Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-03-08
MELLON PLANNING
TWOBOND| ISSUES
Treasury March Financing
Consists of Short. Term
Certificates.
BY EDWARD c. STONE.

Treasury's March financing will be a
offering of two issues of certificates c
Indebtedness for cash subscription an
in exchange for certificates maturin
March Is. the total amount bein
$500. 900. 900.
The Offering consists OF one series Q
Treasury certificates of Indebtedness a
81. pei cent. for nine months. maturin
December Is, 1923. and the other Serie
at 3Ss per cent for one year. maturing
March, Is. 1929. Amount of the nine
month Offering is S200,00o,o0 ant
amount of one-year offering !
$3.50. 100000
About s5e4 .ooo. 600 Of Treasury Ger
tificates becomes payable March IS. TO
eether with about SIS. 100000 in interes
pavments on the public debt. Thu
present Offering. with tax and othe
receipts. will cover the Treasury's casl
requirements until June. Mr.. Melloi
said
Nov Government rates reflect some
what tighter money market. March !;
maturitieS of certificates OF indebted
ness carried per cent for the SIX
month issue and 81 per cent for tn'
one-year issue. New issues are up =
ana Ia of per cent on comparao-e
certificates.
Secretary Mellon explained that thu
March financing was broken INTO t"'
issues 10 save interest and 10 nacreas'
December maturities. The eXpseles
Issue to continue the retirement of TIT
third Liberty bond issue. called Tor re-
den,p;ion on September Is, was no
made at this time because OF the ON
cial belief that the market was no
ntfHT.
ings
Local Stores Have Larger Sales.
Peoples Drug Stores. Inc, today re-
rorted that sales in January OF thE
year amounted TO s74a.9SS, compared
Nth S5Ss.c4S in the same month II
1927. a gain of 27.5 per cent. The
conipany's sales for the first two months
Of 1928 total SLAB 1865. against si,i72.'
ais for the corresponding two month:
last year. this being an increase OF 23.l
per cent.
The Sanitary Grocery Co, Inc, re-
ports February sales of si.143.Sl2,
S3.6 per cent increase over sales oil
si.So2 ,5s6 for February. 1927. Sa'aS fol
the first two months Of the year were
$500 500. an increase OF 32.3 per cent
over the total of S2.5S5,2S for the same
period last year.
The preferred stocks of both these
companies are active on the Washing
ton Stock Exchange, the drug store
stock having furnished mild sensation
curing recent sessions. It first sold on
the local board about two years ago
around l04. It is now up TO 100, a
rather surprising gain. In addition to
expanding sales, market observers say
the chief reason for the advance Is the
fact that the stock carries warrants
with il for the purchase OF common
stock at so As the common stock is
row selling at SO. the difference Of ie
points in the purchase price is proving
attractive.
Potomac Power Leads Market.
Potomac Electric Power 5i2 per cent
stock featured trading on the local ex-
change today. $50 shares in seven trans
sections changing hands at l07t4 Capt.
tai Traction came out at iiiis in light
trading Sand g. Gravel sold at 1885,
snd 200 shares of National Mortgage
&, Investment preferred at 5Ss.
Bank stocks were active. Ten shares
81 Federai-American National moved al
3z2. the same number OF National
Metropolitan came out at 404i,. and
10 more at 4O5is, while 10 shares OF
American Security e. Trust registered
$50 Mergenthaler Linotype opened al
ios and closed At i03Ts.
In the bond division Capital Traction
es brought i037s. Washington Gas SIS
1851. Series B Gas IS. 1851. Potomac
Electric Consolidated SIS. Io334. and
Chesapeake & Potomac Telephone SIS
1905 Further trading in Chaplin Sacks
q per cent preferred took place In the
unlisted department at io4is and l04
Aetna Agents 10 Meet Here.
An agency meeting for the agents OF
the Washington branch ONCE OF the
Aetna Life Insurance Co. and It's affi-
LATED companies will be held here to-
morrow at the Hamilton Hotel. The
entire day will be devoted to discussions
from the iderwriting and sales poin,
Of view OF the many lines written by
this large multiple line company. In
tbe evening, a dinner will be served, al
which the principal speaker will be
Chester Leasure. associate editor of The
Nations Business. published by the
Chamber Of Commerce Of the United
States
In addition TO the local agency force.
there yili be present from Hartford Vics
President Rawdon w Myers. Secretary
c O. Hailogeil. Secretary r. I. CatIin
and several others.
Pennsyivsnia Makes Unusual Showing.
With net income for 1927 OF s6s.l60..
z9s the Pennsylvania Railroad Co. es.
isbIish@6 new high record This was
an inereass Of t592,337 over the 1926
total of S57 .5s7.959, the record I'D u
that time. Net income was equal Il
1855 per cent on capital stock. the
largest return earned in recent times
sno comparing With 1888 per cent in
1926.
This showing in net income is all tls
more noteworthy when II is considered
that gross revenues fell of during tn
year bY tnf substantial amount Of 144,.
sss.42e. to.aling 1854 s5i .023. Againsi
ms decrease. operating expenses were
reduced by $50 esi .Sls 10 S5f0ggs. ss:
- that net railway operating moons
of siG3.S77 ,393 vas only $2,s55,454 be.
low that Of 1928.
Young Denies Credit IL Misused.
Cos. Roy A. Young ~ the Fedora
Reserve bost0s told the Eenaie bankin,
enc currency committee that bushes
End commerce were not denied eredi
because % the credit demands " tn
security nasfxet: that brokers loans il
some part were based on ieg.iimaL
cFecjt demzDcs, ana that there was NJ
evidence that The credit Of the gesEry
system WAS being USED for spcc'l.atiJn
Whether he thought brokers loans 10
high, MY Young refused To indicate
D1t he do specifically recoFnmen
sgsirs' sny legislation W deal with III
subject
Debate subiea Announced Today.
James A., 3op~F, chairman of III
committee arranging tor the debate b.
tween The RicnmoBd and Essex Count
chapters of TIE American Institute q
Banking ~ DE- held At the Ealeig
March 10. announced h6sy That III
subject would be, Resolved. That a
cities should adopt d city manager lyI
Of government
The cebste wall IDe open N the put
TIC SUD the committee il sending specli