Evening star., 1943-06-14
New 1943 High Marks
Reached by Leaders
On D. {. Exchange
Utility, Store and Type
Stocks Head Upswing;
Bonds Firm but Quiet
Rv EDWARD c STONE.

BY EDWARD c STONE.
New high marks for l943 have
been reached by many leading issues
on the Washington Stock Exchange
in the past few sessions, survey
reveals
Potomac Electric Power per cent
preferred has climbed to l17ia
washington Gas Light s5 preferred
has added fractional gains until the
stock has tipped 1o5, while Washing
ton Railway & Electric preferred
which has been very inactive came
out the other day at l15l2, a new
le43 top
Garfnckel common is another
stock selling at a new 1a43 peak,
moving up to 1l34 Lanston Moro
type touched "a recently and the
other type stock, Mergenthaler
Linotype, is in new high ground at
45l7. Bank stocks have been strong
but quiet.
Peoples Drug Stores common
moved recently at 1885, best price of
the year Woodward & &Lothrop
common at "a and the preferred at
122 are also at the years highest
prices. Bonds, while neglected in
the trading sessions. are all far above
par with owners having no desire to
sell
More Bonds to Be Retired
In addition to the redemption of
81 100000 Of the North American
Companys 80. per cent debentures
on July Is at 1O2 and accrued in
terest. the directors have announced
that on August further amount
will be retired to the amount of
$3.50 through the company's
sinking fund.
The August redemption will make
a total of s35 100000 of the deben-
ture Indebtedness paid off since April
Is, l94l The original amount of
S70,000000 of debentures has been
reduced by more than so per cent
to s34.l5Oo0o.
North America debenture retire
ment program was initiallv described
as a step toward increasing the feX-
lplliJ,N "ltll "lllNll lIlc IOlllpdllN
might meet problems of integration
under the Public Utility Holding Act.
The redemptions have been effect
ed with current cash resources sup
plemented by cash income retained
by the company through the pay
mem of quarterly dividends on its
common stock in the form of shares
NJ nfl in, r-o oinI, h
America has investments.
Wholesale Trade Levels OFF.
Wholesale trade of 249 firms III
this territory has slowed up some
what and in April was 2 per cent
lower than in the like period a year
ago. according to the Federal Re-
serve Bank Of Richmond's latest re-
view.
Dry goods sales in April and those
of tobacco and tobacco products
were q per cent better than last
year. Shoe sales were up II per
cent, drugs, Is, and groceries, II.
At the same time auto supplies
sales dropped 10 per cent from April,
1912; electrical goods, g per cent;
hardware 8; industrial supplies, IL;
paper products. II. and miscellane-
Gus sales of "a firms, IA per cent.
Bank Section Plans Election.
Billy Repaid. the flying reporter,
will be the guest speaker at the June
meeting of the safe deposit section
of the District Bankers Association
Thursday evening at the Lee Shera-
ton Hotel. it was announced today,
The dinner will start at $50 and
the feature of the program will be
the election of officers for the COM
ing year Reservations indicate a
record attendance.
Edwin B. Shaw. Riggs National;
Bernard L. Amiss OF the Washington
Loan & Trust Co., Thomas J. Norris
OF the Bank of Commerce & Saw
lngs and Colin MdcLennan of r. G
Rankin & Co. nave gone to Rutgers
University to enter the summer ses-
sion Of the Graduate School of
Banking.
National Dairy Products Corp.
which has two Washington units.
reports that sales thus far in 1o43
are ahead of las, year and predicts
that earnings in the first half year
VIII be about the same as in 1912.
Needham Addresses Bankers.
D. J. Needham. general counsel of
the American Bankers Association,
was back at his office today after a
Western trip to address the annual
meeting Of the South Dakota Bank
ers Association on Government and
Banking"
Travelling through Iowa and other
rich farming sections Mr.. Needham
was impressed greatly with the ag-
rlcultural outlook After a days ride
through this territory, he comment
ed. you can't imagine a food short
age anywhere. In some sections,
however. wet weather has held back
planting.
Mr.. Needham has been requested
to address the Michigan Bankers
Association later this month.