Evening star., 1939-07-20

evidently been based on an increase
in Peoples Drug sales so far this
year, survey disclosing that good
sized gains have been recorded in
every one of the last six months.
The half year wound up with
sales totaling $l0,896 45391, in COM
parison with 10,392,714.13 in first
six months in 1888, an increase of
$503, 1876, or 464 per cent. Monthly
comparisons showing sales and in
creaseS over the same months last
year, follow:
Months Sales Gains
January ---- S1,77322O54 S21,57O28
February - 1,737,14747 79,99421
March ----- 1,859,62133 89,43721
April -- 1857 032l3 56,l4713
May ------- 1858 64688 14O,13074
June ----- 1,800,825.73 94,76805
The increase of more than $4,000
IN May sales was by far the best of
any of the six months, the gain
being 8l5 per cent.
These sales advances will continue
during the rest of the year if present
forecasts of further trade improve
ment in the Capital prove accurate
In this event, the common stock
is likely to show further strength,
especially since the preferred stock
is to be redeemed shortly at Sll0
per share and interest.
A. b. A. Plans Announced.
c. w. Beerbower of Roanoke. Va,
chairman of the State secretaries
section of the American Bankers
Association, has announced plans for
the coming annual convention at
Seattle. In letter to Donald W.
Larson, secretary of the District
Bankers Association, he says the
section program will be featured by
many round-table discussions of the
secretaries leading problems
Mr. BeerboWer asks cooperation
In getting the largest possible at
tendance at the convention and an
nounces that the A. B. A. is pushing
the 100 per cent membership drive
with vigor. In this connection it
is interesting to note that WASH
ington has had 100 per cent repre-
sentation for years
The wide use of standard banking
forms is also to be pushed at the
coming convention session Here
again is matter in which Washing
ton is far ahead of good many
other sections of the country. For
years the District Bankers AsSocia-
ton has had committee at work
on this problem and all printed bank
forms have been kept up to the
minute.
Secretary BeerboWer is very en-
thusiastic over the program and the
probable convention attendance.
Mortgage Insurance Grows.
Home mortgages in the District of
Columbia accepted for insurance by
the Federal Housing Administra-
ton in May numbered 66 and
amounted to 1856. 300, as compared
with only 26 in May, 1888, amount
ing to Sl68.l00 the Federal Hous-
ing Administration reported today
In the first five months of the pres
ent year the number of insured
mortgages in the District reached
180, and the amount involved to-
tailed l046,000, the report added.
Insured home mortgages in Mary
land in May numbered 24l ana
amounted to SlO32 900, compared
with 244 in the same month a year
ago, when they amounted to $l,077,-
$50. For the five months they
numbered GOT and totaled S4,O25 900.
Virginia reported 269 in May, in
volving S1,281,OOO. against 2l2
amounting to S1O84 900 in May,
1888. The flve-month total stood at
$50, amounting to S4553 700.
The number accepted for the
whole country in May exceeded any
previous month, while the amount
was second only to June, 1888, the
review stated.
c. & o. Net Income Reported.
The Chesapeake e. Ohio Railway
reports for six months ended June
80 net income after taxes and other
charges equal to 81 cents a share
tpar value S25) on the common
stock. This compares with net
income equal to 68 cents per share
in the first half of 1888
Small commercial banks made up
the backbone of the buying of the
new issue of Shell Union Oil deben-
ture 212S, attracted by the rating of
the securities and the discount price,
according to today's Wall Street
Journal Only one of the so-called
''big five" insurance companies
bought Yesterday morning. Institu-
tional buying in Philadelphia was
substantial Dealers also reported
sizable blocks placed in the Mid
west and on the Coast.
A good deal of interest was noted
IN the financial district today in the
public offering of $22 ,250,000 out of
a total of S25,00O00O Southern Bell
Telephone 3 per cent debentures,
due in 1879, being made by a syn
dicate. Priced, according to the
prospectus, at 1912, the bonds show
yield of 2.69 per cent to maturity
Local Bank Stocks in Demand.
Bank stocks figured exclusively in
the trading on the Washington Stock
Exchange today, first transactions
in these issues in several sessions be-
ing recorded.
Riggs National Bank common fig
ured in two small sales at 275, up
full points from the last previous
sale. The market closed with 269
bid and none offered at any price.
American Security e. Trust Co.
stock also appeared on the board in
a small sale at 256, This was a gain
of one point from the last transfer
The stock closed with .252 bid and 265
asked, very wide spread
Bonds were entirely neglected.
Magazine Aids Bankers.
Staff members of Trusts and Es-
tates have visited the thousand and
one exhibits at the New York
Worlds Fair and have compiled a
must" list of the most interesting
attractions. Call at our new Offices
at so East Forty-second street, op-
posite Grand Central Station in New