Evening star., 1950-02-09
Merrill Lynch Rates
D. T.. Office Fifth
In 1949 Earnings
By Edword c. Stone

The Washington office of Mer-
mill Lynch, Pierce, Fenner &
Beane ranked fifth in net and
gross profits among the firms 100
Offices during 1949, Francis c.
Hunter. partner and manager, an
nounced today. Ahead of Wash
ington were New York, Chicago, ).
Los Angeles and Philadelphia.
AS noted late yesterday, the new
York Stock Exchange firm made
total profit before income taxes
of $2.335,370, compared with the
higher figure of S3,604,513 in 194S.
After taxes OF $l,10o,Oo0, the Sc
partners sharing in lrofits re-
ceived a total Of S1,235, ,370, Mr..
Hunter said. Bonuses to employees
and contributions to the profit
sharing plan totaled $751; TIT.
Merrill Lynch did 9.3 per cent
of the round-lot business on the
New York Exchange last year.
Odd-lot business increased from
1873 per cent in 1948 to 1877 per
cent. Commissions were Sc per
cent of the firms total income;
billboard trading and underwrit-
ing 16 per cent. During the year,
the firm opened it's Tooth office
in Omaha, Nebr.
Charles E. Merrill. partner,
commented on a new attitude to-
ward investors adopted by the
Government. Last year the in
vestor began to be important
again, although tax laws still re-
tard stock ownership, he said.
The firm completed 950,711
separate security transactions in
1949; underworld securities valued
at $91 ,555, 900, and arranged pri-
vate placement of securities val
ued at s36,175,000. For news
paper Iand magazine advertising.
the company paid s315,130 dur
ing the year.
Credit Union Profits Rise.
The annual report of the Ia
comis Federal Credit Union, out
today, shows a net profit for 1949
of s67S.77 against $547.51 a year
earlier. The union paid a divi-
dend of 3.6 per cent for 1949.
Loan balances were practically
unchanged during the year. The
number of accounts decreased but
shareholdings increased by 1884.
There are no outstanding delin-
ouent loans, a fact praised by
Government examiner.
Officers for 1850 are John B.
Howard, president; A. R. McCau-
ley, vice president; Sue R. Bell.
treasurer and Catherine Garland,
secretary.
New Banking Hours Planned.
Directors of the Suburban Ma
tional Bank today announced a
new banking hours policy due to
the great increase in shopping and
marketing on Friday nights by
their patrons.
The Silver Spring, Bethesda and
Silver Spring Offices will offer full
banking services until 8 o'clock on
Friday evenings. beginning Feb
ruary II. The Wheaton Branch
has been opened Friday evenings
for some time, the plan having
proved highly successful.
The new store to be known as
the Television Center, Ben Weiner.
president, will be opened for buSi-
ness at $40 Tenth street NV, not
Eleventh street, on February Is.
The store now is being supplied
with an extensive variety of goods,
Mr.. Weiner said.
Charles w. Pope, Silver Spring,
has been made District Sales
Manager for Maryland, Delaware
and Virginia by the F. E. Compton
Publishing Co., of Chicago.
Stock Brokers End Parley.
The Board of Governors of the
Association of New York Stock Ex-
change Firms ended a three-day
conference here yesterday. The
public relations plan of the ex-
change was heartily indorsed and
the program of expanding hold
ings of stock among employees was
also given full support. Many
reports were heard at the final
session at the Shoreham.
Gordon MacRae, star of the
Railroad Hour on the Air, was CIV
en- a reception at the Carlton
Hotel yesterday afternoon by the
Association of American Rail-
roads. Several hundred guests
attended.
Carl H. Ellingson, president of
the First Federal Savings and Loan
Association. Washington, will ad-
dress the Allegheny County Saw
ings and Loan League, Pittsburgh,
tomorrow night, on 1.-THE Threat of
State Banking"