Evening star., 1937-07-25
Common Stock Earnings Hit
$1.94 a Share, Against
$1.91 Year Ago.
HALF YEARS SALES UP
MORE THAN 100000
Volume Reaches $10,S82,427,
Compared With $9,S70,173
in Same 1886 Period.
BY EDWARD c. STONE

Inc, in the first six months of this
year totaled sl0,882. .42783. against
$s,870,173.3l in the first half of 1896.
1t was announced at the head office in
washington yesterday Other store in
come brought total store revenues to
I'll 1923, 8,389.60, compared with slO,-
OO4,5 80 a year ago.
After payment of dividends on the
preferred stock, Peoples Drug earned
l,94 share on the common stock
against Sl,9l in the like period in
1885. While net sales scored a gain of
more than sl000,000 this year over
last, expenses were also larger, result
ing In only small gain in earnings for
the common stock The long prevail
ing upward trend, however, was main
tanned.
Ihe seml-annual report showed an
operating profit of s576, SAB 96 in COM
parison with s6loo651s year ago.
After deduction of estimated Federal
income and excess profits taxes the
company reported a net profit for the
six months of s5O6,865.46. compared
with s532,37623 a year ago.
Preferred stock dividends called for
$3O,236,35 this year against s62,74l.48
IN the same six months a year ago
!eavlng net preflt for the common
stock of s476,629.11 compared with
$469, 63475.
The reduction in preferred dividends
was due to the retirement of 10000
shares OF this stock, Peoples Drug
reported an earned surplus as of June
80 OF S2,s85176,27 in comparison with
$2,539,3l720. Total assets stood at
$8'oo4,l5o.59. against s7,5972570l
year ago.
Institute Leaders Appointed.
William H. Laughlin. president of
washington Chapter, American Insti-
tute OF Banking, announced yesterday
the appointment of committee chair
men who will direct the work of the
local chapter during the coming year.
The new chairmen include 81 of the
most active chapter members. and
they are already busy planning the
activities Of the Fall and Spring
semesters. The appointments follow:
Administrative, Francis Robey, Bank
OF Commerce & Savings; advisory. Hill
!eory G. Hoskinson, Riggs National:
archives. J. K. 1relan. Washington
Loan & Trust; athletics, RAYMOND
Jones, National Metropolitan: audit.
W. L. Sanderson, Hamilton National:
banquet, r. H. Lacey, Columbia Ma
tlonal; debate, F. U. Rodger, Riggs
National: dollars and sense, A. E..
Henze, w. B. Hibbs e. Co.; educational.
PAU Seltzer. American Security e.
Trust Co.; entertainment, George M.
Rowzee. Lincoln National: essay con-
test, G. Elmer Flather, Union Trust
Co.; finance. Richard Norris, Lincoln
National; forum, T. Hunton Leith,
Security Savings g. Commercial: house.
B. Bruce Frentz. American Security e.
Trust Co.; membership, George Earn
shaw, National Metropolitan; program.
Joseph r. Fitzpatrick, Second Nation
al; public affairs, James Dulin, Amer
lean Security & Trust Co.; public
education, Stuart Ogilvie, Second Ma
tional: public speaking, j. Earle Nc
Geary, w. B. Hibbs & Co.; publicity.
G.. Crawford Turnbull, Morris Plan,
and women's, Myrtle Lewis, Liberty
National.
Reduced Interest in Effect.
The reduced interest "a tes on Farm
Credit Administration loans, which
were enacted by Congress over Presi-
dent Roosevelt's veto, became effective
on July and July %. Albert S. Goss,
land bank commissioner, announced
yesterday.
The 3i2 per cent rate on Federal
Land Bank loans will be effective as
OF July l, and the per cent rate
on land bank commission loans is
effective as of July o. The contract
rate on new land bank loans will
continue to be per cent, with y per
cent being related for one year BEGIN
ming July l.
Building Revival Forecast,
Building supply companies can look
forward to a renewal of residential
construction activity about September
despite the current lull, according to
experts of the Federal Housing Ad-
mlnistration and the Federal Home
Loan Bank System
Resurgence of residential construc-
tion Is expected to develop even with
out any sizable reduction in building
material prices. although officials con-
cede that increased prices have con-
Tlbuted to the steady decline in such
construction since February. Higher
prices for some material, such as
plumbing and heating apparatus,
are expected this Fall
Heard in Financial District,
Trust Companies Magazine for July
prints the address given before the
District Bankers Association conven-
tion by w. T. Vandoren, vice president
and cashier of the Liberty National
Bank, on Protection Of Beneficiaries
and Trustees"
Rutherford ]. Dooley, cashier of
the National Bank of Washington, is
taking his annual vacation.