Evening star., 1928-04-10
SANITARY STORES
PFD. At NEW HIGH
Mergenthaler Is Leader in
Trade on the Local Stock
Exchange.
BY EDWARD c. STONE.

reached new hlgn marx on ttle WaSAl-
ington Stock Exchange today, when 1t
! sold at llo for the first time since 1t
| was listed The turnover was very
light. but apparently reflected the in
creased sales during the first three
months OF the year
Mergenthaler remained in the spot
light again today, opening at los and
closing at the same figure, although 10
shares changed hands in six tranSac-
tionS at l0Sis Sales totaled il0 shares,
Peoples Drug preferred, although
called for redemption, gained fraction
ally during the day, opening at l26ia
and closing at 1864, Fifteen shares
| of Capital Traction came out at l09A
while the same number OF shares OF
| Washington Gas Light sold at S9i2
Lanston commanded 100.
Potomac Electric Power per cent
stock brought ll3 and the 5l2 per cent
issue loSia. District National Securi-
/ ties preferred again sold at l02 A
( small block of National Mortgage g.
Investment preferred moved at SIS.
/ Bond tradings was confined to a
! light turnover in Washington Gas IS,
| series A. and a $500 turnover in
/ Washington Railway g. Electric As at
9334.
! First Call Out for Convention.
/ What is termed the first call for the
/ tenth annual convention of the District
of Columbia Bankers Association. to
/ be held at Montauk Beach. Long Island,
! June Z. s. 9 and 10. was being received
/ by members Of the association today.
/ The notice carries with 1t handsome
pictures of the exterior and interior of
Montauk Manor. the fine new hotel in
which the convention is TO meet. The
| advance notice likewise included draw
ing of the surroundings of the hotel,
| showing several famous golf courses in
1 the vicinity and scores of other points
of interest.
The call" urges the attendance of
/ Just as MANY directors as possible in
addition TO the other officials Again
! this year the convention sessions win
be held only in the forenoon. giving the
/ delegates and their friends ample OPP
! portunity to enjoy golf, tennis. SWIM
ming. horseback riding. card parties.
motoring. motion pictures and dancing
The family dinner" viii be featured as
usual
The special train leaves Washington
at 8 o'clock on the evening of June 6
/ and returns on Sunday night. arriving
here at O'Clock Monday morning.
Peoples Drug Stock Sold.
Announcement was made today of the
| offering Of s2.500.0o0 Peoples Drug
| Stores Inc. 6l2 per cent preferred stock,
/ priced at 10T50 per share and ac-
crued interest The stock is offered
1 by Shields & Co, and Merrill, Lynch e.
| Co. and it is announced that it has
been sold privately.
! Some Washington brokers, however,
have bought blocks of the stock for
/ their customers and the issue will later
be listed on the Washington Stock Ex-
| change. Each share of the new stock
is convertible into i-3 shares of COM
mon stock at any time on or before
March IS. 1893.
In connection with the new issue.
NJ c. Gibbs, president of the company,
states that the firm has acquired the
entire outstanding stock OF the Summit
Drug Co. and the Day Drug Co, oper-
ating the largest retail drug chain in
Akron. Ohio. with 81 stores The COM
pany viii now operate directly or
! through wholly owned subsidiaries 70
stores in Washington. MARYLAND
Virginia. West Virginia, Pennsylvania
and Ohio.
The proceeds from the new issue will
be used to redeem the present 8 per
cent stock and for expansion.
Local Bank Ciearings Jump.
Bank clearings in Washington for the
| week ending April 5. as reported 10
BradStreet's. amounted 10 S32, ,T84, 900, a
/ sharp increase over the lower figure OF
, SIS. $50. 900 for the corresponding week
a year ago Clearings also showed a
| very slight increase over the previous
| week. Richmond also showed a gain
/ In the weeks clearings. the total being
| s45.851 900. compared with Sal $4,000
4 for the week Of March 20, but an 8
| per cent decrease in total clearings of
! the same week last year. Baltimore
| ciearings totaled 1922, 2,056,000. a marked
| increase over the figure for the pre-
! vious week Of s73.Ii6.000 and over Z
/ per cent ahead Of the corresponding
week year ago.
StoekhOIders' Association Meets.
The Stockholders Association Of the
! Federal Reserve Bank of Richmond will
/ have its fourth annual meeting next
I Friday at Richmond according TO no.
/ tees sent out by Secretary George II.
! Keesee and signed by John Poole. presi-
I dent Of the association The program
viii include reports by W. w. Hoxton.
Z chairman Of the bank board. George j
! Seay, governor Of the Richmond Reserve
( Bank and others
Only officials and directors OF the
( member banks attend this meeting, but
Washington always sends a good-sized
. delegation Aside from the officers above
I mentioned. c. E. Tiffany OF Warrenton
is vice president. and w l.. Glover Of
Orangeburg. s. c.. chairman OF the adj
yiSory board Other members Of this
/ board are W. Norwood. Marion, s.. c.:
( Robert " Fleming and II. II. Mckee
/ Washington. j. T q. Hopkins, jr, Port
Deposit. Md: George r.. Gehr West
minister. Md. j H. Victor, Lynchburg
Z Va, w j F0rd, Fredericksburg. Va.
w. + McAneny. Martinsburg, w. Va:
n B Lewis. Charleston. w. Va. j. B.
Granger. Wilmington, n. c.. and j. K
Cox, High Point ~. &.
I Heard IN Financial District.
Arthur Foraker. manager Of the
Washington Office Of Eastman, Dillon
a. Co. passed the Easter suspension on
the Stock Exchange on three-day visit
10 Virginia Beach
Sales of the Sanitary Grocery Co for
/ March amounted 10 S20i075I, against
I 81 ,395 ST. Ia March, 1927, gain OF
44G7 per cent The first quarter sales
t0talle6 53.43i 500, In comparison with
50 $50 95B for the first three months
last year. ar increase Of 36,45.
First quarter sales III Peoples Drug
Stores Inc, also reported today, were
W 254 5g8 an increase of $440ii7 over
the first quai ter of 1927
The Pennsylvania Railroad has APP
piled " the Interstate Commerce Com
mission for authority 10 issue S62,-
]0a $50 IN capital stock This Is the
stock 10 be offered stockholders a. the
rate ~ one new share for each eight
shares held
I sketch of David H. Houston, the
new trust officer Of the American 5e-
euFlty G Trust Co, Is featured IN the
current Security News published by the
staff ~ the trust company. which came
out yesterday