Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-11-14
FEN n &BEANE
STAFF UNCHANGED
Merged. Firm Keeps Local
Managers-0ffice Here
4 Opened in 1914.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
John D. Mothershed and william z
Lewis, managers of the Washington
afices Of 'fEenner g. Beare, 1880 K stree
northwest. announced today that TIT
consolidation with Samuel Ungerleidel
d. Co., members of the New York Stool
Exchange announced later yesterday
would affect, the LEGAL branch in change
of name only, aside from the extension
Of facilities which the enlarged firm
offers The combined organization VIII
be known as Fenner, Beane 81 Unker-
1eider and bring under unified manage
meIat some 60 branch off1ces.
It is announced that each of the A.
southern Offices of Fenner & Beane and
all the offices OF Samuel Ungerleider
e. Co. except two branches In New York
CITY. will be maintained by the merged
concern. Mr.. Ungerleider becomes q
partner in the new firm. While the
firm now deals with all the leading eS-
changes.s Feflner & Beane made their
first important strides in the cotton
business, having established an ofiice In
New Orleans is years ago.
Fem1er e. ,Beane have maintained
Offices in Washington since 1914. For
years they we're in the Willard Hotel,
before moving to their present K street
location. While the firm first speci-
allied in cotton. it lated added stocks
and bonds and =. all commodities. The
company has Offices in Virginia, and
Charles E. Fenner is a graduate OF the
University of Virginia Law School. A.
G. Beane is native OF Georgia.
Peoples Drug Grows Rapidly.
Comment has recently been made by
members of the Washington Stock Ex-
changes on the rapid growth OF Peo-
piles Drug Stores, Inc. Only 26 years
ago M. H. Gibbs. the founder, had just
one store. There are now l28 In Al
cities. forming one of the largest drug
chains in the country.
Mr.. Gibbs is still president OF the
organization and continually expand
ing. the chain into new fields. The
preferred stock is listed on the Wash
Exchange, while the common has for
years been on the New York Exchange.
It is more than likely that the common
also Will be listed on the Washington
Exchange some of these days, In the
city where the business was started and
where the head Office is located.
The preferred has figured in turn
over of 759 shares on the local board
so FAR this year. The stock opened
A.
selling around 90, to yield per cent.
The common is selling at % on the
New York Exchange and paying 81
dividend It has been down to 81 Il and
above 80 this year.
Garrett Notes SiIver's Advance.
George A. Garrett, resident partner
Of Fs q. zsKeech g. Co, believes the
recent advance dris silver will be q most
- 80 a vat ~
perity. Nearly 5000, 900 ounces changed
hands on the Metal Exchange one day
recently and on two other days the
turnover. was about 100000 ounces.
Speaking Of the recent drastic price
rise, Mr., Garrett says:
Silver is the basis behind the cur
rency OF over one billion people living
on this earth: It's sterilization at some
figure to be determined is vital to the
well being of this mass The price re-
covery has already added millions OF
dollars to the purchasing power Of
countries whose money is based on the
white metal. sStabili2ation lat present
Levels, though low, wiz be of great as
sistAnce to- trade revival and any fur
ther increase in the value of silver will
undoubtedly be "a tremendous asset in
thezreturn to normal trade apd eco
monde conditions" 'a''
Explains Decrease in Sales.
American Stores sales for the four
weeks ending October Al. showing q de-
cline OF 8.3 per cent, reflect the in
flueAce of lower retail prices and pre-
vailtng unemployment, Samuel Robin
eonE president, said.
Unusually warm weather last month
has& had, retarding influence upon
sale4, Mr. Robinson pointed out, and
pretailing warm weather thus far in
November has tended to hold back busi-
ness during the current month.
Retail prices have been running
eboat Is per cent below prices Of a
yeaf ago. which would have resulted in
q corresponding reduction in sales of
thescompany. had not volume been in
creased this year. Prices of meats, a
large item in sales, are very low
Sales OF the company in october,
COMPARED with the preceding month,
showed only slight seasonal increase,
while October, 1880, sales Increased
abont S.6 per cent over the preceding
month.
"0n the basis of present profit show
1ng@ John r. Thompson Co. will earn
1881 net profit of at least 5000 900 after
all charges and taxes" said Charles A.
McGulloch chairman of the board and
treasurer of the company
This would be equal to So a share on
300000 shares outstanding capital
stock, and would compare with net of
$1,Ie6,5S5 or S3,75 share reported in
1880.
Commenting on the company's cur
rent business, Mr.. McCulolch stated
that total of 400 900 new customers
hasAbeen added since the end of July
when the new policy of reduced prices
puhiicized as "pre-war prices" was put
into effect.
= Financial District Notes.
Secretary Mellon announced toda,
that tenders for the SITS 900, 900 91-day
Treasury bills, dated November II and
maturing February S, totaled $685.
100000. The highest bid made was
$3.50, equivalent to an interest rate
OF about, LIB per cent on an annual
basis. The lowest bid accepted was
80 469, equivalent to an interest rate oil
about 2l0 per cent on an annual basis
The total amount of bids accepted was
$75Al0,0o0. The average price Of Treas.
ury? bills to be issued Is 99489. Tht
average rate on bank discount basi,
Is about 202 per cent
David S. Bethune, president of thu
District of Columbia Life Underwriters
Association, has been asked by the loca
chapter of the American Red Cross u
assist in securing full enrolment of tn,
life underwriters of Washington in TIT
present Red Cross campaign.
The Federal Reserve Bank of Atlanta
has. increased its rediscount rate from
70 3i2 per cent, effective today, thu
Federal Reserve Board announces