Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-03-12
PEOPLES DRUG PFD.
AGAIN At NEW TOP
S1,O00,0C0 Preferred Stock
Issue of Chestnut Farms
Dairy Out Tomorrow.
BY EDWARD c. STONE.

DGii Ouk OttiUi OtHs
BY EDWARD c. STONE.
Peoples Drug Stores preferred scale,
he financial price ladder to new height
| today when the stock opened at 1874.
| full point gain over the last sale. ant
| closed half point higher at l34i.
Sales totalled only Is shares.
Washington Railway s. Electric again
sold ut its high for the year~-l04~-ant
Capital Traction maintained its recen
| price Of Ill on a 26-Share turnover
The week opened with Chevy Chas
Dairy preferred selling at l06l2. ant
| Merchants Transfer & Storage com
! mon at 1870. a Jump of points over thu
! last previous sale to new high. Twent.
| shares of Mergenthaler Linotyp
changed hands at 1884,.
| Two local bank stocks came out. botl
at firm prices. Five shares of American
| Security & Trust sold at $50. the sam,
as the last sale, and 20 shares of Rigg'
| National registered sos. slightly lowe
than the last transaction. Not a bono
appeared on the board, but 10 shares
Of Chapin-Sacks s per cent preferred
ment at l04la.
S1.000.O00 Local Issue Coming.
II was reported in the financial dis.
triCt today that Crane. Paris s. Co
-: investment bankers. will make a public
, Offering tomorrow of a $1,000 900 ISSUE
Of preferred stock of Chestnut Farms
Dairy Inc.
This will be one Of the largest loca
issues brought out III a long time. The
company already has q S750.000 bone
issue. which is listed on the Washing
ton Stock Exchange. paying 6i2 pei
cent and selling at LOG.
| The dairy company is one Of the larg'
est in the city Henry T. Brawner, jr., /:
president. The concern will continue
under the present management, with
the possible addition Of one or two new
| directors The new stock eventually
will be listed on the Washington ex.
| change.
| Bankers to Attend Convention.
A delegation Of Washington banker:
will leave here tonight for New Orlean:
to attend the seventeenth annual con.
| vention OF the Association Of Reserve
| City Bankers, which opens Wednesda!
and runs through Friday Among finan.
ciers from the National Capital who are
| planning 20 attend the sessions will bt
| Robert V. Fleming, president Riggs Ma.
| tional Bank; A. NJ. Nevius. vice preSi-
| dent Of the same bank: w. j. Waller
| vice president OF the Federal-Americar
National: Harry Y. Haynes, president Of
| the Farmers & Mechanics National anc
| chairman of the Washington Clearing
| House Association: Controller Of the
Currency ]. w. Mcintosh and f. G
Await, also Treasury official r
! Golden Donaldson. president Of the
/ Commercial National. who is at Palm
/ Beach, will also 90 TO New Orleans. as
will Victor B. Deyber, president Of the
i Second National.
The program will be centered about
the major problem Of making the bank
/ pay. A session will be devoted to tke
| scientific analysis Of accounts and the
imposition Of service charges of various
kind The increasing importance to the
banks Of the mounting total of Ameri.
| can investment in foreign securities viii
| be given recognition. The use and ABUSE
| OF warehouse receipts and bill Of ladinG
/ as bases for credit is another question
| TO be dissected.
| The entire membership In New Or.
leans will act as the entertainment com.
nittee.
Stanley Earnings S3.64 Per Share.
I The annual report of the Stanle,
| Co. Of America and the subsidiaries
including the Stanley randail Co.. 70,
/ the year ended December 81. shows ne,
/ profit Of s3,293582 after depreciation
/ and Federal taxes. equivalent to 1864
q snare earned on 904.43i no par shares
o. stock outstanding at end Of year
This compares with S3.l43.309 or S5ll
snare on 6l6,135 shares outstanding
| at end Of 1926
On It's face the income account 70,
Baltimore & Ohio for 1927 shows 50 a.
a share earned on the s2i5,I87 800 com
| mon stock outstanding at the end Of the
| year. AS 500 $4,000 Of this stock was
/ issued rather late In the year, it Is
| pertinent that earnings were eQiiiva.
| lent 10 sll share on the average
amount of stock outstanding during the
! year.
In neither calculation is allowance
| made for the fact that slightly more
than half the proceeds Of the stock
| sale were applied on January ], to re-
| tirement Of s35, 600 900 per cent bonds
Crcditing income with the interest saw
| ing. last years earnings become siO4C
| on the Increased number Of common
! shares.
| Financial Broadcasting Starts Soon.
| Thomas j. Mangan, jr.. Washington
| representative Of HaIsey. Stuart IL Co
| announced today that the financial In
stltuti0n's new radio broadcasting plar
! VIII be inaugurated over 30 stations
beginning on Thursday April 5. Wash.
! ingtcn r. to be included in the regular
weekly feature. which will be on The
| air from o 10 $50 pm
The programs will be the first Of tbs
| Kind ~ be broadcast On "A natioua
scale and are 10 be educational In scope
An effort win be made 10 inclicate Z
broad understanding Of investment fun.
camentals among the millions now com.
prlslng the radio audiences.
Steady Wholesale Prices Seen.
Wholesale prices advanced one tent
o! per cent during the week endint
| March 10 according ~ the index com
piled by the Rational Fertilizer Ass0ci
alton. which Is based on price quota
tons 81 44J commodities. THIS In In,
third ~eek " slight advances. and tn.
lhdeh Il noW ] d per cent higher thar
Ipf The !lke date Il year ago. The In
c!cal.Gfa are that prices are relatlYej,
stable. since there III usually Sigh
seasonal advance al This time 0f year
The advance was largely In fats. foods
~hfai. hay. hogs aud sodium nitrate
Declines occurred IN rubber. hides
grain a.cnh1j. ceAatufcd alcohol, wool
DQT.ap and ak
Heard In Financial District.
10" many investors III Washington
are SILL holding General Motors stool
which they purchased 70 years ago
/ The Wall Street journal figures out tina
~ original purchase IT 100 shares IL
1903 al 800 per share would be Worll
4 80 013 bpday ii all stock dividend
] Nefe leid
Tie I3rf@ Rational Bank las pub