Evening star., 1948-06-06
Peoples Drug Volume
Gains SeasonaI|y, but
Trails Behind 1947
By DonoId B. HodIey

seasonal gain OF 81 per cent from
s., ,598, ,745 in the preceding month,
but 27 per cent below $3,885 .06S in
the same 1947 month, w. H. Church.
i'll, treasurer, reported yesterday.
In the first five months of this
year, sales amounted to $l8,241 905,
a decline Of Ia per cent from slS,.
49l, ,722 o year earlier. During May
the company operated l38 stores,
compared with 13S year earlier.
Peoples common was inactive on
the Washington Stock Exchange in
May, with the current bid quoted at
BAN and the asking price at 81.
Transfer Of 200 shares was reported
on tho New York Stock Exchange
Friday at 34b, down u from the
previous sale.
Pepco Common Leads.
Potomac Electric Power Co. com.
mon again was the most active stock
traded on the Washington Stock
Exchange in May, exchange officials
announced. The months volume
in this stock rose to 7.495 shares
compared with 4.782 in the pre-
ceding month, but failed to equal
March transfers of 8,3A shares.
Sales of all stocks on the exchange
expanded in May to 1885 10
shares against 9.832 in April and
14,304 in March. Demand was
unusually active and sales were
far above 3,371 in May, 1947. Bond
trading, however. was slow with only
s6 900 Of Capital Transit Is OF 1864
and $500 of American Telephone u
Telegraph Co. 2%s Of 1861 changing
hands.
washington Gas Light Co. conn
mon was the second most active
stock in May with sales OF 1885
shares reported. Sales In other
shares included: Garfinckel COM
mon, 8e5 shares; Lanston Monotype.
$50: Hecht Co. common, 40: Pepco
$50 per cent preferred B. 3S7:
Capital Transit, 249: Columbia Title
Insurance, 245: Pepco $50 per cent
preferred A, 239; American Security
& Trust, ITO.
ABA OppOSoD FAITH Dill.
The American Bankers Association
is opposing legislation In the House
to liberalize title I mortgage pro.
visions Of the Bankhead-Jones Farm
Tenant Act on the ground that It
would create more purchases OF
farms and tend to bid up farm
prices still further.
The bill. known as H. r. 6ll4.
seeks to make insured loans more
attractive to private investors BY
increasing the interest rate from
2la to per cent and by providing
a take-out arrangement whereby
after five years from the date Of
the loan the holder may transfer
it to the Secretary Of Agriculture
and get his money back.
The ABA statement, prepared BY
Robert N. Downie, president Of the
Fidelity State Bank Of Garden City.
Kans., declared the danger from the
bill is that more liberal terms will
put pressure on private investors to
participate in this program. which
in turn may lead to the relaxing OF
appraisal standards provided In the
existing law.
Mortgage Loans Set Record.
Mortgage loans made by savings
and loan associations of the Nation
in the first l948 quarter set q new
record Of $847, ,000, 900 compared with
s779 ,000, 900 . year earlier, reported
the United States Savings and Loan
League.
Increased construction costs were
q factor in the larger volume, said
Ralph M. Smith, league president.
Included In the quarters total were
1894 ,000, 900 for new home construc.
ton, 10000 900 for the purchase Of
existing units and 5000, ,000, 900 for
repairs and modernization.
Gasoline sales in the District Of
Columbia increased to Il, 4,l88,2 ,230 gal
Ions in April VS.. 13,562,5 ,574 In the
previous month and were II per cent
above l2,787,017 in April, 1s47, the
District tax office disclosed.
Sales in four months of 1D48 to-
tailed 81 .830, ,448 gallons, q gain Of Q
per cent from 47,536,41s . year
earlier.
Monthly gallonage totals taxed by
the District In 194S and 1947 follow:
;:sss:z s;sss::', 4t9ssss;tts7 tss;ts7 ]1!P;sssss:sss 1Pssssss
MsIfh zs4i 1s.fsssse 11ssffssss$s5ste 1s,4ss:os77 11ss,44ssssoofs7
Cleaning Receipts Improve.
Cleaning and dyeing establish-
ments in the Washington area In
April handled per cent more bust
ness than in the previous month
and showed the same gain from .
year earlier, the Census Bureau re-
ported. Cleaning receipts in four
months Of this year were per cent
above the same l947 period
Receipts of power laundries In the
same area for April were per cent
above the previous month, but only
! per cent above April, l947. -Four
months receipts also were / per
cent above year earlier
Beauty shops receipts in April
were 3 per cent above March, but
Z per cent below year earlier. In
four months, they were 10 per cent
below the 1947 period.
Financial District Notes.
Plans OF North American Co. for
as a holding company
in control Of Union Electric Co. of
Kansas Power & Light
and Missouri Power g. Light, are
discussed In current stock comments
Of Merrill Lynch, Pierce, Fenner IL
Beane.
The SEC has not announced its
toward the revised program,
but representatives of Central States
Electric Corp, American Cities Power
g. Light and Blue Ridge Corp,
Jointly owning more than 500 900
North American common shares,
have asked the commission to reject
he proposal.
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