Evening star., 1940-03-31
Gibbs Is Elected
Peoples Drug
Board Chief
TN. Beavers Promoted
To Presidency Of
Store Chain
BY EDWARD C. STONE.

created position of chairman of the
Board of Directors, at the annual
meeting just held, it was announced
at the head Office of the big chain
here yesterday.
Thomas N. Beavers, who has been
executive vice president, was ele-
waited to the presidency, the new
president being widely known in
Washington business circles, active
In the Board of Trade and many
other organizations. He has been
with Peoples Drug Stores 81 years.
John G. Bell, formerly vice presi-
dent, was elected executive vice
president. He, too, is veteran with
the company, having about 20 years
service to his credit.
Creation of the position of chair
man of the board required an
amendment to the company's by
laws, the proposal being given full
approval by the stockholders. AL
though he will have a load of re-
sponsibilities off his shoulders, it was
said yesterday that DR.. Gibbs will
remain active with the firm which
he started "a years ago.
At the same meeting, the stock
holders reelected these directors:
Joseph Addison, T. N. Beavers, J. G.
Bell, H. F. Gibbs, M. G. Gibbs,
Howard Moran and George K.
Shearer.
Stock Split Up Approved.
The stockholders also approved
the amendment to the charter
changing the common stock from a
no-par value to SIS par, the pur-
pose of this move being to give
the stock wider distribution, each
present holder to get two shares
for one now held.
Provided that registration of such
shares under the Securities and
Exchange Act of 1884 becomes effec-
tive and the issue is accepted for
listing on the New York and WASH
ington Stock Exchanges, the 245 474
shares of no-par stock now cut
standing will be called in and two
shares of S. par value stock issued
in exchange, officials said yesterday
The company will then have 490 .948
shares of common stock outstand-
Ing.
All the preferred stock was re-
deemed last year. The common
stock is now selling around SAL per
share.
d. c. Clearings Up $685., ,649.
Bank clearings in Washington in
March scored another substantial
gain over the same month a year
ago. Manager George H. Bright of
the Washington Clearing House As
sociation reporting total Of s110,-
284 ,00O.13, compared with 1885,
350.7O in March, 1899, an increase
of $6,367 ,64943.
March clearings, with the excep-
ton of 1887, were the highest Of
any March since 1881 Clearings
in March, 1887, amounted to $1l4.-
782,9185o and in March, 1881, to
SIP, 43,159.84.
The March record completed a
very fine showing for the first quar-
ter of 1910, clearings in Washington
in the three months reaching total
of $31O,5742S242, against 283,074,-
1878 in the first three months OF
1899, gain of $27 .499 ,524.29
Clearings by months in the first
quarter of 1910 compare as follows
with the like months of 1899:
January - $107.137.093 500, ,506
February --- 93.153.1S9 82,733 900
March -- 11O,284 900 1915 $50
d. C. Exchange Issues Firm.
Prices were firm at the end of
the week on the Washington Stock
Exchange. three $1,000 transfers in
Capital Traction SIS taking place at
1O1. Capital Transit stock regis
tered a sale of 100 shares at IS, un-
changed.
Stocks on the board, which are
soon to pay dividends, include
American Telephone, American Sc
curity e. Trust, Bank of Commerce
e. Savings, Prince Georges Bank &
Trust Co., Riggs National common,
Carpet Corp, Peoples Drug common,
Woodward & Lothrop common and
preferred. All are now quoted ex
dividend.
Washington Railway & Electric
preferred scored new high mark
during the week when it sold at
1171a, up half point.
Heard in Financial District.
Gilbert T. Stephenson, director of
the trust research department of
the American Bankers Association,
will address the monthly dinner
meeting of the Women's Bar Asso-
citation, Wednesday evening at Wes-
ley Hall. Several bankers have been
invited as special guests.
Washington brokerage firms have
notified their customers that the
orders for extra service charges,
which were to go into effect April
l, have been rescinded by the New
York Stock Exchange. The pro-
posed added charges met with too
much opposition. One ONCE in New
York reported the withdrawal of 700
inactive accounts.
The District Life Underwriters
Association will hold its April lunch
con at the willard Hotel Tues
day noon. A special feature will be
the presentation Of the award to
the winner of the recent insurance
essay contest.
Satisfaction was expressed here
yesterday over the fact that six
Washington investment firms have
underwritten the coming Washing
ton Gas Light issue of 24,400 shares
of preferred stock to be placed on
the market at $103 per share. Plenty
of out of town firms would gladly
handle the issue.