cassatt. in
charge of the Washington Office.
ending his association as a partner
In the firm of Fenner & Beane.
At the same time Thomas W.
Brahany, who has been managing
the Merrill Lynch, E. A. Pierce g.
Cassatt office here, has been named
national representative Of the
brokerage concern, with headquar-
ters in the Capital.
The companys Offices were being
moved today to 729 Fifteenth street
NV, the headquarters for several
years of Winthrop Mitchell & Co.
Complete removal from the Trans
portation Building. Seventeenth and
H streets, will require the remainder
Of the week.
Business, however, started today
In the new location with the opening
of the New York Stock Exchange
The old offices we're also in opera
ton. Joseph H Hines, who has
been a general partner in the firm,
became a special partner today.
Other Brokerage Changes.
With the closing of the Washing
ton Offices of Winthrop Mitchell &
Co., after being represented in the
Capital for the past 10 years, it was
announced that William R. Boyer
and Thomas P. Trevett, jr, have
become associated with the firm of
Auchincloss, Parker & Redpath in
the National Savings Building.
Mr.. Boyer has been associated
with Winthrop Mitchell & Co. for
the past five years and previously
was with Goodbody & Co. He has
been active in the financial district
since 1926 and is graduate OF
Brown University.
Mr.. Trevvett has been in the
brokerage business since 1919 and
for eight years was chief of the sta
tistical department of Hartman d
Co. and at one time was manager
of the Washington Office of the
same firm. Recently he had been
associated with Winthrop Mitchell.
Joseph F. Dowdall, who has been
manager of the Office here, is enter
ing another line of business, it was
stated today.
Predicts Favorable Year.
William r. Derry, jr., manager OF |
the Washington Office of Fenner g.
Beane: 8l5 Fifteenth street, said
today that 194l should be better |
year in the brokerage business than |
1910.
Of course everybody knows that |
prosperity is assured for the Cap
ital, he added. The reduction in un-
employment in the rest OF the coun-
try should have very favorable
effect. The industrial boom and in
Creases in buying power over most |
of the country are other favorable
factors.
It would seem that some Of the |
many favorable elements in the eco
nomic situation must be reflected in |
the stock market during the next |
u months, Mr.. Derry said
Utility Firms Lift Earnings.
Net income of Washington's four
big utility corporations made a
splendid showing in the first II
months of 1910, according to latest
reports filed with the Public Utili-
ties Commission. Three disclosed
gains over 1899, while the other reg
istered the largest total net rev.
enues of any of the four companies.
The Potomac Electric Power Co.
net income for the IL
months of 1881 .466.22, against
S3.650,63117 in the like 1889 period,
a decrease of $3.50 164.95. While op-
Grating revenues were far ahead OF
last year, expenses were still higher.
Capital Transit recorded total net
income of s818, 8,699.44 compared with
1881, 1853 in 1899. startling gain
of s286, ,98276, or 81 per cent. The
figures are not as good as they look
to be, as the wage increase of about
$4,000, for the period of July l
to November 30, in the arbitration
award will be adjusted in the De-
cember accounts.
The Chesapeake & Potomac Tele-
phone Co. registered net income
of s1,672, 400, against s1,656,664 in
the same months in 1889, modest
increase of sl5,736. Average calls
per day and number of telephones
in service made new records, but |
expenses mounted rapidly.
The Washington Gas Light Co.
chalked up a net income of $1,106.-
BIT in the II months, in comparison
with $974,S48 in the corresponding
months a year ago, a substantial
gain of S131,529. Operating revenues
revealed an increase of 1865 1888.
Operating expenses, including taxes, |
were S913,273 more than last year,
the report stated.
Exchange Record Pleasing.
President w. W. Mackall and /
other members of the Washington
Stock Exchange expressed deep sat-
isfaction today over the increase in
trading In both stocks and bonds in
1910 over 1889.
The bond transactions revealed
striking gain, the total turnover
of s50o,500 comparing with total
sales amounting to s432, 800 in 1888.
The stock gain was equally IA
vorable, the total number OF shares
reaching 20,954. against sales OF only |
15,741 shares a year ago.
As already noted, price stability IN
both stocks and bonds was one OF
the features of the exchange record |
during the year.
Real Estate Bonds Up.
H. r. Amott, president OF Amott,
Baker g. Co., says that in the last
half of 1910 each month showed !
price improvement in publicly held
bonds and stocks secured by real
estate. This was true in December
despite sales for establishing tax
losses. The 200 bonds in the aver
ages to which he refers INCLUDE
several Washington issues.
Unquestionably present prices Of