Evening star., 1928-04-09
PEOPLES DRUGP PFD.
BEING REDEEMED
Shares Can Be Presented
Now for Payment-NeW
Issue Expected.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
cial district today that the $I,25o.000
issue OF Peoples Drug Stores preferred
stock. which has been called in on
May Is, can be presented now, If de-
sired. and payment will be made at
once.
The stock is eallable at ll0 and in
terest Payment of the 81 dividend
will also be made so that the holder
viii set sil2 for each share he truns
in without waiting until May Is,
While the stock is selling on the
Washington Stock Exchange around
l25 it contains warrants which are
valued at about SIS share. These,
of course. will be detached when the
shares are presented for payment. The
warrents permit the purchase of COM
mon at $50 per share.
The new issue of $2.500 900 Peoples
Drug Stores preferred stock, which Is
to replace the old stock. is expected to
be placed on the market tomorrow.
S20.o00, 600 Saving to Banks.
Reports made to President 7. r.
citation show that IS per cent of all
checks issued in the United States now
conform with the simplified forms pro-
posed by the organization two years
ago to replace the multitude of
heterogeneous shapes and sizes in use,
he announced today in New York
Universal adoption of the plan will
mean a saving of $4,000. 900 a year
in the conduct Of the Nations business,
he said, to the benefit not only of bank
ing but general business as we'll
About two years ago standardized
checks. notes and drafts began to be
generally adopted throughout the
United States" Mr.. Preston said. "This
was due to many years work of the
American Bankers Associations COM
mittee on Standardization of checks.
greatly aided by the Department of
Commerce of the United States, to-
gether with other organizations.
Two years ago when the Simplified
check formula was first established.
less than so per cent of the checks
issued in the United States were even
approximately uniform in size. Since
then there has been a tremendous
increase in Standardization and the
american Bankers Association reports |
show that more than IS per cent OF ell |
cnecks today are approximately uni |
form IN both type and size In a few
cities uniformity exists to the extent |
OF 100 per cent
Record Trading on Exchange,
One OF the heaviest trading davs on !
the washington Stock Exchanre in |
years took place today. with Merren-
tnaler leading all other issues in ac- |
tivlty. There were I9 different trans |
actions, involving 205 shares. the stock |
opening at 1924 and closing at 1903
capital Traction came out at IO9@ |
Potomac Electric Power per cent pre-
Ierred at 1925 and the 5i5 per cent
preferred at l08i4, later selling at iOSl5 |
halway q Electric preferred sold at |
IOz1s. Sixty shares of Merchants
Transfer e. Storgae preferred sold al
lO7. 20 shares of Peoples Drug Store
preferred at l26 and 25 shares OF Bar
Der a. Ross at 25
washington Gas Light registered
891z. District National Securities pre-
ferred l02 and National Mortgage a.
Investment preferred 5%. Bond trad
ing opened with Washington Gas 6s
series A, selling at 1857 and RAILWAY
d Electric As at 93z. Several other
bond transactions we're also recorded.
recent prices prevailing.
New Broker Office Opened Today.
Under the direction of George z.
Garrett. resident partner OF r. B. Keech
& Co, members of the New York Stock
Exchange, branch office was opened
today in the Carlton Hotel. Clarence
r. Burton viii be manager of the
branch. For the past five years Mr..
Burton has been connected with the
company's main office on H street, so
Is already well known in the local finan-
cial district. The brokerage house has
of1lceS In New York, Chicago. Proyi- |
oence and Washington, as well as cor
respondent Offices in several other cities
Conference on Industry Planned.
Eugene z. Thompson, head Of Crane. |
Paris d Co. has been invited 10 attend
q private conference on migration In |
industry, arranged by Haley Fiske. the |
noted insurance leader. and to be held |
In New York on May 3. p. s. Ark |
wright Of Atlanta. president OF the
George Power Co. is to preside, and the
list Of speakers includes eight leaders |
IN various industrial lines. The fact
tnat st. Louis is becoming the center
Of the shoe industry in the place of
New England Is one subject that will |
receive attention. The growth Of
Southern textile mills to the detriment
of New England mills Is another matter
oue for discussion, this migration
problem compelling unusual attention
just as this time.
Heard In Financial District.
Peter A. Drury. president OF the
Merchants Bank a. Trust Co, has gone
10 Atlantic City for a week.
J. William Harrington Of w, y. Hibbs
q co. passed the three-day holiday at
Atlantic City.
Fernardo cuniberti, first vice presi-
cent or the international Exchange
Eank. has returned from Havana,
CUBA. where he attended the interna~
nonal conference on emigration az
special delegate Of the Republic OF San
Marino.
John r. Parker Of q. M. p. Murphy
IL Co, passed part Of the Easter
brokerage holidays at Gettysburg.
Harry v. Haynes. president OF the
Farmers 10 Mechanicg' National Bank
IN Georgetown, will attend the annual
Spring meeting OF the executive coun~
cl Of the American Bankers Ass0cia-
ton 10 be held a. Atlanta, April is
10 10.
Wholesale prices declined one-fifth
~ per cent for the week ended April
J. according " the index compiled from
sS5 commodities by the National Fer
illzeT Association The slight decline
IN the total was due largely 10 seasonal
declines IN butter and hard coal and
~ slight declines IN other fats and
rubber. Advances occurred in lumber
Vfs=sFs a. -.