Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-11-12

81
Inc. for each :, s
share of Sanitary
common stock III =
held = IS
Holders of SAM
tary preferred Edward q yonker
stock, each share
of which was convertible into one-thirt
share of Sanitary common, have thu
right until November rs to exchange
their stock directly for Safeway com
mon at the rate of one share of SAM
tary preferred for one share of Safe.
way common. The Sanitary preferred
stock has been called for redemption
at 10 and accrued dividends on De.
cember l, and after November 26 al
rights to exchange preferred stock fol
SafeWay stock will cease and the pre-
ferred stockholders will be entitled only
to the redemption price.
In connection with the action of the
Sanitary Grocery stockholders, an.
nouncement is made by Merrell, Lynch
g. Co. that Safeway Stores, Inc, has
made arrangements for the acquisition
through a subsidiary, of the assets anc
business of Knoblock Bros. Co., which
operates a chain Of IS grocery stores
in Baltimore.
When the consolidation was first an.
nounced, it was stated that Edward
G. Yonker of this city, president Of
the Sanitary Grocery Co., would con-
tinue in charge of the stores in this
territory Secretary c. j. Gockeler Of
Washington Stock Exchange has re.
ceived notification of the merger ap.
prevail, notice of same having been
posted on the bulletin board. When
the merger is completed the Sanitary
preferred stock will be stricken from
the local list.
Heavy Retail Sales Forecast.
Latest reports from the Federal Re-
serve Bank at Richmond indicate that
business throughout the fifth district
which includes the Washington area, Is
| holding up well. Bank debts reported
for last week practically duplicated
those of the same period year ago.
| November is now expected to show
the largest retail sales of the present
year, although it will naturally be sur
passed by December. Large stocks are
reported on hand in connection with
| the coming Christmas trade and stores
generally are said to be in a strong
merchandising position.
It is added that favorable weather
has enabled sites for large buildings in
Richmond, Baltimore and Washington
to be cleared for new construction and
the building trades in the fifth district
are now predicting busy Winter.
Long Service With Same Bank.
Henry H. Shackleford, for several
years in charge of the paying and re-
ceiving department of the Federal
American National Bank, has been with
the bank % years today. He is a ma
] Nf nj 10 f7rct l.
| ton was that of clerk in the transit
department of the American National
Bank. He assumed his duties on No
vember II, 1906, at the time when Rob-
ert N. Harper was president of the in
Stitution.
Shortly afterward he was promoted to
bookkeeper and advanced steadily until
| 1921 when he was elected assistant
cashier. When the Federal and the
American consolidated, Mr.. Shackleford
was reelected assistant cashier. His
next promotion was assignment to his
present position.
Local Securities Remain Firm.
Stocks and bonds were steady on the
local Stock Exchange when the weeks
business opened today. Riggs National
Bank warrants, which sold at 32C
Saturday, sold at BIT today for full
warrants, while one fractional share
sold at 315. American Security & Trust
| was the only other bank stock out
this issue selling at 453.
Capital Traction sold at 1861
Potomac Electric Power 6 per cent
preferred at ia, Merchants Trans
fer & Storage at 108 and 81 shares
Mergenthaler Linotype at 1001a. Wash
ington Gas was quite active, selling
at lob, 1924, 1033s and 1922. Column
bia Sand g. Gravel preferred opened
at 90 and closed at 9134.
The bond trading opened with Wash
ington Railway & Electric General IS
selling at 102 in $4,000 turnover. The
next sale was In Georgetown Gas IS, a
$4,000 transaction taking place at 1929
A baby gas 6, series A, came out at 10334
and small gas B bonds moved at 10534
Young Bankers Pushing Benefit.
Members of Washington Chapter
American Institute of Banking, were
hustling today in the interest of the an
nual theater party for the benefit Of the
organization. The Silent House" which
had nine-month run in New York, is
to be the attraction, and will appear
at Polls on Monday evening, November
l9.
The committee believes the attrac.
ton is one of the best the institute has
had in years. There is already lively
demand for tickets. The annual affair
is always attended by the cityS leading
bankers and their friends. This year Il
was decided to secure a mystery play
instead of musical show.
Heard in Financial District.
George L. Starkey, president Of the
National Bank of Washington, has beer
confined to his home few days with q
severe cold. He expects to return to thu
bank tomorrow.
Luther A. Swartzell, president o.
Swartzell, Rheem & HenSey, mortgage
bankers, was being showered with con
! gratulations today because of his con
nection with the firm just half a centur!
yesterday.
Luther E. Schreiner, manager Of thu
Dupont Circle Branch of the Merchants
Bank & Trust Co, has returned from :
business trip to New York.
Hardware Exports on Increase.
Exports of hardware and allied prod
ucts from the United States for the frs
inine months of 1928 were valued at $50,
982.723, an increase of $5,211 ,053 owe
the same 1927 period according to tn