Evening star., 1928-05-23
W.R.&E.P PREFERRED
/. IS MARKET LEADER
Gas Light Shares Are Active.
Pepco 6 Per Cent Pfd.
Again Reaches 112.
BY EDWARD c. STONE.

NAEAAfNdN tSCsAS-
WASHINGTON Gas Light stock was in
demand to the extent Of SO shares
opening at 95le and ending the day at
o5la for a block of 81 shares. 1ht
Potomac Electric Power per cent pre-.
ferTed was again up 10 ll2 and the
per cent issue at lo7.
IanSton opened at ll5i2 ana cloSec
at lis. Chestnut Farms Dairy preferred
came out at Io4l4 and IS shares OF
Federal American Co. common came
out at 4aIs. Twenty shares OF Peoples
Drug preferred sold at has. The
fractional declines in some OF THESE
stocks anparently reflected the recent
weakness in the New York market.
There were but two sales in Capital
Traction the stock closing at lOSNs. ;,
Only two bond sales were registered
WASHINGTON Gas 6s, Series A. figurin2
sn a $500 transfer at 100 and Railway
& Electric As in a $500 turnover at
e31..
Rank Addition Progressing Rapidly.
The Union Trust Co. S large addition,
which will double the loDoy capaclly
of the present bank at Fifteenth ana
n streets is progressing rapidly toward
completion. The upper floors OF the
building. which are 10 be devoted 10
OFFICES. already are nearly completed
and most Of the Offices are already In
use,
The upper portion Of the partition
wall between the present lobby and the
new banking rooms has been removed
SO that a more or less clear idea can
now be obtained of how the new bank
ing rooms will look. The large pill
lars. general style of architecture. deco
ration. furnishings and equipment In
the annex are to be identical with the
outstanding features in the old banking
rooms. when the two are finally thrown
into one big lobby.
Several weeks more work will be re-
CURED to complete the addition.
Judge Patton Addresses Bankers.
Thomas B. Patton. general counsel OF
the American Bankers Association, in
an address the other day before the
MARYLAND Bankers Association, de-
scribed what he considers grave dam
ger to banks throughout the country
in the effort now being made to make
Ii possible to place them in class by
themselves for taxation purposes. This
would. he said. permit States to tax
them out of existence in any time OF
Etringency.
Judge Patton asked the Maryland as
sociation to give the matter serious con-
sideration He also urged that they
prepare bills which will modify the
present taxation status of the banks
and be more acceptable than bills now
under consideration by Congress, to be
used In case of need.
Broad Credit Survey Instituted.
Another step in the campaign toward
the elimination Of prosperity's greatest
enemies waste and ineficiency-is an
nounced by DR.. Julius Klein, director of
the Bureau OF Foreign and Domestic
Commerce. Department of Commerce, in
a decision TO undertake Nationwide
retail credit survey to begin Immediately
in Baltimore under the joint auspices
Of the department and the National Re-
tail Credit Association.
Precise information about existing
credit methods and their results is like
~ to induce many beneficial changes
contributing toward lower living costs
for consumers and a better balance for
frHdesrnen Retail sales approximate
$40. 600 coo 900 a year, so per cent Of
which involve credit in some form.
VIII Erect Plant in Virginia.
The National Fruit Products Co,
which has headquarters In this city,
expects TO erect a large plant in WayneS-
boro, Va. IN the near future. The plant
viii be equipped for canning all kinds
Of fruits. jelly and vinegar, and is 10 be
one OF the largest Of the several plants
owned and operated By this company.
The new plant lis TO be located near the
belt line Of the Chesapeake z. Ohio and
Norfolk & Western Railroads. construc-
ton TO be started as soon as these roads
build a spur track over which the ma
terials may be taken To the property.
Peoples Drug Votes Dividends.
Directors Of Peoples Drug Stores. Inc.
have declared an initial regular quar-
terry dividend on the 6tz per cent con-
xertibie preferred stock, payable June
IS 70 stockholders Of record June J..
The regular quarterly dividend OF IS
cents q share on the common has also
been declared, payable July 70 stock
holders Of record June Q.
The preferred stock Is listed on the
local exchange and the common on the
New York Curb.
Heard In Financial District.
william d. Hoover, president Of the
National Savings g. Trust Co. will
leave Washington tomorrow on two
or three weeks fishing trip 10 The
RzngeIey Lakes, In Maine. Mr.. Hoover
viii be accompanied By MS son, and
make the trip by motor.
Thomas r. Hickman, vice president
OF the Franklin National Bank, Is at
tending a church convention at Getsys~
burg.
L. Whiting Estes. vice president Of
the Columbia National Bank, was
among the Washington financiers WHO
went en- the Teraple-&0yes Masonic
cruise 10 Old Point Comfort and other
points ri Interest
z. e. Bsgweii has been made general
manager Of the 6eaDoard Air Lire Rail-
way. q newly created Office He has
been With tsge road for years.
In the purchase % the De Bales Of
flee Building next 20 the Ma aynoBer
Eotei, the Franklin National Bank nov
has q permanent home f0T iIg Connect
cut Avenue branch,
Commerce and Other Reports.
Motor 1ehicle production In the
TJnIted States IN April according 10 the
Department ot Commerce. totaled 4o3, =
es9 units. Of which 3G4 ,ST7 were pas
Tfqss compares With 4I3.37s passenger
cars ard trucks sn March and 104 ,755
ia April 1927.
The depa stment reports an increase
in tie recent output of soft coai and
also 9f hard coal l~Z5 per cent IN the
fgrsner spd g. per cent lD the anthfa"
cite.
Spring hardware lines, particularly
garden snn iaYn 1gQis ard supplies
Tgge been greatly stimulated during the
uaet week. Hardware hge says.
EBsiness on tfle New YORK istock EK-
change has tailen ~ ~ much under
the toAiF~aolf day that brokers here
Yather expect return 10 tf}e ilPe noal
eegSlons about next Monday.
PREFERRED OFFERED.
REV YORK. May 23 ~ j0Hia
financing ft5f the recently formed United