Evening star., 1948-02-25
Merrill !. Lynch Profit
Reduced in io47 by
Drop in Volume
By Edward e. Stone

Merrill Lynch, Pierce, Fenner d
Beane made a net profit of
sl,s27 ,s52 during iS47, after interest
on capital OF per cent, but before
taxes, compared with $6,216,649 I'M
1s4e, according to Francis c. Hunter,
Warrington manager. After esti-
mated Federal income taxes, the 40
partners who participated In pro-
fits received $659,703 against $685.
757 q year earlier.
Gross income was $22, ,377 ,581, a
decline Of "A per cent. Operating
expenses, on the other hand, totaled
s1s,226, ,094, off 6 per cent. Total
assets Of $151 ,5s7,762 On December
81 were up $11 ,295,743 and capital
funds increased $1,000 to $14 ,6o0,-
900, Mr.. Hunter stated.
The Washington office stood nth
among 95 offices In the amount OF
business transacted during the year.
The decline In gross was due to q
decline In volume on the nations
exchanges, according to foreward
by Charles e. Merrill,
OF 10000 customers, Al per cent
had incomes Of $5,00) or less, 80 per
cent were in the 5000 to $4,000
class and 20 per cent had incomes
ever $4,000. Wage earners made
up 10 per cent Of the customers.
In November the firm paid out
$1s,220 to customers on credit bal
ances, . record monthly total. The
report declares that any attempt
by the Government to regulate Sc
curities prices Is doomed to failure.
Capital store Sales Rise.
Department store sales In WASH
ington In the hrst month OF ls4s
were 6 per cent ahead OF January,
1s47, compared with only q q per
cent gain in the Fifth District, the
Richmond Reserve Bank announced
today. The report covered 90 stores.
Several cities reported decreases
Baltimore being down 2 per cent
Raleigh II, Winston-Salem 8, Rich
nond 2, Roanoke 2, Charleston and
Greenville, S. c., unchanged.
Showing gains over January, l947.
were Lynchburg S, Norfolk 10,
Charleston and Huntington, w. Va,
5, and 80 stores in other cities up to
per cent.
Insurance Leaders to Meet.
About 500 people are expected to
attend the joint sales conference
Of the Washington Baltimore Life
Underwriters Associations at the
Shoreham Hotel tomorrow, $50 COM
ing from Baltimore. Six speakers
with National regulations will be
heard at the all-day session.
Wilfred H. Blanz, secretary OF the
American Building Association, and
Edward L. McAleer, secretary OF the
Equitable Cooperative Association,
have been appointed delegates to
the Southeastern Group conference
of the United States Savings and
Loan League, at Savannah, Ga,
Aprpil 1924. Savings and loan
leaders from II States will attend
and Mr.. Blanz Is expected to be
elected president for the 1s4S-49
term.
G. Clinton James, Rudolph w.
Santelmann and Robert e. Buck
lev will head the Invited Guests
Committee for the annual banquet
Of the District Building and Loan
League, at the Mayhower Hotel,
Saturday, March AZ, 1t was an
no,inced today. Howard Z. Thomp-
son, banquet chairman, expects over
TOO members and guests.
Sales Set Per- Hour Record.
The annual three-and-one-half-
hour Washington Birthday sale at
the Hecht CO. exceeded all previous
sales records for dollar volume per
hour, Harry Davidow, vice president
ana general merchandise manager,
announced today. Sales totaled
$ls7,s32, an average Of $50 TOO per
hour. This surpassed the 1s47 vol
ume by 48 per cent and also topped
the 1s47 Christmas rush, when sales
per hour reached $50,500 for full
days business Of $429, ,724.
Gerald D. Grosner, president OF
Grosners, 1925 r street NV. has
been elected treasurer of the Ma
tional Association of Retail Cloth
iers and Furnishers, meeting IN
Chicago. He was president In 1888
and has been a director since 1880.