Evening star., 1928-05-01
SANITARY GROCERY
BUYING BIC CHAIN
Negotiations Finished for
Purchase of 46 Stores in
Richmond Area.
BY EDWARD c. STONE.


in Richmond. which operates 46 Piggl,
wiggly and yellow Front stores in tina
city. Petersburg, Hopewell and vi
cinity
The transfer Of the property viii tax,
! place next Friday morning and tn
operation Of the stores be continued b,
/ the Sanitary Grocery Co The firm
plans TO enter upon a large expansion
/ program at once,
Acquisition of these 46 stores in anc
near Richmond will bring the total op
/ Grafton of the Sanitary Grocery anC
! Pigglv Wiggly stores up to 4l9 units
Mr.. YonSer stated.
Fraud Bill Hearing on Today.
The Senate District committee hear
ing on the So-called fraud bill aimed Il
suppress fraudulent practices in tht
promotion or sale of stocks, bonds anc
other securities sold or offered for SALE
In the District of Columbia is due K
open at o'clock this afternoon. The
measure now before Congress calls fol
the registering Of persons selling stocks
I bonds or other securities. and also pro-
vides punishment for the fraudulent OF
unauthorized sale of the same.
Washington bankers have been en-
deavoring TO get some kind Of fraud
bill passed by Congress for about eight
years. The bill now under discussion
was carefully written by the attorneys
of the Investment Bankers Association
and is considered to be unusually COM
prehensive. II is estimated that $780,
00e or more is lost every year in the
District in worthless or near worthless
securities. IF these lCSSeS were pre-
vented to Q large degree, the banks OF
the city would get much Of the money
saved.
The District Bankers Association held
a special meeting yesterday afternoon
at headquarters to hear report on this
bill. AT the conclusion it was stated
that Francis C. Addison, lr.. chairman
Of the committee On law and legislation
would officially represent the association
q; todays hearing.
Bankers Cavort on Bell Estate.
The members of the Washington
Stock Exchange and close personal
friends were entertained by Charles j
Bel. chairman of the board Of directors
of the American Security s. Trust Co.
at his estate on Woodley road yeSter-
day from To O'Clock,
There were several contests, the win
ners being awarded prizes by the host
An archery contest brought out some
expert talent, and some that was NOT
50 good. and no doubt several Of the
arrows are still missing. Deck tennis
furnished an equal amount OF sport. a
golf ball fastened TO a wire, which re-
volved about standard. the number Of
revolutions being registered. proved a
magnet for the golf players. The games
we're progressing nicely. when Robert
" Fleming gave the ball such mighty
xallop that II pulled of the wire. When
last seen the ball was on its way 10
Anatcstia.
Mr.. Bells beautiful gardens proved ar
equal attraction. Many flowers recent
ly removed from his hothnuses are now
In their glory A delicious buffet sup
per was served on the porch. Mr.. Bell
received messages from several friends
who could not be present. Among them
was a telegram from l. A. Fleming
dated at Melbourne. Fla which caused
great laughter when read.
Important Bank Bin Reported.
A favorable report has been ordered
ny the Senate banking committee on q
House bin authorizing the Secretary Of
the Treasury 10 use State banks which
are members of the Federal reserve
system as depositaries OF public money.
Under present law State banks are
prevented from becoming depositar!es
for clerks Of Federal courts. Increase
in the volume of Federal court business
has made this an attractive field for
banks
Farm Prices Advance.
An advance in farm prices for all ex-
eept dairy and poultry products Is re-
ported by the Department of AgricuI-
ture for the month ending April Is.
The price level index was placed at
l40 per cent of the pre-war figure, a
gain Of points over last month and Is
points above the index Of year ago.
Prices Higher on Local Board.
The new Peoples Drug Stores pre-
ferTed stock sold at Ill for the first
time on the Washington Exchange to-
oaY and Lanston Monotype reached
i1cls for the first time on the present
move. Other issues were also firm. Com
mercial National Bank sold al $50 and
Riggs again recorded 5i6 Merchants
Bank a. Trust came out at ISL Railway
6s Electric preferred moved at I02. po-
tornac Power Sig per cent preferred al
i0Siz, and Washington Mechanics
Mortgage common. al II.
Washington Gas opened al 94 and
sold of point before the close. There
was considerable activity in the bond
department. recent levels being wei
maintained.
Financial District Notes.
While the figures OF Lanston Mono
types annual report are Of course not
yet available. IL is understood that sales
nave been progressing satisfactory In
recent months and that highly favor
able earnings will be reported al the
coming meeting,
An Associated Press dispatch from
New York today reported that the
Southern Diaries Co. and It's bubsidi.
aries had net loss for the first quarter
0f Sl65, ,i24. The ret sales for the pc
Rod were s23i3,720
An issue of $3.50 600 George Wash.
ingt0n Stone Corporation flrst mort.
gage 6l2 per cent sinking fund gold
bonds, dated April !, 1923, and dlf
April !. 1888, Is being offered today by
Townsend Ee0tt II Sons, priced nj
90 so and accrued interest, yielding 65G
per cent.
Paul Il. Kaiser attended the Bankers
Association meeting yesterday and ex-
planned IN detail tbe provision Of thu
fraud bill! now before Congress.
The Eenate banking committee ha,
ordered a favorable report on the Ii
Toilette resolution asking the Fedora
( Reserve Board 10 aomonish sgains
further expansion Of loans 70 brokers
J which are nov above 81 900 600 900.
The president, officers and director
u the International Exchange Bani
( viii De hosts al "a concert on May *
al 350 pm, IA the Washington Audi
( toriuIn, At which the artists who vii
/ be presented viii be Rafael Diaz SIR
+ Rosa Low II the Metropolitan Oper:
+ Co, who viii come here esp1iaily 10
this occasion
/ Raymond II Dickey ard r. J Dono
/ ilile were hgnofed by ibelr students Il
/ Tie institute last might Ar Dtekey ~
eeiging watch charm and Mr. Don0
/ hue fountain pen desk set
/ a new financial magazine, called th
/ United States Banker. has made his ap