Evening star., 1936-01-09

banks TO make
credit available to established indus
trial and commercial enterprises for
the purpose of replenishing working
capital, for periods not exceeding five
years.
The Federal Reserve system gov
ernors in Washington recently received
information indicating feeling that
some of the Federal Reserve banks
have not done everything possible to
make a success of the industrial loan
program which provides for loans
either direct to borrowers or in par
ticipatiop with financing institutions.
The Richmond bank has already
made a good many such loans. but is
ready to make more if they are need
ed. Industry in general has been noti-
fed of the purpose of these loans and
applications have been approved
whenever practicable, Gov. Seay states
The Reserve bank knows of nosfurther
enterprises in which additional work
ing capital is wanted at this time, but
the governor makes an appeal to all
other banks to report on any cases
that may come to their attention.
The Richmond bank will also be
glad to cooperate with member banks
and so far as possible with any banks in
terested in participating in such loans,
the liquidity of which may be guaran-
teed by the Reserve bank and losses
to any bank limited to a maximum of
20 per cent.
Thomson Boosts Advertising.
The current issue of Trust Com
panies Magazine spreads the gospel of
cooperative advertising all over the
country through an article by Eliot H.
Thomson of the Washington Loan &
Trust Co., in which he elaborates on
the brilliant results obtained by Capital
banks through mutual promotional
efforts. In writing on Effective and
Economical Advertising Through Co.
operation" he says:
Teamwork is necessary in a bank.
Teamwork among the banks is just as
necessary. Why should We bankers be
trailing behind other great business
developments in this country? Whether
it is the fruit growers of California, the
farmers, the automobile manufacturers,
the lumbermen or the laborites. when
1t comes to cooperation, everybody s
doing it now. Why shouldn't we
bankers cooperate?
First of all, cooperative advertising
Is much more economical than in
dividual advertising; second, it gets
attention no individual bank can COM
mand, and, third, it conveys to. the
public the impression that the banks
are rendering service of value to the
whole community.
Last year no less than five cam
paigns we're used for such purposes as
the calling of Fourth Liberty Loan
bonds, the better housing program of
the Federal Housing Administration,
both Titles and II, campaign for
loans and, finally the annual Christ
mas Club series of advertisements.
Mr.. Thomson gives most interest
ing summary of the advertising done
by the District Bankers Association
during the long period in which he
was chairman of the associations
Advertising Committee.
Peoples Drug Sales Increase.
Net sales of Peoples Drug Stores
Inc, in the full year 1885 totaled
sl9,235,757, against $16,880,83 in the
like period in 1884, an increase of
$2,345,927, or 1879 per cent. AS al
ready noted, sales in December were
7.8 per cent ahead of December, 1884
Sales in November showed an in
, crease of IA per cent over November
, of the previous year.
The extra large number of Pennsyl-
vania Railroad stockholders in Wash
ington received with acclaim the news
that the Pennsy directors had de-
clared a 81 dividend covering 1885
and coming out of that years earnings.
1t is an increase of so cents per share
over the last previous dividend and
will be paid on February 90.
Total State and municipal f1nanc-
ing for the year 1885 was ST .188 ,494,- :
586, according to the Daily Bond
Buyer, the largest total for any year
since 1881. The total includes all
p. w. A. and r. F. c. financing and
! compares with a total in 1884 o1
$1,175,333, ,698.
The Securities and Exchange Com.
mission reports the filing of % addi-
tional registration statements under
the securities act The total involved
almost S145 100000 of which SILL.
167,661 represents new issues.
Annual Bank Meetings Due.
Z Stockholders of all the nationa
banks in Washington and of severa
other banks will hold their annua
meetings next Tuesday, January IA
as prescribed by law. So far as an
nounced, there will be no extensiv,
changes among directors of bank Off
cials. There are always number o
new directors named to fill variou
vacancies developing during the year
While the annual convention of tn
American Institute of Banking doe
not take place until next June, Off
cias of Washington chapter alread.
/. expect that the delegation for Seattl
from this city will number at least II
Junior bankers. Last year the chapte
A. N. Hilton of Norfolk has beer
elected secretary of the Advisor.
Council of the American Institute o
Accountants, election taking place a
meeting at the Shoreham Hote
, here. He is president of the Virgins
Society of Certified Public Account
ants.
! Mergenthaler Linotype stock wa
again in demand on the Washington
Stock Exchange today. The stool
opened at 411s, went to 2l%, ant
closed where it opened on a turnovel
of 1o9 shares. Ten shares of Wash
ington Loan g. Trust stock sold a
203H today and Potomac Electric
Power per cent preferred came ou
at 110k.
Capital Traction bonds were in de-
mand at 91% at the opening. Th'
final sale was a $4,000 lot at 81.
Peoples Drug common gained hall
o point on the New York exchange
&tas