Evening star., 1933-01-29
Stock Exchange House to
Take Over Local Business
of M. J. Meehan & Co.
THIEL REMAINS MANAGER,
WITH SAME PERSONNEL
Wholesale Trade in 1882 Compared
With Reports in 1881 in
Fifth District.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
j. S. Bache g. Co., members of the
New York Stock Exchange, will take
over the Washington office of M. ]. Nee
han g. Co., another stock exchange firm
which has been located on the ground
floor of the Washington Hotel during
the past four years, on Wednesday, Feb
ruary /, it was announced yesterday.
Frank j. F. Thiel. manager of the Nee
han Office ever since it opened, will re-
main in charge under the new regime,
having withdrawn a few days ago as
partner in the Meehan brokerage house.
The firm of j. S Bache g. Co. has
been doing a commission business in
stocks and commodities for the past Al
years under the same name. Jules S.
Bache is the senior partner. He is also
a director in many nationally known
corporations. Opening an Office in this
city will bring into being the 28th branch
Of the firm throughout the United
States, all of which are connected with
the main Office in New York by direct
private wire system. The company also
has its own agencies and representa-
tives In Liverpool, London, Havre. Paris.
Berlin, Alexandria, Egypt, and other
foreign cities.
One Of the members of the firm is
governor of the New York Stock Ex-
change and other members hold similar
positions on the New York Curb, Cocoa
Exchange, Hide Exchange, National
Metal Exchange, and New York Coffee
and Sugar Exchange. In its present
expansion to include Washington. the
firm is carrying out a policy of con-
stantly broadening activities.
Mr.. Thiel, who takes charge of the
firms interests here, was assistant treas
urer of the United States when he en-
tered the brokerage field. He served in
the Treasury for % years under six Pres
ldents and without civil service protec-
ton. For IS years Of this period he
was assistant treasurer, beginning his
work in this capacity under President
Wilson and concluding 1t under Pres
ident Hoover. He began his business
career in Fort Wayne, Ind, as secretary
to w. w. Atterbury, now president of
the Pennsylvania Railroad.
Mr.. Thiel stated yesterday that no
changes in the local Office of Bache
G. Co. are contemplated. His present
assistants are Robert F. Cahill, L. B.
Brubaker and James A. Hennessy.
Fifth District Trade Compared.
The Federal Reserve Bank Of Rich
mond yesterday reported in percentage
form wholesale trade figures in De-
cember and the full year 1882, COM
pared with the like periods in the
previous year, 81 firms making state
mentS.
Grocery sales in December were 1913
per cent below the record for Decem-
ber, 1881, but l per cent ahead of
November, 1882. Total grocery sales
for the full year were off 1862 per cent.
Stocks on hand were lower. The per-
centage of December l, 1882, receivables
collected in December was 59.3.
Dry goods sales were off 1872 per
cent compared with December. 1881,
and 36 per cent Under the November
mark. Total sales for the whole year
were down 20 per cent, stocks were 79
per cent lower, stocks 0.9 per cent
lower than at the end of 1881, while
38 per cent of receivables on December
! were collected during the month
Shoe sales gained 28 per cent in De-
cember. but were off 40 per cent from
November. although only 10 per cent
for the year. Stocks on hand were 6
per cent lower than on December l,
1881, IL per cent lower than on No.
vember /, 1882, while 40 per cent of
receivables on December l were COL
lected during the month.
Hardware sales were off per cent in
December, II per cent compared with
November and Is per cent for the full
year. Stocks were per cent lower
than at the end of the previous month.
OF the receivableS due December l. 80
per cent were collected during the
month
Drug sales were off 10 per cent in
December compared with December,
1881, but 5.4 per cent above November,
1882. Sales for the year were down
17.5 per cent. Of receivables due on
December l. 1853 per cent were COL
lected during the month.
Cleaned in Financial Districts.
Mortgage interest rates must be re-
duced, r. M. Hurd, president of the
Lawyers Mortgage Co., said at the Sec
ond days session of the annual Eastern
Regional Savings Conference in New
York. He said the serious situation. now
confronting Lenders IS that after three
years of depression the great mass of
average standard residence and busi-
ness properties is weakened by lower
rentals. Reduction of the mortgage
debt must be gradual process" he
added. Practically all interest rates
have been brought down to the modern
basis except mortgage interest rates."
Inc washington STOCK exchange so
far this year has recorded a $256, 800
turnover in the Washington Gas Light
SIS, 1858, which we're listed short time
after they were placed on the market.
They closed the week at 94A the price
at which they were first offered, yield
ing 5.42 per cent A large number OF
these bonds have also been bought by
local investors. off the Exchange.
President Francis H. SiSscn of the
American Bankers Association says that
a significant phase of the present bank
ing situation is the large volume of re-
payments of loans by banks to the Re-
construction Corporation.
The United Business Service forecasts
that industrial activity and business
volumes will hold approximately at
present levels in February.