Evening star., 1940-07-26
Peoples Drug Sales
Ahead Of Year Ago
In First Half
$l1,l84, ,763 Compares
With S10,872,812 in
Period Year Ago
BY EDWARD C. STONE.

Dy Ell" AMI u. . L oA>Ls
Net sales of Peoples Drug Stores,
Inc, in the first SlX months of this
year totaled $11 1S4, ,76389, against
S10,872 ,81297 in the first half of 1889,
1t was announced at the head Office
of the big drug chain here today.
Operating earnings for the COM
mon stock, after the usual deduc-
tions. were equivalent to 83 cents
per share in comparison with 60
cents per share in the corresponding
period last year.
The company reported total stores
income as sll335 300 against SILL
OBI, ,429 a year ago After deduction
of operating expenses, Peoples Drug
had an operating profit of S49l 500
as compared with S425.832.
Deduction of estimated Federal
income taxes required sos 005 IL this
year. compared with S79.6l702 in
1889. The report shows an operating
profit available for the common
stock of s4O7,21496, against $751;
O0856.
The financial statement shows an
earned surplus at the beginning of
the period of S3,884.548 in 1910 and
S3,409 83l in 1889 and earned surplus
on June 80 of S403O,520, against So
467,054 a year ago.
Today's report also disCloses total
assets of S825l, ,567 09 in comparison
with S7,166, ,62264. Many ether items
also reveal the company in an ex-
cellent financial condition.
Transit June Earnings Mount.
The Capital Transit Co. filed a
fine June report with the Public
Utilities today. showing net income
OF s91,22Oo8. compared with S67,-
7794S in June, 1889 an increase of
S23,44059 or 34.6 uer cent.
Operating revenues totaled S1O5l,-
o0302 a gain of S27,l76,5l over the
like period year ago Gross re-
vealed a gain of over S22,500.
Revenue passengers numbered Is
16O.O23. an increase of 50S.357 car
and bus riders over June, 1889, and
an upturn of 35 per cent.
In the first six months of this year
Capital Transit earned 1898 .266 20.
compared with net income of
s31669205 year ago. an upswing
of s76,574l5, or 242 per cent. Rev
enue passengers showed 5,7299l0
increase, or 81 per cent.
b. e. o. June Net Rises.
Showing a substantial gain, net
railway operating income OF the
Baltimore e. Ohio R. R, for June
totaled S2.8406l4 against 81 1863 1888
in June 1889. an increase of S976,73
it was announced by the company
today.
Freight revenues played the lead
ing part in the gain, June total of
Sf3508690 comparing with $10.-
856,394 year ago. an increase Of
S2652 ,486 Passenger revenues. as
with many other railroads. were
again Disappointing, total of S926,-
379 being a decrease of Sl72 ,963 from
June last year. Mail revenues were
ahead and express returns slightly
under the June, 1929, figures.
Operating expenses continued to
climb, amounting to Sl1,0l4 1868,
against SO ,592, 869 a year ago, gain.
of 81 ,421, ,499 Maintenance of way
and structures. of equipment and
transportation were all much heav-
ier than year ago.
The B. & o. report for the first
six months of this year showed
net railway operating income
amounting to S12376.l62, compared
with only S7,7082 22l in the first half
of 1899, a gain so far in 1910 Of S4,-
667,941.
Pennsy's June Net Jumps.
Net railway operating income of
the Pennsylvania Railroad in June
amounted to s6773,823, notable in
crease of S1,12229 over June, 1889,
1t was announced today.
Freight revenues totaled S30, ,428,-
923. a gain of IS 1897, 1888. Passenger
revenues were lower, a total of S.
9O0263 being S2S2,22 under last
year.
Railway operating expenses called
for S27,898,6l1, an increase over
June, 1899, of s3,6O9,771. Transpor-
tation costs were up 81 l,506,448 and
maintenance of equipment $1,154,-
373.
Pennsylvania S net railway operat-
Ing income in the first six months of
this year amounted to $33,949,374,
against $2681l 001 last year, sub
stantial gain of $7,138,373. In the
first half of 1888 net operating in
come totaled S19678,844.
Safe Deposit Box Tax Higher.
The Bureau of Internal Revenue
has reminded banks and users of
safe deposit boxes that the tax on
them has been increased l per cent
and the increase is now effective.
This increase is chargeable to the
defense tax. now limited to five
years. beginning June 30, 1910.
The old rate for this tax was 10
per cent and the new rate II per
cent It is assessed on the amount
paid for the use of a safe deposit
box. Unlike some of the other taxes
imposed under the new law, it is
specifically stated that it is to be
paid by the person paying such
amount That is, the bank may not
pay it, but the renter of the safe
deposit box must.
Taxes on Estates Discussed.
Walter E. Barton, Washington
attorney and authority on taxation
contributes an article on Federal
gift and estate taxes to the current
issue of Trusts and Estates, the
national fiduciary magazine.
Mr.. Barton discusses a number of
recent Supreme Court decisions and
points out that these decisions have
considerably altered the current
view of the law with regard to the
effect on estate taxes of gifts and
dispersions of these estates during
the life of the testator.
The Commerce Department re-
ports that sales of general merchan-
disc in rural areas in June was AZ
per cent better than year ago,
and slightly better than the average