Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-10-29

the stock side, with three 100-share
blocks moving at 10012. Later two
more shares sold at the anne price, a
half point above last weeks close
Washington Railway & Electric pre-
ferred sold at par for the two 10-share
lots. 20 shares of Potomac Electric
Power 512 per cent preferred moved at
100, and 3 shares of 6 per cent issue
at 11334. new high for recent sales.
Capital Traction moved up quarter
of a point, IS shares in five different
sales changing hands at 1851. Wash
ington Gas Light stock figured in three
sales today, involving as shares at last
weeks closing price of 102. the highest
mark at which the issue has sold. This
is one of the stocks now selling eX divi-
dend. others being National Savings &
Trust Washington Loan & Trust and
Washington Consolidated Title pre-
ferred.
Stock Offering Made Today.
An issue of $4,000 shares of con-
vertible cumulative preference no PAL
stock and $4,000 shares of no par COM
mon stock of Davis Drug Stores Cor
poration is being offered today by a
banking group composed of Stein Bros
& Boyce, Baker, Watts & Co. and the
Continental Co.
The stock is offered in units of one
share of convertible cumulative prefer
ence and one share of common stock
at $57 per unit. Davis Drug Stores
Corporation, Maryland corporation
was recently organized to own all the
capital stock of a New York corpora
ton, which in turn will own and oper-
ate 43 drug stores in Brooklyn, N Y
All the stores will operate under leases
averaging Is years.
The capitalization of the company
upon completion of this financing will
consist of $4,000 shares of convertible
preference stock, all outstanding, and
,250,000 shares of common stock, with
100000 shares outstanding Of the
10000 shares of common stock I'M
issued, 1884 shares have been re-
served Tor conversion of convertible
preference stock and 1866 shares will
be held uniSSued in the company
treasury. The preference stock will re-
ceive $3.50 per share per annum
dividend
Application will be made to list the
stock on the Baltimore Exchange and
the New York Curb.
Western Maryland Picking Up.
For the first time this year. Western
Maryland gross revenues and net oper-
ating. income in october will show In
crease over the corresponding month
of 1927. 1t is estimated that increased
earnings will be reported for the re-
naming portion of the year, compared
with a year ago.
AS a result of increased grain loading;
and. substantially improved coal traffic
fn1. tho %hrao
ed October 81 totaled 81 1885 ,844 against
81 ,202,956 in the corresponding period
of last year, an increase of nearly pei
cent. Gross for the week ended Octo-
Der 81 was per cent above last year
while for, the year to that date it was
II per cent under 1927.
The Norfolk & Western Railway di-
rectors did what was expected in con-
tinuing the $40 annual return on the
common stock by declaring an extra
dividend of 50 in addition to the regular
quarterly dividend of So. Latest reports
available indicate that the estimate by
President Needles of SIT share earn
ings on the common for 1928 is most
conservative, and that the prospect;
now are good for fully $18, and per-
haps as much as $3.50.
Heard in Financial District.
o. H. P. johnson, vice president OF
the National Metropolitan Bank, was
! awarded a master of arts degree by
Georgetown University in connection
with the elaborate exercises incident to
the installation of a new president on
Saturday evening. Mr.. Johnson Is a
Georgetown graduate.
W. w. Spaid. partner in the broker
age firm of w. B. Hibbs & Co., has
returned from New York, where he at
tended a meeting of the board of gov
| errors of the out-of-town section OF
New York Stock Exchange firms. This
| board makes important recommends
! tons to the main exchange.
| Edison B. Olds, vice president and
treasurer of the Union Trust CO., has
returned from his vacation.
]. Damn Faber, auditor of the Amer
lean Security & Trust Co., has returned
| from trip to Cincinnati and elsewhere
in the Middle West.
Ernest E. Herrell, president of the
international Finance Corporation, il
passing few days at Atlantic City.
President John Poole of the Federal.
American National Bank, has returned
from an extended motor trip North.
Dividend Payable November l.
The Washington Consolidated Till,
! Co. has declared the usual Semi-annua
dividend of SITS per share on the pre-
| ferred stock, payable November l Il
shareholders of record on October IL.
Local stockholders in the Packard
Motor Car Co. have received word tina
an extra dividend of 81 per share will
be paid on November 80 to stock O
| record November Is.
! The outlook for business is surpris
ingly good, with many indications tina
activities during the closing months fl
1928 will show further improvement
according to the Union Trust Co
Cleveland. The bank sees no Seriou
harm coming to business from presen
high money rates.
That bankers are setting sitter stand
ards on the question Of installmen
financing, and are insisting that financ
companies maintain such standards il
granting installment credit, is indicates
in recent statement by J. H. Puelichel
chairman of the board of the American
Bankers Association Foundation TO
Education in Economics.
Examiner Given Important Post.
E. o. Detlefsen, national bank ex
aminer, has been appointed Superin
tendent of banks in the Republic o
Bolivia. Under the new banking lay
of that country, passed July IL last, il
accordance with recommendations mad
by Prof. E. w. Kemmerer, the neV
Bolivian banking system will contain
central reserve bank, while commercia
banks will be under supervision of
national banking department, much a
our national banks are under super
vision Of the controller Of the cur
rency. Mr.. DetlefSen will sail for 30
livia November l, on the S. S. Esse
guido, and will be gone for three year:
SILVER QUOTATIONS.