Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-09

Malcolm Gibbs is president. expanded
rapidly during 1923. Starting the year
with 48 stores, 81 stores were operating
on December 81.
Since the end of last year the COM
pany has acquired the Kennedy chain,
PENNSYLVANIA. with Is stores III Harris
burg, Scranton. Altoona, Wilkes Barre,
Lancaster. Mckeesport, Carbonate ana
other cities. This purchase was mace
for cash and involved no issuance OF
additional stock. AS a result Of this
acquisition and the opening OF several
other stores. the company is now
operating lOl stores. Locations have
been secured for seven additional stores
which will be opened during the next
few weeks.
The company showed marked I'M
provement in operating efficiency our
ing 1928. reflected in an operating ratio
of 6lo per cent, compared with ga
per cent in 1927. IN other words, for
every dollar of sales in 1928, the COM
pany retained about 6i2 cents for the
stockholders and surplus, while SPA
cents were retained in 1928, for every
dollar of sales.
Sales for the first two months this
year, were $2.180,447, compared with
Sl.473,5S3 in the corresponding period
Of 1928, gain of 48 per cent.
The balance sheet as OF December
81, 1928. showed cash alone in excess
OF S1.l00000. and q ratio OF current
assets to current liabilities OF more
than three to one. Company is thus
in excellent position to continue lts eX-
pansion program.
Capitalization of Peoples Drug Stores.
Inc, consists of $2.500,000 of 6l2 per
cent 500 par convertible preferred and
122.625 shares of no~par common. Pre-
ferred is convertible into common until
March IS, 1888, in the ratio OF l l-3
shares of common for each share of pre-
ferred. In addition there are outstand-
ing warrants which entitle holders to
purchase 1925 shares Of common at
$50 a share until December 81, 1890.
Peoples Drug Stores common stock is
currently quoted on the New York Curb
around SO. compared with 1929 high
and low of "a and 74ls. 1t is on 81
regular annual dividend basis. The pre-
ferred is quoted on the Washington
Stock Exchange around 100.
Convention Committee Named.
Further steps have been taken in con-
nection with the annual convention OF
the District Bankers ASs0ciat ton, to be
held at Montauk Point next June, by
completion of all the subcommittee,
which are announced as follows by Gen
eral Chairman c. H. Pope:
Program committee. P. H. Siddons,
chairman; w W. Spaid, vice chair
man; Victor B. Deyber, Howard Moran,
w. j. Waller, c. C. Lamborn F. P. Har-
mon, jr., L. A. Slaughter, H H. Mckee,
j. T. Exnicios and Joshua Evans, jr.
Entertainment committee - Thomas
w. Brahany. chairman; Frank Stetson,
vice chairman; F. w. Mackenzie, E. J.
McQuade, L. E. Schreiner, Francis @.
Addison, jr., and Archibald McLacl1lan.
Sports committee. H. Cox, chair
man; C. H. Doing, vice chairman: c. B.
Asher, H. T. Shannon, B. E. Hinton, r.
P. Barnard, z. p. Wilson and Ezra
Gould.
Transportation committee-C. H.
Woodward, chairman: j. Frank White,
vice chairman; Thomas P. Hickman, r.
S. StunZ, j. D. Leonard, Maurice Otter
back, W. r. Lewis, M. F. Calnan and
Edison B. Olds
Hotel committee-H. L. Selby, chair
man: F. P. Hartman, vice chairman; C.
A. Mccarthy. H. L. Offutt, jr., c. D.
Boyer, ]. r. Waller, T. j. Groom, L. G.
Eckloff and S. M. Thrift.
Publicity ommittee-James A. Soper,
chairman; Barnard L. Cotton, vice
chairman; John NJ. Riordon, B. A.
Bowles, DR.. F. harrington, G. F. Jacob
son, Raymond Lewis, Aubrey o. Dooley,
z. G. Stone, Robert C. Albright and
Richard Hatton
Ladies' committee-Mrs. Robert v.
Fleming, chairman; Mrs. Wilmer j.
Waller, vice chairman: Mrs. j. P. Nc
Lachlen. Mrs. Edward j. McQuade,
Mrs. Albert S. Galley, Mrs. C. H. Pope,
Mrs. George o. Vass, Mrs. Frederick P.
H Siddons, Mrs. w. w. Spaid, Mrs.
Thomas w. Brahany. Mrs C. H. Wood
ward, Mrs. H. L. Selby, Mrs. James A.
Soper and Mrs. F. H. Cox.
February Sales Ahead of 1928.
Total sales of department stores in
February were larger than a year ago,
according to preliminary reports to the
Federal Reserve system by 438 stores.
After allowance is made for the fact
that February of this year contained
one less business day than February,
1928, sales of these firms showed an in
crease of approximately 4 per cent. OF
the 438 reporting stores, l59 reported
increases over February of last year,
while 279 showed decreases.
BY Federal Reserve districts increases
in total sales for the month, as COM
pared with February. 1928, were re-
ported by stores in the Chicago, New
York, Cleveland and St. Louis districts,
while the largest declines occurred in
the Atlanta, Minneapolis and Phlladel-
phia districts.
Sales of 2 mail order houses were
20.8 per cent larger, and those Of 8
5-and-l0-cent chain stores, AS per cent
larger than in February of last year.
Changes in the volume of business OF
both mail order houses and chain stores
reflected in part an increase IN the
number Of retail outlets operated.
The report for the Richmond Reserve
district showed a decline OF 81 per cent.
Reports were made by Al stores in this
territory. IA showing an increase and
81 a decrease.
Associates Honor CoOlican.
Oscar Coolican, who recently relin-
u,iished the managership OF the Wash
inoton Offices of 9. NJ. P. Murphy e.
Co in order TO give all his time TO the
automobile business, was given a COM
plimentary dinner last evening at the
METROPOLITAN Club. Grayson M. p
Murphy of New York head of the firm
presided. and Otis A. Glazebrook, Jr.
and Erskine f. Wood, partners, were
also present. About 25 members OF the
STATS at the two local offices attended
A feature of the evening was the
presentation to Mr.. Coolican OF hand
some gift from his associates here.
Louis Rothschild director of thu
Washington Better Business Bureau
talked on the radio last night on th'
many ways by which local people arr
being separated from their money Mr.
Rothschild believes that more fraudu
lent schemes are being pressed among
people unfamiliar with finance thar
ever before.
The volume of trade during the Wecl
ended March 2. as reflected by chrcl
payments, was smaller than In the pre-
ceding week. but greater than yea
ago, according to the Department o
Commerce.