Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-10-08
DRUG STORE SALES
STILL ON INCREASE
Peoples Company Reports
Advance of 80 Per Cent
During September.
BY EDWARD c. STONE.

BY EDWARD c. STONE.
Sales of Peoples Drug Stores, Inc,
in September gave further impetus to
the fine record made SO far this year.
Washington headquarters Of the big
chain store system reported today that
September sales totaled $1,366,1ll, in
comparison with Sl,3l4,4l5 in Septem-
Der, $780, or a gain of 1893 per cent.
Sales for the first nine months of
the year were also reported the total
being $12,318,545, against $l2.274,839,
an advance of 4.43 per cent over the
corresponding period last year.
Peoples Drug Stores preferred stock
is listed on the Washington Stock EX-
change and has sold around 100 most
of the time during the year. 1t pays
612 per cent dividend. About 760
shares have changed hands in the 1881
trading.
Highlights in Hoxton's Report.
Chairman Hoxton in his latest Re-
serve Bank of Richmond report says
that cotton and tobacco crops are
smaller than in 1880 in the fifth dis
trict because of reduced acreage, but
all other major crops show larger crops
this year.
Most Of the increases in production
are Ill MdTAldIlu. NuBIIlId WGSI
Virginia, due to the very poor yields
last year because of the severe drought.
Twelve mutual banks in Baltimore
reported an increase in deposits during
August. although in most years there is
a Slight decline in deposits in that
month. the increase being Sl8l,079.
Fifth district textile mills consumed
26 per cent more cotton than in August,
1880 while the national increase was
only 81 per cent.
Of the building contracts awarded in
August this year. 33.4 per cent were
for residential work, while last years
contracts for residences were only II
per cent in the same period.
Trust Company Votes Dividend.
At the monty meeting of the direc-
tors of the Washington Loan q Trust
Co., held yesterday afternoon, the reg
ular quarterly dividend Of per cent
was declared on the stock OF the COM
pany payable November 2. Books VIII
be closed for transfer Of stock from
October "a to November 2, both dates
inclusive.
Secretary Mellon has announced an
offering of $50 900 900 Treasury 90-day
bills, dated October Is and maturing
January 10, which will be sold on dis
count basis Proceeds from the sale
will go to the retirement OF $5l, 100000
of similar bills maturing october Is.
Francis NJ. Savage, former president
of the Northwest Savings Bank and
later of the Central Savings Bank. is
most enthusiastic over the steps taken
by President Hoover to strengthen the
banking structure OF the country. Mr..
Savage had given the matter great
deal of thought and had formulated in
his own mind methods of procedure al
most identical with the action outlined
of 10
benefits from this latest move to both
business and banking. Other Wash
ington bankers are in hearty accord
with Mr.. Savage's views.
Haas Elected A. b. A. President.
Harry j. Haas. vice president of the
First National Bank of Philadelphia,
was elected president of the American
Bankers Association, at the Atlantic
City conventian yesterday. He is q
personal friend Of many Washington
bankers, who are greatly pleased to
have him at the head of the associa-
ton The late George o. Watson. long
a leader in the local financial district,
was a guest of Mr. Haas in Philadel-
phia only a few days before his death.
At yesterdays convention session,
James c. Stone, chairman of the Fed
eral Farm Loan Board, defended the
boards Intervention in the grain and
tons leading to the depression to the
World War and Urged bankers to par
ticipate in restoring confidence
Following the stock market crash in
1929 export markets for farm products
began to disappear. Mr.. Stone said. He
declared that the Farm Board in inter-
Vening in the commodities market, had
saved farmers more than 100000, 900.
A total of $500 100000 has been loaned
to cooperative associations, he said,
of which S170000,000 has been repaid
Readjustment of production to exist
ing needs is the immediate problem of
agriculture, Harry L. Russell of Madi-
son. Wis, chairman of the associa-
tons agricultural commission, said in
presenting the commissions report.
The obvious way to get rid of sur
plus would be to reduce production, but
the reduction of farm acreage, while
easy to propose, is difficult, if not i'm
possible, to enforce in an effective way,
he said.
Washington clearing house figures for
today, $3,925, 1919.
Trading on d. c. Exchange.
Fifteen shares of Capital Traction
stock sold on the Washington Stock
Exchange at 25l2, practically the same
price as the last previous sale.
Todays trading was most active in
washington ndlI"dy q EIecLTlc pre-
ferred. which figured in a 61-share
turnover at 80, eight different transact
tons being recorded.
LanSton Monotype stock was out
again, but only Is shares changed
hands, at 1898. up % from the last
sale. Mergenthaler Linotype recorded
two very small sales at 65.
The largest bond sale was in Wash
ington Gas IS. series B, $1,000 at 1904.
Only one other bond sale was registered.
The last stock sales were in Potomac
Electric Power per cent preferred. at
JOG.
CLASS ONE RAILROADS.