Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-09-29

for the exchange
of common stock of the Sanitary Gro
Gerry Co., Inc, for Safeway Stores COM
mon stock have been completed. Under
the plan the stockholders of Sanitary
Grocery Co. will be asked to consider
the exchange of five shares of Sanitary
| common stock for three shares of Safe
way common stock.
1t is expected that before this propo-
sition can be consummated Safeway
| common stock will be increased either
by a to split, in which event one
share of Sanitary common stock will
receive in exchange three shares of new
| Safeway stock.
/ The preferred stock, recently so active
on the Washington Stock Exchange, is
redeemable at ITO. However, it can be
exchanged for the company's common
stock. three for one. The common is
selling on the New York Curb between
40 and 435. And incidentally, the Safe
way Stores stock is also dealt in on the
New York Curb Market, recent sales
having been made at 725 and 100. 1t
pays II per cent.
Mr.. Yonker, now president of SAM
tary, was manager of the system under
the former management. He is a di-
rector in the District National Bank and
one of the city'S leading business men.
One of the main reasons why he is
pushing the merger is that the larger
| concern could buy at wholesale to so
much better advantage.
Business Situation Favorable.
General business conditions are very
satisfactory at present, in the opinion of
| Secretary of Commerce Whiting,
A great deal of new construction ac-
tivity was pointed out as an outStand-
ing factor IN the situation. Reports to
! the department from 81 States for the
first three weeks of September showed
record volume of new contracts, daily
average being about S32, OOO, 900. against
previous high last July of $31 100000.
Construction activity is breaking all
records in New York and New Jersey
particularly, although there has been a
slight falling off in the Chicago and St.
Louis area as well as in the Southeast.
Prospects for future business are very
good, according to the Commerce Secre-
.tary. Check payments are running
about $6,500,000, 900, and in the face of
high interest rates.
Extensive new construction work at
this season is regarded as exceptional,
and indicative of trend toward an all
year-round sterilization of this work.
Partnership Announcement Made.
Formal announcement is made by w.
B. Hibbs & Co. that Thilman Hendrick
and Karl w. Corby are to become men,
bers Of the firm on october /. the final
details having been arranged yesterday.
The present members of the firm are
w. B. Hibbs, the founder, and w. W.
Spaid. Mr. Corby will join the brokerage
house as an active partner and Mr..
Hendrick will be special partner. Both
are prominent Washington business
men.
Mr.. Hibbs said again today that he
had no intention of selling out and re-
firing from the business. He will con-
tinue to take an active part in the man
agement, although he will naturally
shift some of the burdens to other
shoulders. His friends state that man
who has been as active as Mr.. Hibbs,
who is in splendid health, would never
be contented a minute if he should re-
tire.
d. C. Bankers Council in Session.
The September meeting of the Coun-
Gil of Administration of the District
Bankers Association met yesterday aft
ing presiding It was voted to hold the
regular meeting of the association in
October in the evening. This was done
last year with splendid results. The
bankers have much more time for dis
cussing and acting on important
matters.
The next few days will see many
leading local bankers out of town at
tending the American Bankers ASsocia-
ton convention. In addition to those
mentioned yesterday it is expected that
John B. Larner. Harry v. Haynes, Rob-
ert N. Harper, Joshua Evans, Jr.; James
A. Soper, l. ]. Roberts, T. Hunton Leith
and Richard Norris will visit Phlla-
| delphia during the session. E. E.
Mountjoy Washington representative OF
| the American Bankers Association, left
/ here this noon for the convention. Con-
| troller McIntoch will be one of the
speakers as will Representative McFad-
den. E. ]. McQuade and M. F. Calnan
will also attend the sessions.
Heard in Financial District.
Washington bankG are making an
other tax instalmalt payment under
protest pending the ruling by the courts
on paying taxes on the interest from
tax-exempt Liberty bonds.
Secretary Mellon states that the COM
ing Treasury issue will take the form
of Treasury certificates.
Today is the last day of daylight saw
ing and the local broker houses will
open Monday on the Winter schedule
4 Nearly $50 students are already regis
tered in Washington Chapter American
Institute of Banking, the number indi-
eating new attendance records.
American Ice Earnings Compared.
For the first eight months of the
present year the earnings of the Ameri.
can Ice Co. ran about q per cent
ahead of the same period last year
July and August were most favorable
to the ice business, but in only one
month this year, March, were earning:
lower than in 1927.
Following table shows profits, after
interest. but before depreciation ane
Federal taxes, for each of the first eight
months of 1928 and 1927.