OCR Text |
Show Page 2b The Enterprise Review , June 2, 1976 Move on the Houses Board Big Brokerage The dust has settled and four of the seven Salt Lake branches of New York Stock Exchange affiliated brokerages have moved to new locations. Are they playing musical chairs? A.G. Edwards & Son, Inc., moved from their uptown Main Street offices to 330 Trolley Square last April. Richard Beck, Jr., branch manager, explained it saying there is a trend nationally within the Edwards operation to move offices away from the The trend today is towards more products, Beck We are becoming said. investment counselors rather downtown areas. than Ninety percent of a brokers business is now done involved in tax shelters, insurBeck ance and the like. explained that this is part of the reason for their move. With easy access for clients and plenty of parking space, he said Trolley Square is an ideal location for a brokerage office. He also said the cost for space is less than the downtown area, too. Roughly 40 percent of A.G. Edwards business is by phone, said Beck, and there is little, or no more walk-i- n business. The need to be in the center of the city therefore is not as great. stockbrokers, just institutional, but Beck said, this does not create problems with delivery to the banks. We make one regular delivery to the banks every eay, and very few of the banks deliver anymore, he said. Using C.O.D. excludes much of the delivery for both sides anyway, and according to Beck, this kind of securities delivery is becoming more prevalent in the industry. A.G. Edwards employs 14 brokers and four back office people in Salt Lake. George Stromberg, manager of Kidder Peabody and Co., Inc., moved his firm from Club Building to 1620 Beneficial Life Towers the University last March because he needed more space. Kidder Peabody has 14 employees, of which eight are Institutional brokers. accounts make up 50 percent of his firms business, and they dont ' cater to We want our business. walk-i- n clients to come in and talk, and Stromberg explained, we need a quiet, private office to do that, off the ground floor. Stromberg said, however, his firm could not do business away from the downtown area. This would be a disadvantage for delivery purposes. Client access and parking were not a problem, he added, because of validation at the Z.C.M.I. Parking Plaza. Merrill Lynch has also moved from its street front operation in the Kennecott Bldg, to the fifth floor of the new Deseret Book Bldg. Arlin Crouch, manager, said expansion prompted their move, enabling them to consolidate operations that had previously occupied two floors. obtain to For one thing, A. G. Edwards moved to Trolley Square However, Crouch said his a lower rental cost than the downtown location. firm needed to be downtown for convenience to the banks and financial district for delivery purposes. Yet another, Hal Cannon, ro head of the local Paine FREIGHT Competition Squeezes Falvo Out ro bili Falvos A YUR freight A.G. Market, 3008 S. 8950 W., Magna, will cease operation after being in business since 1927. Louis Falvo, owner of the market since it opened, will retire from the business, according to his son Pete Falvo. Falvo said the store is closing due to competition from a number of chain stores in the area. He added the store is not in financial straits, although business has been slacking off. The store employed eight or nine people in the past, and has approximately 10,000 square feet, Falvo said. Pete Falvo is in the real Webber office, said his move from the heights of the University Club Bldg, to the second floor of the Phillips Bldg, on Main Street, was made for reasons of convenience and expansion. We have the advantages of a street front operation, Cannon said, because of the stairway that leads directly to our offices. According to Cannon this made the firm more accessable. Paine Webber made their move in February, and 10 brokers and three employs back office people. Of the three firms that havent moved, all have street front operations in the downtown area, and none have estate business with his plans to change their brother, Mike Falvo. ITS PROBABLY 10 TO If we can't 20 PERCENT TOO HIGH save you money on your shipping costs- -a lot of charge you a thing. money-t- won't oe We can afford to make this guarantee because we know that you are probably being overcharged. Freight rates are enormously complex (over 20,000 changes just last month) and freight companies often overcharge shippers unknowingly. NJS Associates are specialists, distribution consultants. We have saved some of our clients over $100,000 annually in distribution costs. Chances are-- if you spend a minimum of $10,000 each year in freight--w- e can save your firm 10 to 20 if an even use percent, you already auditing company. And, because our fee is of nothing more than a percentage the money that we save you, we wont cost you a dime. Dont assume your distribution costs are correct. It wont cost you a thing to have us check it out: It may 'save you a bundle. Call us today. ASSOCIATES 2161 S. Regent St., Suite 7 Salt Lake City, Utah 84116 phone (801) 485-265- 1 addresses. Bank Administration Institute Slates Meeting The 30th annual convention of the Bank Administration Institutes western region will be held at the Salt Lake Hilton, June 6 to 8. The region consists of nine western states including Alaska and Hawaii. However, over 500 representatives from 30 states are expected to Exchange Commission (SEC) He will touch upon feden regulations as they effect th banking industry and what th industry must do to compl with them. Jack W. Carlson, forme assistant secretary of Interic for Energy and Minerals, wi address the general sessio attend. Tuesday afternoon about th afternoon and effects of energy and enviroi Monday sessions will ment on the economic con Tuesday morning deal with audit, control, oper- munity, taking into consider; ations, personnel and secur- tion the Kaparowits situatioi In all, 19 speakers wi ity. Featured as a speaker will discuss basic areas of ban be John R. Evans, commi- administration. ssioner of the Securities and |