Evening star., 1948-03-14
Peoples Drug Profit
Reduced by Higher
Expenses in 1947
By Edword c. Stone

BY tdword {. Stone
Net profit of Peoples Drus
Stores, Inc, in 1947, after taxes
was $2,214,9OS, equivalent to $5.6s
per share on 100000 shares o1
common stock. compared with ST..
1922, 500 or $595 per share for 1916
T. N. Beavers, president, stated in
his annual report yesterday. Giving
effect to the 10 per cent stock
divident paid in December, earnings
on the 100000 shares presently out
standing were $5.16 per share, he
added.
Record 1947 sales of $46,018, ,763
were $1,813,412. or $4.10 per cent
above 1916. Net profit after op-
Grating expenses but before Federal
taxes, was s3,626,061, decrease OF
S206 1886, or 5.38 per cent from the
previous year. The decrease re-
f1ected the increased operating
costs prevailing throughout industry,
Mr.. Beavers said.
Federal taxes totaled $1,4l1 ,153,
decrease of S96,635, or 6.53 per
cent. The company paid $1.60 for
the year in dividends. The ad-
ditional distribution Of $4,000 shares
of stock was made from company
treasury stock acquired in 1945.
The company opened four new
stores in 1947 and will open four
or more new stores this year. Cur
rent assets in December totaled
s1O,638 082 with current liabilities
of S4,513,131. Bank loans were re-
duced by $685., 900 to $455,000, the
report disclosed.
Savings Bankers to Meet.
Mortgage lending, savings bank
operations and investments will
be leading subjects discussed at the
Eastern Regional Savings and Mort
gage Conference of the American
Bankers Association which opens a
two-day session in New York tomor-
row, with L. A. Tobey. head of the
Savings Division, presiding.
Imitation has made many OF last
years savings policies out of date
and the speakers will devote their
time to the changed conditions.
Among the leaders on the program
are w. Randolph Burgess, former
president of the ABA and chairman
of the Executive Committee OF the
National City Bank, and Marcus
Nader of New York University. The
latest ABA program for promoting
savings will be outlined.
Perpetual Still Tops List.
According to a compilation just
issued by the United States Savings
and Loan League in Chicago, the
Perpetual Building Association of
this city remains the largest in
stitution of it's kind in the country
with assets of sos 5,124,0 900 on Decem-
ber 81, 1947.
Following in order of size are
Twin City Federal Savings of Min
with S60,168,00O assets;
Carteret Savings of Newark, with
$50, 1896 900; and the Old Colony
Cooperative of Providence, r. l.,
with S57,914,000.
Three other Washington associa-
tons are listed as having more than
$40, ,0O00 in resources. The Federal
Savings e. Loan has $32,501 900,
Building $26. 1887 900 and
National Permanent S25.432,00O.
Store Sales Up Slightly.
Department store sales in Wash
ington for the week ended March 6,
we're only / per cent ahead of the
week a year ago, the
Reserve Bank reported.
A week ago the gain was 7 per cent.
Sales we're per cent higher than
IN the preceding week this year
while cumulative sales in four weeks
ended on the same date, were 8
per cent higher than a year ago.
The weeks trade in the whole Fifth
District was l per cent ahead of last
year and 6 per cent above the pre-
vious week this year.
Easter comes on March % this |
year which means there are only
two more shopping weeks. Easter
was week later last year.
Chamber Program Announced.
The program for the 26th annual
meeting of the United States Cham
Der of Commerce, to be held here
April 26-29, features the business
the Nations foreign policy,
America basic resources, behind-the-
scenes reports on world affairs, and
election year political discussions of
the leading issues.
Speakers are yet to be announced
out all will be persons of national
or world standing. Luncheons and
dinners will feature the social pro-
gram. Several State congressional
dinners have been planned.
Heard in Financial District.
The Washington Office of the
Fidelity Mutual Life Insurance Co.
wrote more than 100000 in in
sursnce during 1947. bringing the
total in force to move more than