Evening star., 1932-03-18
DRUG STORE CHAIN
/ ADDS Il BRANCHES
Peoples Company Now Has
/ 124 UnitS-SmaII Stores
f Closed.
BY EDWARD C. STONE.

public this week by President M. G.
Gibbs, shows that there are now 124
stores In the chain. During the year IL
new stores were opened and were closed
when leases expired which were con-
sidered inadvisable to renew This ac-
ton. President Gibbs tells the stock
holders, was in accordance with the
conpany's policy of eliminating small
retail units, at the expiration date of
the leases, which had been acquired
with the acquisition of groups of stores
During the year 1882 the leases OF
several other small stores acquired In
like manner will expire and in all
probability they will be closed. Al
though the closing of these small stores
will reduce the total sales volume. the
net profits of the company will not be
materially affected as the stores which
have been, or are to be, closed have
not as yet earned more than nominal
profit. Following out the policy 30
expand in a conservative manner, ad-
ditional retail stores will be opened
as desirable locations at reasonable
rentals are offered and capital is avail
able.
The financial position of the company
at the end of the year is better than
at the close of the year 1880, Mr.. Gibbs
says The ratio of current assests TO
current liabilities at the close OF the
wear is slightly better than to l.
! The development OF quality merchan-
disc of the company'S own manu1ac-
ture is being continued and these prod
ucts are meeting with a steadily IN
creasing customer demand
Progress has been made in the de,
velopnent of facilities for training and
education of employees in the principles
of salesmanShip, stores operations ana
related subjects. This educational work
not only assists the new employees In
becoming acquainted with the methods,
Yolans and policies of the company, put
effers all employees an opportunity 10
ACQUIRE broader knowledge OF the
fundamental principles OF business
the president asserts.
Roads Reduce Operating Ratios.
Drastic reductions in operating ex-
penses are enabling the Baltimore d
Ohio and Chesapeake g. Ohio. to pro,
duce increased income from decreased
revenues. The latter has reported
sl47O462 net after all charges 1or
February. against 81, ,165,612 year ago,
despite decline of over $l,oO0,Ooo IN
gross. The former will show a gain,
saws the Wall Stret Journal, IN net
operating income for the month IN
the face of S2,000,000 less revenue,
January. 1t had deficits after charges
smaller than a year ago in both months:
Cold weather with increased coal
movement. is helping the Chesapeake
Sz Ohio and it seems likely IN Marcn
to repeat its February performance
With favorable conditions for the rest
of the month it may almost cover ltS
quarterly dividend of 6212 cents IN
the first quarter. Share net IN tne
first two months was "a cents, COM
pared with AZ cents year ago.
January Reports to 1. C. C.
Seaboard Air Line Railway Co. in
q report to Interstate Commerce Com
mission shows January net loss OF
s811.287 after charges and taxes, COM
pairing with net loss OF S586,475 In
January. 1881.
wav Co was l,2O2, 1862 after taxes and
charges. comparing with net loss OF
S597.744 in January, 1881.
The Pennsylvania Railroad Co., IN
its statement for year ended December
81, 1881, reports net income OF Sl9,-
545I94 after taxes and charges. equiv
alent to 81 148 share tpar $500 49,
162,699 shares of capital stock out
standing at close Of year. This COM
pares with net income of S68,809,818
equal 10 900 Slld4C Oii 1o,0oo, 80
shares in 1880.
Insurance Experts to Confer.
Harold N. Chandler, secretary Of the
Connecticut Mutual Life Insurance
Co, and DR.. Henry B. Rollins, asso-
ciate medical director, will meet tomor-
row with the representatives of the
Washington agency OF the company OF
which John L. McElfresh is general
agent.
The subjects to be taken up at the
meeting will be the services to be rem
dered by the Connecticut Mutual to
its policy holders through the various
income settlement options of its policy
contracts and the present Gay features
of underwriting.
Bank Meeting Plans Pushed.
Lanier P. McLachlen, president of the
McLachlen Banking Corporation, who
is chairman. of the Pre-convention Din
ner Committee which is arranging Tor
the annual gathering of bankers to be
held at the Columbia Country Club on
Tuesday evening, April II. has sent out
the invitations TO the special guests.
Each year high Treasury officials and
others are asked TO. attend the dinner.
This informal gathering always brings
out the largest number of local bankers
to attend any association meeting our
ing the year. The attendance this year
is expected to reach that of former
years. at least. Arrangements are now
being made for the speakers and other
program features.
BY the time this meeting is held,
plans for the annual convention will be
along and Hot Springs arrangements
will be carefully outlined.
Trading on d. c. Exchange.
Potomac Electric Power per cent
preferred opened today's trading on the
Washington Stock Exchange, 10 shares
selling at Iii. The same corporations
So per cent stock changed hands in
snail lots at 104I2.
After call, Anacostia g. Potomac
r. R. SIS figured in two 1000 sales at
5Ii.. The final sale was a small lot
Of Mergenthaler Linotype which moved
at 4li2 eX-dividend.
Following the recent dividend action,
Merchants Transfer and Storage pre-
ferred was added TO the ex-diVioend
list today.
TIE governing committee of the New
York Stock Exchange announces that
the Exchange will be closed on Good
Friday. It is probable that the local
Exchange will also be closed, although
the matter has not yet been brought
up for action.
Heard in Financial District
Reports from Al building and loan
associations in scattered sections of the
country show interest payments have
averaged virtually 100 per cent despite
unfavorable conditions, according TO
survey by United States Building and
Loan League.
Postal savings deposits on February
20 totaled $683, ,626,957. in comparison
with S658. .08l 034 a month previous, an
increase CT S25, ,545 ,925. This increase
compares with gain of S62, ,4l7,2l3 for
January deposits over those of Decem-
Der and Of S40,l03,54l for December
deposits over those of November.
Deposits in savings banks in New