Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-02-17
DRUG STORE CHAIN
SALES SHOW GAIN
Local Company Reports In
crease of 1O.4 Per Cent
for January.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Sales or Peoples Drug Stores. Inc.
fer; January have Just been reported as
1880. 439, against 1925, 692 in Janu-
airy, 1929. an increase in the first
month this year of 1914 per cent The
report is considered of special import
ance locally as the majority of the
Peoples Drug Stores ere situated in this
territory. 1t is also in line with the
report on local department store sales
made few days ago, which showed an
increase over January q year ago. sTa7e
annual report of Peoples Drug for 1880
is expected in a short time, the belief
in the financial district being that 1t
will show a gratifying years Business,
in spite of prevailing mercantile con-
ditionS.
Bond Club Hears Hemingway.
Members of the Washington Bond
Club held their January meeting yes
terday neon at the Carlton. An address
was given by Wilfrid H. Hemingway,
New York financial analist and author,
who stressed the Importance in these
days of an extra careful study of bust
ness and economic conditions. He be-
lieves that there never was time when
as exhaustive analysis should be made
of every financial statement, for the
benefit and protection of investors. He
said that an analysis should be en- a
comparative basis with two or three
fiscal periods included More than one
period is necessary in order to show
trends. he asserted. The meeting was
largely attended.
$4,000, 600 Decrease in Loans.
The Federal Reserve Boards condi-
ton statement of weekly reporting
member banks in leading cities on Feb
ruary / / shows a decrease for the week
of $4,000. 900 in loans and inveS mentS.
increases of $23 .000,0 900 in net demand
deposits and $15.000,00o in time de-
posits. and a decrease of S13.000.000 in
~ Government deposits. Loans on Sc
curities increased S34 900 900 at report
ing member banks in the New York
district and sic. 000. 900 at all reporting
banks. and declined S10.000.0O0 in the
Chicago district. "All other" loans de-
clined Sal 10000 in the New York dis
trict. Sl6.000.000 in the Boston district
and $79.000,000 at all reporting banks.
Prince e. Whitley Offer.
Washington creditors of Prince &,
Whitley. the New York Stock Exchange
brokerage house which closed is doors
several weeks ago, are interested in
an offer from the creditors committee
in New York. for the settlement of
claims The offer. which proposes 25
per cent in cash and rs per cent in
certificates, is explained elsewhere in
The Stars financial news. The letter
states that at the time of the failure
the firm had 5000 marginal customers
and several thousand additional Gus
toners for whom securities were held
in safekeeping. The local office was
located in the Washington Building.
Federal Reserve Helps Banks.
The easy credit policy of the Federal
Reserve System Is assisting the banks
Of the country through the medium of
the rates on deposits. The establish
ment, saws the Wall Street Journal, Of
lower rediscount rate by Federal
Reserve bank has, in number of in
stances lately been followed by a re-
duction of the rates of interest on de-
posits by clearing house committees.
The reduction in the New York banks
rediscount rate to per cent from 2la
per cent was followed by action of the
Clearing House Committee there which
reduced rates on demand and time de-
posts. In this particular instance the
effect was to decentralize the funds con-
centrated on deposit In New York by
out-of-town correspondent banks and
customers. Deposits thus placed will
gradually return to the interior of the
country. the journal says
Specific cases where clearing houses
have reduced rates on deposits, follow
ing rediscount reductions are shown to
have taken place in Boston. Richmond
New York, Newark, N. j.: Chicago and
st. Louis.
Capital Traction Leads Market.
Capital Traction stock drew much
attention on the Washington Stock
Exchange today. when l6l shares
changed hands. with a rise in quota
tons at the close
The stock opened with small lot sales
amounting to Sc shares changing hands
at "a. The stock then strengthened
and an 80-share block and 30 more
shares moved at Bass.
The market closed with a fve-share
lot selling at 35, gain Of a
point during the session. At the clos
ing price the yield on the stock is
ia per cent on the present per cent
annual dividend basis
Columbia Sand e. Gravel preferred
was much more active today. The stock
opened at 94i2 and closed at &c. on a
turnover of SIS shares.
Potomac Electric Power per cent
preferred came out at ITO, Railway &
Electric preferred sold ex-dividend at
49,. and Federal American Co. COM
mon sold at 81 Woodward e. Lcthrop
preferred moved at l07. while Unicn
Trust Co. stock registered 2i0.
cent levels. Lanston Monotype has
been added TO the list OF stocks now
quoted ex-dividend
Heard in Financial District.
George NJ. Whitwell. secretary Of the
washington Gas Light Co. for the past
IS years, has resigned his position.
The ASsocia ton of Retail Credit Men
nf Washington is holding a regional
conference at the Mayfower Hotel. At
q banquet last night. A. D. McMullen,
president of the national association.
was the chief speaker
Loews, Inc has declared the regular
quarterly dividend of rs cents on the
common stock. payable March 81 TO
stock Of record March "a.
Exports OF hardware and allied prod
uctS from United States during 1880
were valued At S56.090. 600. Is compared
with the record export of STA l64 900 in
1929. Commerce Department reports.
Baltimore e. Ohio 1890 net S7.44
share on 2562,954 common shares.
against Sll.24 share on 2349 Gas IN
1929
The Virginia Bankers Association is
to hold It's annual convention this year
at Old Point Comfort, Va, on june
IL. IL and 49, This is just one week
before the District Bankers Associa-
ton meets at Hot Springs. On several
occasions the meetings have been held
on the same dates
Local bankers are cooperating with
the House committee in seeking pas
sage of the Brand bill, aimed at those
who circulate false rumors regarding
financial institutions. Local financiers
are much interested in the measure.
but some do not think II is strong