Evening star., 1932-07-10
Bio Chain Also Reports June
Business Below Total in
Same 1881 Month.
OTHER STORES REVEAL
LARGE GROSS EARNINGS
Local Banks Are in Excellent
Liquid Position, Statements Fol-
lowing Controllers Call Show.
BY EDWARD C. STONE.


Sales of Peoples Drug Stores, Inc,
for the first six months of the present
year are not far behind the correspond
ing period a year ago, according to the
report made by the big drug chain
yesterday.
Sales for the first half year. without
consideration of the number of stores
in operation, amounted to sS,1s5,186
against s8,5s6,57s, a decrease Of $401,-
393, or 4.6 per cent.
The drug concern also reported total
sales for June which amounted to
1921. .076 in comparison with $1.407. 900
In the same month in 1881, a decrease
OF $115,924 or 80 per cent.
Other Important Reports.
other important sales reports also
came out at the end of the week,
among them G. c. Murphy & Co. The
company's June sales totaled $1.4el,
O97, compared with 81 ,569, 1853 in June,
1881, a decrease of $78.256 or 499 per
cent. Sales for the six months totaled
S8,285.364 against $8,461. 1872 in the like
period in 1881, or falling off bf only
per cent.
Sdl6S Oh I1e OOOlCS SOt
tion in June reached the sum of S3024,-
5e4 while the June figures year ago
stood at $3,240,297. making decrease
in the month just ended of 6.66 per
cent. McCrory sales in the six months
totaled $19,103, ,387 against $l9,585, IT'S,
q decrease of only 2.46 per cent.
Another interesting sales report came
from the j. C. Penney chain stores.
The company did s12,025,34o business
in June against s14,831, ,995 in the same
month last year, a drop of S2,806,655,
or 10 per cent In the first six months
Of 1882 sales brought in S69,280,611
against s77, ,359 905, year ago, de-
crease of $8,079. .294 or 10 per cent.
Holding of Securities Urged.
In his weekly review of the financial
situation. James B. Clews says that
liquidation has been very thorough and
II IS difficult to see how the market can
be called upon to absorb any further
sales Of importance. 1t is unreasonable
to suppose that any one who has
weathered the financial storm Of the
last two or three years would be foolish
enough to throw securities overheard
at the present greatly deprecated
levels
To be sure, there is nothing as yet
that is particularly encouraging with
regard to business, which is still moving
at a snails pace, but the time for
marketing the crops Is now close at
hand and this will help the farmer, the
middle man, the railroad and so on
hown throughout the line A distinctly
Encouraging feature, from the farmers
standpoint, is the better prices which
live stock is now bringing; and this is
also true with regard to cotton.
The Fall season of itself usually be-
gets greater activity in business circles,
so that one should look ahead and not
behind in taking a view of the situa-
tion, the review says.
Taxpayers Curb Bond Issues.
New State and municipal bond au-
thorization by the taxpayers Of AZ COM
anunities located in II States totaled
S2 $4,000 in June, according TO the
Daily Bond Buyer. Totals for June in
Aprevious years were $40 489 600 in 1881,
813.414,3o0 in 1880 and s53,7ll,73s in
p929.
All of the projects involved amounts
Spf less than S1,000.000 each. A few
POI the larger items were 100000,
Mitchell County, Iowa; $350,000, Con-
4Eales County, Tex, and s275,00e. Win
Nheld, N. Y
Proposals to issue s2.7s5 500 in new
bonds were defeated by the voters Of
18 communities in II States.
Freight Rates Coming Down.
Despite Interstate Commerce Com
mission permission to raise rates at the
beginning of this year by 3 to 4 per
cent. freight rates are coming down.
Receipts per ton-mile in March, the
latest month for which statistics are
available. amounted to l.0Sl cents, as
against l.074 cents q year ago and 1.090
cents in March, 1929. This downward
trend is a favorable development, &C
cording to the Alexander Hamilton In
stitute. because the maintenance Of
rates in the face Of falling commodity
prices made the cost of transportation
too high to permit the distribution Of a
satisfactory volume of goods.
While freight rates are still Tar TOO
high to stimulate an increase in traflc
,0r even TO prevent further curtailment.
[ le fact that rates are now declining
PROMISES to eventual adjustment nee
Tssary the trade and traffic revival, &C
COZ ding TO the institute.
Noted in Financial District.
Statements Of the local banks and
trust companies, published since the
controllers call of June 30. again show
these institutions in an unusually liquid
position The amount of cash on hand
makes an impressive display. Liquid
short-term investments also make
large total
The American Banker reports that
148 banks have been reopened so far
this year, four during the past week
one being the First State Bank OF
Grantsville Garrett County, Md.
The Nash Motors Co. has declared
dividend Of Is cents on the common
stock. payable August TO stock Of rec
ord July 20. In the last three quarters
dividends Of so cents each were paid.
The Noxzema Chemical Co. of Balt-
more has declared q dividend of ST.
payable July IL TO stock Of record July
6. Six months ago q dividend Of 81 so
was declared. making a total disburse-
s,nept of 60 S0 ,,aiG ont Of Q31 earpi7Oe