Evening star., 1926-12-06
DEMAND FOR BONDS IS GREAT
CLAY TELLS SECURITY SELLERS
Economist of Moody's Investment Service
Addresses Local Club at Luncheon Today.
Woolworth Sales Show Increase.

cess Of savings over requirements IS,
roughly, $1,700, ,O0O, 900. It is this an
nual excess production Of new capital
that has built up the plethora of funds
which has resulted in the present
unparalleled demand for bonds"
Additions to Membership.
There have been two additions to
the Bond Clubs membership since the
last meeting, the president, Carroll
Morgan, announced today. A. B.
Dickinson, connected with J. and w.
Seligman & Co., has become an active
member and Charles j. Bell, president
Of the American Security and Trust
Co., an associate member. The clubs
membership now represents 70 per
cent of the investment houses having
Washington offices. Interest in the
club and the forum speakers is spread
ing very rapidly.
Peoples Drug Sales Jump.
Sales of Peoples Drug Stores, Inc,
for November amounted to $591 1854,
compared with $420,933 for the same
month last year, an increase of $171,-
031, or 40.63 per cent. Sales for the
first II months this year amounted to
$5,566,128, compared with $4,667 ,118
during the corresponding period of
1925, an increase of $899,010, or 1925
per cent.
November sales Of F. w. Wool
worth Co. showed the largest gain for
any month this year except May; = :.
reaching $22,532,891, gain of 8.98
per cent, and for the II months this
year. $212,285, ,545, against $199.6S9, 1878
in the same period of 1925, an increase
Of 6.31 per cent.
The sales Of the McCrory Stores
Corporation for the first II months Of
the year reached 27,536,7S0, compared
with $24,245, ,044 in 1925, an increase
Of over 13 per cent.
Securities opened the week strong
on the Washington Stock Exchange,
three bank stocks being included In
the trading list. District National
sold at 227. Riggs at 285, while ten
shares of National Metropolitan OPEN
ed at 406 and ten more sold at 406k.
Potomac Electric Power preferred
ferred opened at 90h and advanced to
9OA on three further sales totaling
80 shares. while Capital Traction
opened at 1O4% and then hit 1O9R,
the highest price paid for this stock
in some weeks. Washington Gas
Light changed hands at 72 on a 80
share turnover. Two shares of Ma
tional Mortgage & Investment pre-
ferred brought 8A.
In the bond division Washington
Gas 6s opened at 1031a and closed at
1041l. No other bonds were out.
Philippine Bonds Sold.
Philippine Government collateral
bonds amounting to $329,500, bearing
Az per cent interest and maturing In
1856, have just been sold by the 1nsu'
lar Bureau Of the War Department,
at the rate Of $100.51.
Based on the prices quoted for for
eign bonds now on the market. these
Philippine bonds would not have
brought more than $50, it is stated at
the department. but for the fact that
they are a moral obligation Of the
United States Government and are
| exempt from taxation.
Institute Alumni to Meet.
Edward j. McQuade, president of
| the Alumni Association OF Washlng-
ton Chapter, American Institute of
| Banking, stated today that plans are
completed for the annual meeting,
| which takes place tomorrow evening
! at $50, in the Java room at the
| Franklin Square Hotel. The election
of officers and members Of the gov
erning board will be preceded by a
dinner. Mr. McQuade has kept the
| activities of the association before
the banking public through Dollars
| and Sense" all his reports showing
an unusually prosperous year.
Other Financial Notes.
Bankers today reported continued
interest in next years Christmas saw
ings clubs, the united advertising
| campaign and the special advertising
in each bank, proving most success
, full.
E. o. Mcdonnell, member Of the
brokerage firm Of G. M. P. Murphy
& Co., Is in the city for an indefinite
stay, and P. Erskine Wood will re
turn to the New York Office for a
| time.
The handsome new brass doors that
the District National Bank is having
installed at the entrance are nearly
completed.
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