Evening star., 1934-07-29
HUGE GAIN SHOWN
IN HALF-YEAR NET
OF PEOPLES DRUG
Stores Earn S2.99 a Share
on Common, Compared to
86 Cents in 1888.
FLEMING IS ELECTED
INSURANCE DIRECTOR
Place on Metropolitan Life Board
Considered Distinct Honor
for Capital Banker.
BY EDWARD c. STONE.

BY EDWARD &, STONE.
In the first six months Of the pres
ent year Peoples Drug Stores, Inc,
earned $3.50 per share on the COM
mon stock, compared with 86 cents
per share In the first half Of 1898,
according to the financial report
made at the big drug chains head
ofiice here yesterday.
The fact that earnings were more
than three times ss good in the first
half Of 1884 as in the same period
IN 1898. Is due largely 10 improved
conditions In Peoples Drug territory
which last year yielded little profit.
Sections where strikes or the indus
trial let-down Just about ruined
profits last year, have now improved
until the same stores are returning
good profit margins, officials state.
This improvement. coupled with
continued gains In sales In cities like
Washington, has brought about the
gratifying results Just reported. Net
sales for the half year enSrla June
80 totaled $8,0l5, ,234e2. Oti..~ ct res
income amounted TO $lie,60774. Ex-
penses called for $3.50 ,955 70. leaving
an operating profit Of s503 .886.77.
After deduction Of estimated Fed
eral taxes and Of $66,822.6l for the
payment OF dividends on the pre-
ferred stock, net profit available for
common stock totaled 1855, ,792.1l.
The company's assets now total ST.
B3i, ,762.51 and the drug chain re-
ports the ratio of current assets to
current liabilities as $5.05 to $l.0o.
Fleming Accorded New Honor.
Election of Robert v. Fleming.
president OF Riggs National Bank, TO
the directorate Of the Metropolitan
Life Insurance Co, In New York
during the last week. was freely dis
cussed in the financial district here
yesterday. His election to the big
insurance companys board is con-
sidered q distinct honor. well de-
served.
His financial brains, with which he
is very generously endowed, VIII be
OF real value to the company. While
his ability has been known to Wash
ingtonians for years. he suddenly
came into the national hmelight
through his work for the American
Bankers Association. His success as
chairman OF the Committee on Ma
tional Legislation was noticed by
financiers all over the United States
and brought him to his present posi-
tion as second vice president Of the
association. He will be president Of
the A. B. A. in 1896.
Being a director in important cor
porations is nothing new to Mr.
Fleming. He Is now serving In that
capacity with the Washington Rail
way e. Electric Co., Potomac Electric
Power Co., Chesapeake 81 Potomac
Telephone Co., also director and
treasurer Of the Corcoran Gallery OF
Art, trustee National Geographic
Society, member Of the Washington
Bond Club, Association of Reserve
City Bankers, and an almost count
less number of other organizations,
including the presidency of the
Washington Board of Trade. A leader
and former president of the District
Bankers Association, he is also a
member OF the Executive COMMITTEES
Of the washington Clearing House
Association. He has been president
of Riggs for nine years.
Justice Peyton Gordon of the Dis
trict of Columbia Supreme Court, on
Thursday last ordered that the hear
ing on the petition of Lawrence B.
Campbell, trustee for the National
Press Building Corp, filed through his
attorney, Walter M, Bastian, for in
structions relative to the payment al
this time of a. first mortgage coupon,
be continued to October 2, 1894.
The payment of this semi-annual
interest coupon was recommended to
the court by Spencer Gordon, attor-
ney for the trustee for the first mort
gage, the New York Trust Co, and
by j. Spauldtng Flannery. attorney
for First Mortgage Bondholders
Protective Committee, Of which
George Ramsey of New York is chair
man. Those opposing the payment
at this time of this interest coupon
on the first mortgage were the attor-
neys representing the Second Mort
gage Protective Committee and the
National Press Building Corp.
The National Press Building Corp
vas the first corporation in the
United States to come under the
new corporate reorganization act
which was approved by the Presi-
dent on June 4 1894. The corpora
ton heretofore had been operating
for about year and half, under
an equity receivership, in which Mr.
Campbell. the present trustee, was
receiver.
In his reaSSurlng and extremely
important radio address, Chairman
Joseph p. Kennedy of the Stocl
Market Control Commission, sale
among other things:
I'VE want to see the wheels turr
over and gather speed. We want K
see the security business, BY far tht
greatest in volume and most i'm.
portant in its effects OF any in ths
country, go forward on a broad scale
There is no belief in the minds O
the commission that business is 4
be viewed with suspicion; that it mus
be harraSSed, annoyed and pushed
around. Business based on good vii
should be encouraged and helped.
I'VE shall seek TO help all prope
enterprises by helping them establish
new checks and more positive stand
ards.
"The regulations, generally. ar
broad in character and rest SQUARED
on principles of ethics applicable no
only to business, but to everyday life
The rules are simple and honest
Only those who see things crooked
will find them harsh. There is no
the slightest thought of eliminatin
or restricting proper profits.
"The recovery program TO b
finally successful needs a sound an
broad security market. The publicit
we have In mind regarding corpora
tons viii do them no harm and tn
public much good"