Evening star., 1933-03-18
GAS BONDS MATURE
AT END OF MARCH;
Firm Will Retire $4,000,000
Six Per Cent Series "a"
Issue on April /.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
The Washington Gas Light Co.'S
10-year per cent gold bonds, series
"a" are soon to pass into history as
they mature en- April l of this year.
There are $4.000,000 of these local
bonds outstanding. Fhey were orig
inally offered in March, 1923, and were
quickly absorbed by the investment
public, most of the issue being sold in
this city. They were issued in $1,000,
$500 and s100 denominations.
Plans for redemption were made sew
eral weeks ago when the Washington
Gas Light Co. put cut a new per cent
$8,5C0,00 bond issue. due in 1858. This
new issue proved exceedingly popular.
all the investment houses in the city
selling generous number of them.
Financial houses in New York also dis
posed of large blocks.
The issue which natures on April l
was listed on the Washington Stock
Exchange right after it came cut.
Trading has always been large in these
bonds and prices have held firm. For
several months they have figured In
many transactions on the local board
AS the maturing date approached many
Washington investors have switched
into other investment bonds, knowing
they were to be called in at par and
naturally would not go above that fig
ure in the meantime.
On March the gas company called
for redemption of another issue OF
on April l of this year. These bonds
were originally offered in December
1880, at 80. in $1,000 denominations
They were listed on the local exchange
and enjoyed a fairly active market, al
ways selling at price not far from
100.
The S8,500000 issue of Gas Light
per cent bonds, dated January /, 1888
is the one that takes the place of both
of these issues and other company
needs. They are listed on the Wash
ington Exchange and the New York
Curb Exchange. Brought out on jan
uary 6, they opened their market ca
seer at 94A, most of them being taken
as long-term investments. Since the
first sales they have sold off somewhat
closing this week at 86 bid and 80
asked.
Commodity Market Stirs Traders.
The wild advances in the price OF
cotton and sharp gains in wheat dur
ing the past few days have drawn un-
usual attention in local brokerage
houses. Should these advances hold
the increased buying power will be an
inestimable help to farming commu-
mites and be reflected in every phase OF
the Nations business life. This sud-
den interest in commodities has caused
Fenner, Beane & Ungerleider to glance
back at the more recent history of this
type of market trading.
The firm says that there have been
three distinct cycles in our business
during the last 10 years. The period
from 1928 to 1926 witnessed the great
wheat and many other commodity
markets in history. Cotton sold higher
than 35 cents per pound during that
period and wheat sold above So per
buShel.
Thereafter, American industry started
It's upward surge, and public attention
was diverted from commodities to
stocks and other securities. The re-
suit was the bull stock market of the
late 20s, during which all types of Sc
curities advanced to price levels now
considered fantastic.
The third cycle was the period OF
liquidation witnessed during the past
four years, when the public subordi-
udCeO I'LL COilSlueTdllOIlS W ueSlIe u
convert their securities into bank cred
it's" the brokers say.
Months A. & P. Sales Reported.
Great Atlantic & Pacific Tea Co. es-
Inmates sales for four weeks ended Feb
ruary 25, 1888, were 61,102,151, COM
pairing with S69,868,3O7 in the CORE
spending period of 1882, decrease of
$8.766,156, or 12.5 per cent.
Tonnage sales for the four weeks pc
riod are estimated at 406,156 against
412,811 in the same period of last year,
decrease of 6,655 tons, or 1.6 per cent.
Average weekly sales for the four
weeks period were SIS. 5.275,53S, compar-
period of 1882, decrease of $2,191 ,539.
Average weekly tonnage sales were
10l ,539, against 103.203 in 1882 period,
q decrease of 1864 tons.
Estimated sales for the 50 weeks
ended February 25, 1888. without con-
sideration of change in number of
stores during the year, aggregate
1884, 4,289, ,463, as compared with $685.
608,422 for similar period of previous
year, decrease of $142,318,959, or 14.3
per cent. Estimated tonnage sales were
5.278.40O, against 5,499, 9,939, a decrease
of 221 ,539, or 40 per cent.
Peoples Drug Earnings Compared.
Consolidated income account Of Peo-
Piles Drug Stores, Inc, and affiliated
corporations, for year ended December
81, 1882, compares as follows:
1892 1891
Net safes Sl6, lSO, 162 S17, ,439, ,O32
Otner Inc. -42,30l 2b5,l17
Total inc .....SI6,422,513 S17.7O4. .149
Cost. exp. dep. 1924 465 16,969. 1857
oper. prof .... S69sO4s S734,2s2
Federal taxes. S6796 S4,4S2
Other deduct, net. 99457 27,S77
Net prof. 1900. S511,795 S621 ,92a
Pfd. divs ........ 143,9S1 154.O6t
SOlll DlNo.s .
Surplus ....... S367.S14 ........
AS noted when the annual report was
made few days ago, Peoples Drug
Stores. Inc, after paying the 61a per
cent preferred dividend, earned $2.99 a
share on the common stock. This COM
pares with S3.81 per share on the COM
mon in 1881.
BANK HOLIDAY CAUSES
DECLINE IN ClEARINGS