Evening star., 1934-04-06
GAINS rlVEALED
BY PEOPLES DRUG
Both March and Quarters
Totals Well Above Level
Year Ago.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Sales of Peoples Drug Stores, Inc,
reported by Washington headquarters
today, reveal substantial gains for
March and also in the first three
months of the present year.
The big drug chain reported March
sales as $1.450,932 against 81 ,268,0 ,006
in March a year ago, an increase in
dollar volume of $182.917, or l4.4 per
cent.
For the first three months of the
year sales totaled $4,023,175 in COM
parison with $3,763.8 .897 in the first
quarter of 1888, an increase of $685.
278, or 68 per cent.
Peoples Drug sales in February
showed an increase of 5.4 per cent
over the February, 1888, returns.
Sales of S. S. KreSge Co. also came
out today, showing gain in March
OF 45.l per cent over the like month
a year ago, and an advance of over
% per cent in the first quarter.
In connection with Peoples Drug
1t is interesting to note that the COM
pany's common stock made new
high mark on the New York Stock
Exchange yesterday, 40A.
Bank Service Charges Studied.
A system of service charges for
banks is now under study by the
Banking Code Authority However,
the proposals submitted by the bank
ing groups cannot be forwarded to
N. R. A. headquarters for final con-
Sideration for several weeks The
Code Authority is correlating the va
riouS schedules received at its Office.
Under instructions to banks, service
charges cannot be filed directly with
N. r. A., and all proposals reaching
Washington are being returned.
Schedules are being drawn under an
order by Gen. Johnson, defining the
term service charges" as applying to
determination of the method of COM
pensating banks on checking accounts,
either in the form OF adequate bal
ances, or charges"
The establishment of charges prob
ably will be made simultaneously
throughout the country, according to
the Wall Street Journal. The setting
up of service charges schedules in
some districts without comparable
action in others would place unequal
burdens upon various members of the
industry, it was explained.
It has not yet been determined
whether public hearings will be con-
Quoted on the proposals when they
reach IL. R. A. When approved,
charges will not differ materially from
those now in effect in many sections,
N. R. A. officials say.
O'COnnor Lauds Bank Status.
Banking conditions are splendid
all over the country" j. F. T. O'Con-
nor, controller of the currency, told
newspaper men in Boston. Frozen
bank deposits are being liquidated, and
the amount Of free deposits is steadily
increasing in the South and in the
Middle West"
Mr.. OConnor discussed the work of
the Federal Deposit Insurance Corpo-
ration, saying that there was consid-
erable opposition at first to deposit in
surance from bankers all over the
country, but now there is little oppo-
sition to the s2,500 limit.
The House has passed the admin
istration's bill for Treasury guarantees
of bonds issued by the Home Owners
Loan Corporation. The measure, IN
somewhat different form already has
been approved by the Senate. How
ever a conference will be necessary to
adjust differences in the drafts OF the
two bills before the legislation can be
sent to the White House for presi-
Dental signature.
Baldwin Heads Insurance Club.
Philip L. Baldwin, agency director
Of the A. L. Baldwin office OF the
Northwestern Life Insurance Co., was
elected president of the Life Insurance
Club of Washington at the annual
meeting held Wednesday night.
John H. Snyder of the Mutual
Benefit Life was elected vice presi-
dent and Clyde Smith of the Mutual
of New York was chosen secretary
and treasurer.
Herbert Barlow, retiring president,
automatically becomes member OF
the board of directors. The club en-
loved one of its best years.
The annual session was made OF
special interest by an address by
John Marshall. insurance commits
sioner of the District, who reported
progress on the insurance code now
before the District Committee.
Trading on d. c. Exchange.
Washington Railway & Electric As
sold at SO on the Washington STOCK
Exchange again today. Washington
Gas SIS, 1860, moved at 106 on two
$500 sales, while $1,000 Washington
Gas SIS, 1858, came out on the board
at 1884.
Mergenthaler Linotype moved today
on three small sales at Is, and Capt.
tai Traction stock also figured In the
days trading, 10 shares selling at %,
same as the last previous sale. The
stock closed with % bid and 25l2
asked. Carpet Corporation was quoted
ex dividend, following the recent divi-
dend declaration.
Columbia Gas g. Electric Corpora
ton has declared dividend OF 12la
cents in S. convertible preferred
stock on the common and the regular
quarterly dividends of SIPS on the
per cent cumulative and convertible
preferreQS ana Sl.oU OH tlle pei
cent preferred stock, all payable May
is to stock of record April 20.
Heard in Financial District.
r. N. Suydam of Fenner & Beane.
chairman of the Steering Committee
of the Employees of Financial Dis
tricts, announces that .35 committees
have been organized in as many COM
munities IN AZ States for the purpose
of stimulating opposition against pas
sage of the Fletcher-Rayburn bill in
its present form.
Secretary of Treasury Morgenthau
has invited tenders for two series OF
Treasury bills in an aggregate amount
of S10O0O0,000 or thereabouts. One
series will be of 91-day bills and the
other of 182-day bills.
Allegany Savings Bank, Lonacon-
ing, Md, has been licensed to open
for business, according to j. j..
Ghingher, State bank commissioner.
The incorporation of the new bank