Evening Star Newspaper, November 14, 1931, Page 13

“FINANCIAL. NEW YORK STOCK EXCHANGE FENNER & BEANE S STAFF UNCHANGED Merged. Firm Keeps Local Managers—Office Here ‘Opened in 1914. BY EDWARD C. STONE. John ©. Mothershed and’ William E. Lewis, managers of the Washington @ffices of Fenner & Bearie, 1430 K street northwest, announced today that the congolidation with ‘Samuel Ungerleider & €o., members of the New York Stock Exthange, announced later yesterday, would affegt-the lecal branch in change of pame only, aside from the extension of ifacilities: which the enlarged firm cfl:n “The combined organization will be known as Fenner, Beane & Unger- leider and bring under unified manage- ment some 60 branch offices. It is announced that each of the 49 southern offices of Fenner & Beane and all ‘the offices of Samuel Ungerleider & Go., except two branches in New York City, will be maintained by the merged concern. Mr. Ungerleider becomes a riner in the new firm. While the gx‘-m now deals with all the leading es- changes Fenner & Beane made thelr first important strides in the cotton business, having established an office in New Orleans 15 years ago. Fermer; & Beane have maintained offices in Washington since 1914, For ears they were in the Willard Hotel, Zelm moving to their present K street location. While the firm first speci- alized 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. C. Beane is a native of Georgia. , Peoples Drug Grows Rapidly. Comment has recently been made by members of the Washington Stock Ex- changeson the rapid growth of Peo- ples Drug Stores, Inc. Only 26 years ago M. H. Gibbs, the founder, had just one store. There are now 128 in 47 ctities, 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- ington Exchange and on the New York Exchange, while the common has for ears been on the New York Exchange. t is more than likely. that the common also wil be listed on the Washington Exchange some of these days, in the city where the business was started and ‘wheére the head office is located. The' ferred has figured in a turn- ovef of 759 shares on the local board 80 ifar this year. The stock opened 193§ at 9875, went to 1031 and is now sellfng around 90, to yield 7 per cent. ‘Thé common is selling at 22 on the New Work Exchange and paying $1 divitlend. 1t has been down to 2173 and sboye 35 this year. Garrett Notes Silver's Advance, QGeorge A. Garrett, resident partner of Pr-B=Keech & Co, DEL - the recents | iop 41 silver ‘will be most. imj factor jn ‘the return’ of pros- ;emdy Nearly 8/000,000 dunces cl ed ands on the Metal Efthange one day recently and ‘on two other days the turnoyer. was about 5,000,000 ounces. 8 g’ of the recent drastic price rise, Mr, Garrett says: “Silver is the basis behind the cur- yency 0. over one billion people living on this-earth. Its stabilization at some figure to”be determined is vital to the ‘well being of this mass. The price re- covery” has’ already added mifikan- of doll to the pure! power of cney is based on the a4 present . of great as- de revival §nd any-for- C] the value of silver will ubtedly be ‘a tremendolis ‘asset in return to no; trade apd eco- lc conditions” W Octobex 3¥, show of 83 per fit‘ reflect ce of lower retail prices and pre- 13 au?hyment. Samuel Robin- D&I , 8aid. usually warm weather last month had. a retarding lence upon Mr. Robinson pointed out, and warm weather thus far in /Adiiring the current month. il prices have been running al 18 per cent below prices of a ago, which would have resulted in a gupondlnl redyction in sales of thefecompany, had not volume been in- o this year. Prices of meats, a item in sales, are very low. of the company in October, red with the preceding month, sho only a slight seasonal increase, wl October, 1930, sales ircreased abofit 3.6 -per cent over the preceding me “©n the basis of present profit show- ingz John R. Thompson Co. will earn !orzhe fiscal year ending December 31, 193% net profit of at least $900,000 after all irges and taxes,” said Charles A. M lloch, chairman of the board and tredurer of the company. is would be equal to $3 a share on 300, shares outstanding capital stock. and would compare with net of 6,585 or $3.75 a share reported in menting on the company's cur- business, Mr. McCulolch stated thaf a total of 400,000 new customers hasébeen added since the end of July, the new policy of reduced prices, | w] f:u;'cmd as “pre-war prices,” was pull : effect. i | Financial District Noles. Secretary Mellon announced today thak tenders for the $75,000,000 91-day Trefisury bills, dated November 17 and matriog February 5, totaled $255,- 289000, The highest bid made was 99.350, equivalent to an interest rate of #bout. 1.78 per cent on an annual basfs. The lowest bid accepted was 99.489, equivalent to an interest rate of aboyt 2.10 per cent on an annual basis. The total amount of bids accepted was $75810,000. The average price of Treas- urylbills to be issued is 90.489. The avefage raté on a bank discount basis is gbout 2.02 per cent. wvid S. Bethune, president of the | Dishrict of Columbia Life Underwriters' | Assdciation, has been ssked by the local * chapter of the American Red Cross to assift in securing full enrollment of the life:underwriters of Washington in the pr*nz Red Cross campaign. e Federal Rescrve Bank of Atlanta hag’ increased its rediscount rate from 3 16 31y _por cent, effective today, the Federal Reserve Board announces. NEW YORK BANK STOCKS NEW YORK, November 14 ©Over-the-counter market: [ "BANKS. ().~ Bid. Asked. w0’ e 4. 5. TREASURY BALANCE. the Absocidiéd Press. " ‘recel] { Stocks sold ‘In 100-share lots Tetter *5.” “l* -lm-uzilflmwlflh mm Low Dividend Rate 214 Abitibi Pwr & Paper 5 Abitibl Pwr&Pap pt. 7 Adams Express (1).. 18 AMliated Prod 1.60. . 52 Air Reduction(t414) 314 Allegany Corp . 68 Allied Ch&Dye (n8). 114% Aliled Ch&Dye pf(7) 14 Allis-Chalmers (1).. 13 Amerada Corp (2).. 614 Am Ag Ch of Conn pt 51 Am Agri Chem(Del), 18 Am Bank Note (13).. 9214 Am Brake Sh pf (1), 71% Am CanCo (16)..... 9 AmCar& Fary (1).. 40 Am Car & Fay of (1) 314 Am Chicle (13)..... 5 Am Colortype. . 5 Am Comel Alcohol 10% Am & For Power. ... 40 Am & For Pwr pf(6) 45% Am & For Pwr pf(7) 25 Am & For Pwr 24 pf, 6 Am International. ... 8 Am Locomotive (1). 59% Am Lc'motive pf (7) 16 Am Mch & Fdy 1. 5 Am Metal Co 21 Am Metals pf. . 114 Am Natural Gas pf.. 3314 Am News (13%).... 14% Am Pwr & Lt (31) 7~ Am Radiator (80¢).. 10 Am Rolling Mills. .. 27 Am Bafety Rasor (§) 20 Am Shipbullding (5) 19% Am Smitg&Ref (1%) 28 Am Snuff (43%).... 15 Am Solv & Chemieal. 1 Am Solv & Chem nf. 7% Am Steel Foundry. .. 337 Am Suga¥f Ref (5)... 121% Am Tel & Telex (9).. 71% Am Tobaceo (6).... 74% Am Tobacco B (1! Wi 12% Anaconda Copper. Archer-Daniels (1).. 20 Armour of Del pf (7) % Armour of Ill (B) 6 Armour of Il pf. 314 Arnold Constabl 31 Associated Apparel.. 9% Associated Dry G(1) 90 Atch'To&S Fe pf 52 Atl Coast Line (7. 844 Aub: Auto (£4). 2% Aviation Corp (De! 6% Baldwin Locomotive 28 Balto & Ohiod)...... 26 _Bang & Aroos (3% ). 1% Barker Bro: 37 Beatrice Cream (4).. 37% Beech-Nut Pkg (3) 12% Bendix Aviation (1). 8% Briggs Mtg (11 31% Bklyn-Man Tran (4 10 Burrough A M( 15% Bush Terminal(2%) 52 Bush Term deb (7) 69% 12% Byers (A M) Co. §3, 10% California Packing. 45 14 Canada DryGA (3).. 46% 11 Canadian Pacifio 13 363% 25 Capital Ad pf(A) (3) 131% 33% Case (J 1) CO..euuue 521 11% Caterpillar Trae (2). 25% 15 Cent Aguirre (1%).. 2% Rib M1l §4%. 14% Chesapeake Corp(3). 7% 3% Chi Great Western. . 27% 12 ChiGreat Westn pf.. 8% 2 ChiMilStP&Pac... 15% 3% Chi Mil StP & Pae of, 45% 12 Chi & Northwest (4). 35 10 Chi Pneu Tool pf. 5% Chryi 37% 26% City Ice&Fuel (3. 1 City Stores 97% Cocoa-Cola (18 7% Collins & Alkman. .. 30 Colo Fuel & Ir pf (8) ) 28% 8 Comm Credit (1.60 35% 20 ComclCreditA (3).. 34 15% Comei Inv Trust (2. 914 Comel Solven 12 4% Comwith & Sou(30e) 100% 68 Comwlth&Sou pf (§) 34% 14 Conde Nast Pub (2 6% Congolm-Nairn (1). 7% Congress Cigar (1). 46 Consol Cgrpr pf 6% 3% Consol Film. 7% Consol Film pf 109% 61 ConsolGasN Y (4).. 107 93 Consol Gas NY pf(5) 15% 9% Consol Laundries(1) 1% % Consol Textile 8 2 Container Corp 30 5% Contl Baking (A).... 3% % Contl Baking (B 62% 311s Contl Can (2%). 167 51% 4% 12 12 86% 36y Corn Produets (3) 18 3% Coty Ine...... 8% 31 Crosley Radlo. 38% 15% Crown Cork (2.40) 67 2 Crown Zellerback... 63 22 Crucible Stesl, 5% 2 Cuban-Am Bugar.... 487 29 Cudahy Packing (4). 118% 85 Curtis Publish pf (1) 5% 1% Curtis 23 22 13% Deere & Co pf (1.40). 157% 93 Delaware & Hud (9). 102 29% Del Lack & Wn (2).. 195 112 Detroit Edison (8) 23 12% Diamond Match (1 24 11 Domn Stores (1.20 21% 10 Doug Afrcraft(t1%) 78% 42% Drug Corp (4) 107 53% Dupont de Nem 124% 106 _Du Pont of 185% 93 Eastman K 21% 74 Eaton Axle 20 Elec Auto Lite (4)... 1% Electric Boat. . 214 Elec&Musical Instru 16 Elec Pwr& Lt (1)... 55 Elec Pwr & Lt pf(§). 29 Elec Storage Bat (4) 21t Eng Pub Sve (1.60).. 10% Erie RR. . 6'n Fed Water Service A 22 Fid Ph Fire In12.60). 13 Firestone T& R (1). 50 Firestone T&R pf(8) First Natl Strs (3%) 115 561 211y 661 Fourth Nat Inv méfe for November 12 oxvand:;urfi. .“', 5 Fox Film (A) 2% Gen Am Investors... 88 54 Gen Am Invpf(6).. 73% 3814 Gen Am Tank Car(4) 41 9% Gen Asphalt (2).... 314 Gen Bronze. 30% Gen Food Corp (3). . 215 Gen Gas&El A(e30c) 30 Gen Gas&El pf A(8). gu Gen Motors (3) Bosrm - e » Se & Plveonmaras ShwnsmnNe A oyorey PR BER®E~00e=an S22 WRRT-T e Z - 232 Add 00. Hixh. Low. Olose. 4 4 4 * 1 13% 2 8% 187% 137% 8TH 8TM 16% 12% 57 164 128 58 E FERPZFP I+ FEEEREES (R SEEF SERESGEFF FEFEERF FEE * 25 s5"2eEzes O W R SRR LTl i+t+000d (RS EN 608 61y - 107% 107% —100— mwmummumlwoln- Stock and low. Dividend Rate. 16~ Gen Refractories (1) 1% Gen Theatre Equip.. 9% Glllette Saf Rasor... 3 Gimbel Bros 414 Glidden Co. 48 Glidden Co prpf (). 3% Gobel (Adolf)..uues 424 18 Gold Dust (23)..... 118% 105 Gold Stock Tel (6)... 20% & Goodrich (BF)..... 52% 16 Goodyear T&R (3). 91 5714 Goodyear 18t pf (7).. 18% 3% Gotham Silk Hoslery 6% 1% Grabam-Paige . 18% 7 Grand (Tnion... 46 31% Grand Union pt (3) 42 25% Grant (WT) (1).... 69% 20 Great Northn pf(4).. 28% 12 Great Northn Ore(2) 11% 5% Great Western 6% 1% Grixsby Grunow 37% 6 _Gulf States Stee 2% Hahn DRpt Stores. .. 26% Hahn Dpt St pf(6%) 17% Harb & Walker (1).. 5% Hollander Sons .... 16 Holland Furn (+2%) 81 Homestake M (7.80). 3 Houdaille Hershey. . 19 Houston Ol 4 4 Houston Oil (new).. 12% Howe Sound (2).... 27 Hudson & Man (3%4) 55 Hudson Man pt (5).. 7% Hudson Motor (1) 3% Hupp Motor 1814 Illinofs Ce: 35 1llinois Cent1l (4).. Bales— Add 00. 5 8 32 4 > 2 servalataTaen nRupansmon 18 24 108 Indust Rayon (4)... 16368 Ingersoll Rand (4)., Inspiration Copper. . Insur Shr(Md)(40c). Interboro Rap Trans Interlake Iron . In. Agriculture..... Int Bus Machine(né) Int Carriers,Ltd 60c. Int Cerpent (4)...... Int Harvester (2%). 1 Int Hydro El A (e2). 19 Int Match pf (4).... 8% (nt Merchant Marine, 7% Int Nick of Can(40¢). 1% Int Paper & Pwr (A) % Int Paper & Pwr (B) 13% Int Tel & Tel (1).... 65 Interst D8 pf xw(7). 2__Investors Equity. 57% 24 Jqwel Tea (4).. 80% 29% Johns-Manvill 18 8 K'munn Dept Stra( 815 Kayser (J) & Co (1). 3w ¥ 16% 6 Kelvinator Corp.... 31% 10% Kennecott Copper(1) 41 24 Kimberly Clark 2%. 70 15 Kl 355 18 Kroger Grocery (1) 8T 8% 84% 18 Lehn & Fink (3).... 20% 7 Libbey Owens Glass. 91% 40 Ligg & Myers B (15) 34% 15 Lima Locomot (m2). 654 154 Liquid Carbonie (2). 63% 27% Loew's Inc (3). 40% Lambert Co (8) 10 Lorrillard (P) Co... 1% Louisiana Oil.. . 86% 20 LouGas&ElA (1%). 30% Louis&Nashville(s). 5% Ludlum Steel....... 521 21% Ludium Steel pf 36 17 McCall Corp (2%) 20% McCrory Strs A (2 17% MecCrory (B) (2) 7% Magma Copper (1).. % Mallison & Co 1% Marmon Motor Car. . 14% Mathieson Alkill (2) 18 Melyilie Shoe (2).... 2 M 24 Miami Cop: 20 Met-Gold Pic pf 1.89. 5 Mid Continent Petm. 7 Midland Bteel (3)... 35% Midland Steel pf (8). 21 Minne & Hon Reg (3) 1% Minn Moline Pow. 5% Mo Kan & Texas 18 Mo Kan & Tex pf (1) 10 Missouri Pacific 24 Missouri Pac pf 16% Monsanto Chem(1%) 8% Montgomery Ward.. 15 Motor Products (2). 8% Mullins Mfg. 5 Murray Corp. 29 29% 4T% 18% 20% N 19% Nat Dist krod (2) 14% Nat Pwr & Lt (1) 40 Nat Supply pf 8 NatTea (1).. HIY 30% NY N H & Hart 80 NYNH&HDI(, 5% N Y Ont & Western. . 2 N ¥ Shipbuilding. 10 Noranda Mines. 112 - Norf & Westn (t12). 11 3% North Am Aviation. 90% 26 Nor Amer(bl0%stk) 60% _19% Northern Pacific3). . 19% 6% Ohlo Ofl.... 85 60 Omnibus pf 76 8 Orpheum Clrcuit pt 5815 20% Otis Elevator (23%) 55 42 Outlet Co (4) 39% 201 Owens 111 Gl A B4% 2vm Pacific Gas & i (2). 11% 4 Packard Motor (40c) 50% 10% Par-Pub (b10% stk). 7 Park Utah g s, Pathe Exchan 4 213 Pathe Exchanze (A) 4613 22 Penick & Ford(t1%) 443 281 Penney (J C) (2.40). 100% 90 Penney(JC) pf A (6) 64 29% Penna Rallroad (2).. 1041 817% Peoples D S pf (6%) 921 184 Pere Marquette pr pt 10% 4% Petm Corp of Am(1) 28% 61 Phelps Dodg 3% Phila&Reading C& 14 11 Phillips-Jones Co..., 16% 4% Phillips Petroleum. -Arrow pf (6) 29% oal b Port Ric T o 2'1 Port R Anfleb (B). 814 Postal Tel&Cable pf. 11215 10 6 1% Pro & Refiners 9615 51% Public Svo NJ 10215 87 Public Sve NJ pt (§) 107% 97 PubBSvcG&E DL (5). 58% 22 Pullman Corp (3) 9% Radio COTPicceasees 43% M:o gorp ?é,‘(‘& . Radio Corp . b1 th-Orph ‘0) 4 Re 20 Rem-Rand 18t pi Motor Car(40¢c). Reynolds Tob A ( 85% lu;nom Tob B (3). % on. 101~ 24 43% 13% Royal Dut 9% 38% Safeway Stores (5).. 3% Lehigh Valley Coal..’ 1 191 11 High Low. Close 18 184 18% 1 + + LI+ +14 SEESSEFE & I RN E NS 2 ) o Net. Chge. i 1 & =+ #F * 28§ SATURDAY, '|STBGKS UNSETTLED AS RAILS DECLINE Market Steadies Somewhat After Sharp Selling of Leading Issues. % 25 FEEFEL BY GEORGE T. HUGHES. Special Dispatch to The Star. NEW YORK, November 14.—Again unsettied by acute weakness in New York Central, the stock market had an- other bad break directly at the opening today, with, however, a partial recovery in the later trading. The selling of New York Central, which was offered in large blocks and | apparently for both accounts, carried the price down to the lowest in the his- tory of the company. The explanation was the same as that given earlier in the week, namely, doubt about the maintenance of the dividend at the meeting of directors scheduled for De- cember 9. This doubt was intensified by the three months' earnings state- ment published overnight, which showed only 4.5 cents a share for' the stock, against $1.76 a share in the same qua: ter a year ago. For the nine months end- ing September 30 only 95 cents a share was earned, against $6.40 a share in the first nine months of 1930. In view of the high regard in which central shares have been held so long, it is not surprisfng that the general market broke. Central has paid a divi- dend on its capital stock without in- terruption since 1870, a period of over 60 years, and during this time the rate has never been less than $4 except in one year. Semi-official denials of re- ported new financing were no offset to the pessimistic feeling, which affected not only Central but all of the other rails more or less. A new low for the bear market was made by Rock Island. and New Haven and Southern Pacific ‘were weak. The market was ind! to pa; any attention to the overnight news which under any other circumstances would have been construed favorably. ‘The items included the President’s plan for a series of home loan banks, the stand taken by the conservative leader in the British Parllament for payment by Germany of private obligations in priority to reparations, prospects of peace in the Far East and the progress made by the rallway executives in get- ting together with the union men on the wage propositions. ‘The only offset was the disturbing re- ports which came as to the political sit- uation in Germany, ‘and these were ‘without confirmation. Next to New York Central the weak- est stock was Western Union, down at one time 6 points and at a new low. United States Stecl, American Telephone & Telegraph, General Motors and other leading Industrials and utilities made new lows on the reaction, but they re- covered partially in the second hour. At the height of the selling, volume was approximately twice that of the same period in the preceding session. The market turned dull on the recovery. ‘The best showing was made by the copper shares which were sustained by hope that an agreement might yet be reached on the restriction of production. CLEARING HOUSE FIGURES. ‘Washington clearing house figures for today: $3,915,064.81. DIVIDENDS DECLARED . NEW YORK, November 14 (#).— Extra. Company. Rat {.fi Col & Xenia R R.105 o Morris Pian Bk Htfd.s2 .. Reduced. Johnson-Steihens- Bhinkle Shoe ....25¢ Q Deferred. Ry & Ut Inv $3.50 BI. ok R gt EF EF EES RFFF Pay- Hidrs. of able. ° record. Dec. 18 Nov. 28 Nov. 28 Nov. 43%c 37%¢ Regul Atlas ULl 33 pf A. ... Boston wharl 5386 Cent Ohio Lt & Pow 70 " gl n lene's (Wm) 8o ot Yl v 51 1186 Do. 1550 pt. xi.r_i'-a u it i z 3 2 g3 : P 00 m POOOD: : 81 Do 8% Bf.... 31 Lyons (J) Co'Ltd dep rec A d_res... g2 00n ©OODOOOOO: . 31 .15 ¥ Bazzans! 8 Ohio Elec M| Phil Ger & Bomerset Un & Mi Ltg ~ Co. Upper Can Tnv pf. 433 B°B ovpsum Co. .y 140 FEFIES SRy ywoRTREY W 3550 SHORT-TERM SECURITIES, (Reported by J. & W. Seligman ‘fll Co.) Bid, “Offer. Allis-Chalmers Co. 55 1937 2's 98 American Chain Co. 6 Tel. & Tel. Amer. Wat. Wks. & EI 5s 1 Baltimore & Ohio 428 1933 ... Belding Hemingway 6s 1936 Bethlenem Steel (3 Gen. Mot. Accep. Cor} General Petroleum Corp. General Public Service §1as 1939 Grand Trunk of Canada 6s 1936 Texas 5s 1933 FF FEFIE 28 —_— e % ol g g (OOBUNUED OB PAge 16) 4 ki A NOVEMBER * | sisted of a sheet of i4, 1551. + Trade Reports at a Glance. By the Associated Press, NEW Wholesale and Jok trade. Milwaukee Pittsburgh parts trade improving; coal fair, weather helr seasonal lires. e Milwau encouraging. Detroit—Auto production in October 86,328 units; Buick aetive: warn weather hurting trade. Louisville—Retallers buy hand-to-mouth; hardware fair; Press, YORK, November 14 —Tablold review of wholesile and retail business conditions and the state of crops as reported week from the following centers, on the basis of comparisons with condi- tions in the same areas in the correspondin; to Bradstreet’s this g week last year: i Quiet Fair Quiet Slow &= = Quiet low Fair Slow Slow Slow Slow Slow Slow Chicago—Increased steel buying; mild weather checks dry goods; drought in Southwest and Northwest. Cleveland—Steel improving, with operations at 35 per e¢ent: suto Chevrolet and cooler e—Wheat advance alding business; State Teachers' conven- tion trade; increased milk production continues. Pittsburgh—Coal improving; glass slow; orders for holiddy goods Des Moines—Trade generally slow; manufacturing on short-time basis; auto accessories quiet; corn yields bette: Duluth—Slight increase in buil r than anticipated. ;. mining far below normal; re- tail t!r(lde active through continuous “sales.” quiet. St. weather hinders retail sales; ing slow. BY JOHN L. COOLEY, Associated Press Financial Writer. NEW YORK, November 14.—Specu- lation in grain and silver provided the most spectacular developments of the financial week, but optimists also de- rived comfort from other trénds, both | domestic and international. War threats in the Far East doubtless stirred up a large measure of the en- thusiasm for the two major commodi- ties whose advances put them into the headlines, although it was not quite clear to some observers just why the possibility of a serious conflict should prove so stimulating. Commentators with long memories recalled that the Russian-Japanese conflict early in the century had brought almost no increase in our wheat exports and there was equally little effect on silver. Advance Attracts Following. Nevertheless, the advances eatly in the week attracted a large following among professionals and private traders who l'u(r been on a slim profit ration for 50 long that a chance to enjoy a richer diet was eagerly selzed. Wall Street has not attempted to minimize the ad- vance in either wheat or silver, although there has been a feeling that the for- mer's move was too rapid, hence the reaction which ensued was in line with expectations. . 2 Brokerage houses and banking cir- cles believed the week's news had struck a fatorable balance. Our banking po- sition continued to improve, shown by the circulation decrease, the easiness of money and the gain in gold. Some bankers felt that they could say that hoarding had been . definitely checked, even if the money was slow in returning to its proper uses. De- mands on the National Credit Corpora- tion have been light; doubtless the knowledge that help was at hand has proved reassuring. The bond market drew a step or two nearer to the day when lmgomm new financing can be assured of support. Technical conditions are still rather unfavorable, and a thin market exists for many securities, but there has been @ resumption of buying in best grades. Prospects of an agreement between France and Germany on the means of approaching the Reich’s indebtedness brought closer the inevitable conference or conferences on Germany’s capacity to pay. It was thought probable that the |COPPER HOUSES SHOWN AT BERLIN EXPOSITION By the Associated Press. . A new use for copper Was seen at the International Building Exposi- ion held in Berlin recently when two tic 4 | houses made entirely of the metal were placed on exhibit. They were built by |a German firm which is said to have applied for a number of patents in Ger- many and abroad for the construction of various types of houses. The walls of the houses were manu- factured by machinery and were turn- ed out in sections of 1, 2, 3 and 4 meters in length and 2.8 or 2.5 meters in height for ground floor o» upper floor construction, respectively. For single story buildingsithe walls were 10 cm. thick, while for two-story structors they were 12 cm. thick. The sutside surface of such a section con- sisted of a stamped sheet of copper, while the inside or room surface con- ressed steel that is embossed in one of six designs. The two sheets were mounted by machine on a strong wood frame, and the in- tervening space filled with an insulat- ing material. z ML 2 SHOPS TO REOPEN MONTREAL, November 14 (#)—The main shops of the Canadian Pacific Raflway in various Canadian cities will be reopened Tuesday. Grant Hall, vice president of ‘the company, said the shops. closed in September as an economy measure, include those at Montreal, McAdam, New Brunswick, Carleton Place, Ontario, North B:{, Ontario, West Toronto, Winnipeg, Cal- gary and Vancouver, involving a total of approximately 8,000 men. STOCK AND BOND AVERAGES By the Assoclated Press. SATURDAY, NOVEMBER 14. STOCKS. 50 Industrials. . 82 ansas City—Price advance in certain commodities ids business sen- timent: clothing manufacturers volume below 1930, % Minneapolis—Seasonal lines fairly active; automobile and accessories Louis—Output of lt;fl c}lrgl!ed: building at standstill; warm shoes fair. St. Paul—Wholesale trade iet; retail behind I A - ment_stores better: mild weather has adverse effect. o P Baltimore—Better seutiment, but seasonable weather needed; cloth- Omaha—Continued mild weather’ retards wearing apparel. RECENT STOCK GAIN ATTRACTED LARGE FOLLOWING TO MARKET German insistence on consideration of her short-term private debts would be met by the appointment of a &pecial committee for that purpose, while the Young"j‘;un machinery would be used for dling the international debt question. Upturn in Steel. The upturn in steel operations is being regarded conservatively, although producers are said to believe there will be continued improvement over the re- | mainder of this month as au manufacturers become more m&%‘l’:‘: However, the immediate requirements of other consumers are likely to be small. tle inquiry for rails is expected until the new year, nor is the mm industry counted on for After Flondny‘l rally stocks were re- actionary over the rest of the week, al- t::u[h ?fi nuarket was dull. shares suffered from dividend A tainties and a realization th;tm;:lel: from higher freight rates, and possibly ‘r’revl: wage reductions, was subject to i sAFE ¥FIIR-S'T This became apparent when the Commerce Department announced the current production was 19,414,667 eases of 24 No. 2 cans, an increase of 3,722,- 545 cases over the previous year. Of the year's ;g itouu:u. 95. cent represents actual canners’ pack figures reported to the bureau. The remaining 4.6 per cent is based on esti- mates from reliable sources. Consumption flal;u are not available at Government does the National Canners’ A-%’:'hl Of the total, 17,362,545 cases were of le pack, with the re- The the les pply year, packing 3,788,167 cases. Minne- sota, which occupled second place last year was relegated to sixth position in 1931 packing 1,834,862 cases. It was surpassed by Iowa which packed 3,227,- 229 cases; Indiana with 2,362,179 cases; Maryland, with 1,955,761 cases, and by Ohio with 1,870,833 cases. e _department was able to report final pack statistics just four weeks after original mail of the schedules to ‘canners throughout the country. SILVER QUOTATIONS. LONDON, November 14 (#).—Bar Sil- ver: irregular and 7-16d higher at 21 ©-16d per ounce. ot pe - Becured by first deed et trast on real estate. Prevailing interest and commission. eller 420 wash. L. & L6 NW. Joseph 1. W Bide. #th & ¥ SINCE 18 MONEY TO LOAN at 314% and 6% Interest First Mortgage Loans Lowest Rates of Interestand Commission Thomas J. Fisher & Company, Inc. Money on Hand to Loan on First Deed of Trust 6% Interest 643 Indiana Ave. N.W. MORTGAGES MUST BE A SOUND INVESTMENT when courts approve First Mort- gages as Trust Funds. proper investments for Our 6% FIRST MORTGAGES are secured by conservatively ap- praised improved Washington real Over a Third of a Century Without a Loss mortgage. estate—and=the interest is unvary- ing throughout- the term of the It's 6% continuously. May be purchased in amounts from $250 up—and upon our con- venient Partial Payment Plan if you so wish. B. National 2100 ll- THERE Sixty-Five Sound Banking OUR cash deserves the security of a strong bank, whether you have much or little to de- Y IS NO SUBSTITUTE FOR BoBauL. cO 925 15th St. NNW. SAFETY ' Years .of pos {IThe policies of this institution have been shaped by the experience ‘of sixty-five years of successful banking, assuring you of the Maximum in Service and Protection, at all times. fiJoin our family of 55000 depositors THIS PAYDAY. INTEREST PAID ON BOTH SAVINGS AND CHECKING ACCOUNTS Open Until 5:30 P.M. November 16th OFFICERS WILLIAM D, VE] FRANK WrErBoA 2nd Pres. A% nEiv T30 o W . CAL) DIRECTORS: National Savings & Trust.Co. Oldest 'Savings Institution in the District of Columbia * " Corner 15th and New York Ave.