Evening star., 1934-11-18
FinanCiers Will Explain Way
to Obtain Loans at Ex-
position Here.
SlDD0NS ANNOUNCES
SPECIAL COMMITTEE
Public Printer on Commerce &
Savings Board-City Bank
Adopts Loan Plan.
BY EDWARD c. STONE.


better housing campaign which is
meeting with marked success and has
recently witnessed such a sharp ad-
vance in the demand for renovizing
loans. AS president of the District
Bankers Association, Frederick P. H.
Siddons appointed a special committee
yesterday to assist the Better Housing
Committee in every way possible dur
ing the coming exposition from
November 26 to December g. The
committee includes the following
flnanciers:
S. William Miller, treasurer, Union
Trust Co.; Hubert Bisselle, assistant
cashier, Riggs National Bank: James
Mason, assistant cashier, Washington
Loan & Trust Co.. Richard E. Harris.
assistant treasurer, American Security
d Trust Co.: Archie McLachlen, Sec
retary- treasurer, McLachlen Banking
Corp; T. Hunton Leith, secretary,
Security Savings G. Commercial Bank;
James A. Soper, vice president, Lin
coin National Bank; John Alden. as
sistant cashier National Bank of
Washington, and Frederick H. Cox,
City Bank.
The local Better Housing Commit
tee, under the leadership of Thomas
c. Littlepage, jr.. is making excellent
progress in pushing the Governments
program for the modernization of
homes. The part that the banks and
building and loan associations are
playing in the drive is most vital as
they are furnishing the sinews of war
in great many cases.
The District Bankers Association
will have booth at the exhibition,
and during the entire time a banker
will be on duty to explain the manner
in which loans of S100 to $4,000 may
be secured from the banks for the
purpose of renovating and moderniz-
ing homes under the national house
act.
Giegengack of New Bank Board.
A. z. Giegengack, public printer of
the United States, has been elected a
member Of the advisory board of the
H street branch of the Bank of Com
merce and Savings. The new branch
will be located on H street at North
Capitol on the site formerly occupied
by the North Capitol Savings Bank.
It Is expected that the bank will be
open for business the early part of
next week.
Mr.. Giegengack has twice been
president of the International Asso-
citation of Printing House Craftsmen.
He went overseas in the war, super
vised editing the Stars and Stripes,
American Expeditionary Forces
manor ard uac oroo Of
of the American Legion. He for
merly resided in Rockville Center,
Nassau County, N. Y. 1t was re-
Gently announced that William M.
Mooney. postmaster of the District of
Columbia, would also be a member
Of the advisory board of this branch.
Trading on d. C. Exchange.
Trading on the Washington Stock
Exchange yesterday recorded $1,000
sale of Washington Gas SIS, 1860, at
100, the high price for the year.
Capital Traction SIS also came out,
$1,000 selling at 90. The days only
other transaction was in Columbia
Title Insurance Co. stock, 10 shares
changing hands at Az.
The feature of the week end
market was the action of the bid
and-asked quotations on Mergenthaler
Linotype. Yesterdays close found
the bid at 26 and the asked price
at 90. The stock sold only a few
days ago at %. while the low for this
year is 2112. The annual report, just
out, showing net income of
s212,027O7 against loss last year of
1859, ,25358, greatly impressed share
holders. The asked price on the
exchange has advanced so quickly
that there have been no sales since
the report came out.
Peoples Drug Stores preferred
closed the week at 11114 bid and lib
asked. 1t sold in New York Friday
at 112. Attention has just been
turned on this stock because of the
100 per cent stock dividend on the
common and mounting earnings.
Bank Adopts New Loan Plan.
The City Bank is inaugurating a
new personal loan plan, according to
announcement made yesterday by
President Clarence F. Burton. The
plan will be adopted in the main Of
fee and the five branches. Mr.. Bur-
ton states that the idea is very SIM
liar to the plan put into operation
by the National City Bank in New
York several years ago. 1t also has
features similar to those in operation
by the Morris Plan Bank.
The notes will be for one year and
will be discounted at 712 per cent,
Mr.. Burton said. A fiat charge Of So
will be made to cover the cost of in
vestigation. In the case the loan is
not granted, there will be no charge.
The maker is required to start spe
cial account, which is assigned as COL
lateral, and to deposit each month
one-twelfth of the amount of the note.
All notes must be signed by the
applicant, and if married, by his wife;
also at least two other co-makers,
all of whom must show permanent
employment and the ability to meet
the amount of the note. If collateral
is furnished, the extra signatures are
not required. Mr.. Burton stated.
The Great Atlantic & Pacific Tea
Co. has declared the usual extra divi-
dend of 25 cents share on its COM
mon stock, in addition to the regular
quarterly disbursements of $l50 on
common and SITS on preferred All
dividends are payable December l to
stock OF record November 20.