Evening star., 1933-07-19

Az Il IIltt LAA4S,
held here y6Ster- Eliot H. Thomson.
day a mmitt9e
Of the national organization consisting
of J. ". Mchling and E A Epstein OF
Baltimore. ard Mark LanSburgh c!
Washington approved such cooe ana
row arc asking national retail organ
1zations to incorporate It as part OF
their industrial rules.
Members Of the COmmlttc" declare II .
is essential to good business to Staol!l2e
the eolvercv of the cor sumner pubic. !
prevent over buying on credit basis. i
and make a proper charge for financing
long-tcrm purchases.
Text of Proposed Code.
The proposed Unfair Practice Code
reads as follows:
Il To advertise terms more pr M
inpntly than the price or the mer-
Chandiee itself is advertised.
~ To advertise terms without in
dicatire in the same advertisement the /
selling price Of the article or articles
advertised.
% To advertise in such manner AS
70 indicate that no down payment is
required on merchandise purchased on
the deferred payment plan.
a T. sell or offer for sale mer- /
chandise on any deferred payment plan /
without stating clearly at the time OF +
sale the price of the merchandise and
the price CT the financing function, or !
to sell merchandise on the basis of
credit without financing charges ade- ,
Quate to cover the cost thereof. ,
- To extend credit to any individ- /
uaI without having knowledge of or
first aScertaining the current credit
status Of such individual. the amount
Of his or her Indebtedness to other eS-
tabishmCntS. the manner in which
such person is or has been caring for /
his or her obigaI rs. This infOrma .
tiOn can best b. had from or through ,
the recognized credit bureau or mer-
camille agency serving the representa- ,
tive retail credit grantors in the trad
ing area IN which the merchants es- !
tabIshment is located
Thomson Again Advertising Head. /
After sov raj Years Of most helpful !
service as chairman of the District /
Bankcrs' Associations Advertising Com !
mittcc Eliot u Thomson Of the Wash !
ingt0n Loan & Trust Co. again has been
appointed to this important position by /
President George o. Vass. The work of ,
this committee Is regarded as Of unusual /
value to all the banks in the association. |
Mr. Thomson has headed the COM !
mitt9e during several cooperative cam /
raigns which have proved CT substantial !
aid to all the citvs banking interests. !
Perhaps nothing haj brought the COM
nittea's work to such public attention ,
rs the various Christmas savings club .
diiycs Through theSe united CAM
paigns. the banks have built up Christ
mas savings clubs which have been the !
envy OF other cities all over the country. !
IN all these drives Mr. Thomson |
played the leading part. Year after year |
new high marks were made in the |
amounts subscribed and the number OF |
Subscribers While the bank mOrato !
Ium put a crinp in Christmas club saw
ings here. yet saving for Yuletide pur-
poses haya been set aside regularly by
the deposiiOrs in 90 banks
In his last annual report as advertis
ing chairman. Mr.. Thomson urged the /
association here to start a radio cam
paign CT education to give the Wash
lngtCn public better insight into the !
work and services Of all banks.
Railroad Earnings Turn Upward.
Capital holders OF railroad stocks /
ere elated over recent reports for the
frs half year and for June alone.
Chesapeake & Ohio Railway reports
for six months ended June 30. 1888,
net income of $10,365,Tl7. after taxes,
charges and sinking fund apprCpria-
tons. equivalent. after dividend require
,nents on the 81. per cent preferred
stock, to 81 -35 share 'par S25l on
: .652 942 shares Of common stock. THIS
compares with s8,76G,967. or $l.14
common share in first half OF 1892.
June net income was S24223i6. after
taxes. charges, etc. against net income
Of s1,O16.T1 il June. 1892.
Atlantic Coast Line Railroad reports
for five months ended May 81. 1888,
ret income Cf S402 .245 after taxes and
charges, equivalent after dividend re-
ouirements on per cent preferred stock
to 49 cents q share on 1923 .421 shares OF
common stock. This compares with net
loss of S1023 768 III first five months
of 1882. May net loss was S25.397
after taxes and charges. against net
loss Of $745 533 in May. 1882,
The Baltimore & Ohio and the
Southern also show tremendous changes
for the better i'll recent earnings. The
Seaboard likewise shows improvement.
The Baltimore Commercial Bank,
which had been operating on per
cent withdrawal basis since the bank
holiday. has reOpened on 100 per cent
basis following completion of the re-
organization plan. Gwynn Crowther is
president Of the institution. BY the
new plan So per cent of their deposits
becomes available to depositors.
The Baltimore Trust Co. is to be
known in the future as the Baltimore
National Bank. The reorganization plan
provides for payment in tull Of all de-
posts under $40. Other depositors are
to receive 10 per cent Cf their deposits
10 addition to the Per cent already
$ade available DepOsitOrs will receive
certificates of ndebtn.sS for the re-
naming 80 per cent Of deposits which
will bear per cent annual interest
PAYABLE on the maturity date, July l,
1888
The new bank will have capital of
approximately $1,000 coo of preferred
stock and 81 100000 of common. sur
plus and undivided profits all the pre-
ferred stock to be subscribed to by the
Reconstruction Finance Corporation.
Bonds Leaders on Exchange.
On the Washington Stock Exchange
bonds were the most active in todays
transactions The market opened with
Capital Traction SIS selling at 48, on
two $500 and one $1,000 transfers.
Georgetown Gas IS figured in $4,000
sale at IO41s and the closing trans
actions were in Potomac Electric Power
Consolidated SIS, $4,000 and 81 600 NOV
5ng at 103i..
On the stock SD Norfolk & Wash
t.gtt>J11 steamboat stock sold at 70. and
two sales. of Potomac Electric Power
512 per cent preferred stock came out
at l081s The final sale for the day
was a single share Of Washington Rail
way & Electric preferred at 88.
$4,000 600 in Closed Banks.
Treasury sources place the amount of
deposits now in closed or restricted
banks at approximately S2.3O000O ,OOO
This sum is roughly divided into 81 ,o00,-
100000 Ior national banks. 81 900 .00O.-
900 for State institutions and $500 .O00.-
600 for the Reserve System. Total does
rot incirAs mutual savings bankS,
rhich have been operating under re-