Evening star., 1937-10-25
SCHOOL SAVINGS
IN SHARP UPTURN
Deposits of l4,258,790 Re-
veal 8 Per Cent Advance
In Year.
By EDWARD C. STONE.


School children in the United States,
to the number of 2,823,246 deposited
Sl4258, 100 in about 5000 school saw
ines banks during the year ended
June 80, according to reports made
to the American Bankers Association.
Of this amount S4,660,832 remained
on deposit az the close of the year, the
report says, while deposits increased
over the previous year by S1,177,606,
or 9 per cent, and net savings by
S93o.746, or 24s5 per cent.
THE gain over lrst year indicates
the greater financial freedom now
being achieved throughout the coun-
try" says w. Espey Albig, deputy
manager Of the association in making
the report public These results were
accomplished by a group numbering
only 36,993 more than during the year
previous.
'The last five years have witnessed
great improvement in school saw
nlgs. Five years ago they were suffer-
ing the shock of a business depression
without precedent in our history Four
teen of the 43 States afforded oppor-
tunity for school savings showed
greater volume of deposits than with
drawals. This year the one State with
an excess of Withdrawals over de-
posts was the exception.
Loans to Officers Simplified.
Recalling the fact that bank officers
may make loans from their own banks
of sums not to exceed S2,500. with the
approval of the majority of the board
of directors Of the member bank.
President Hugh Leach of the Federal
Reserve Bank of Richmond. has sent
the following statement to the banks
in this territory:
ITO facilitate the practical appli-
cation of the law and the regulation
the board of governors will consider
that the requirement of the regula-
ton with respect to the prior approval
of loans not exceeding $4,000 Is met
in a case in which a ma jority of the
board of directors of a member bank
grant continuing authority for such
a loan or extension of credit to an ex-
ecutive officer if such approval by its
terms remains in effect for only
reasonable period of time and in no
event longer than II months.
The authority given by the board
of directors in such a case may. if
desired, provide that the executive
officer may borrow from time to time
during the effective period of the ap-
proval granted, upon condition, of
course, that the amount Of the in
debtedness outstanding at any one
time does not exceed S2,500."
Retail Sales Moved Upward.
Renewed public buying swung sales
In the country's department stores
back into pace during the first half of
October after less active period,
sales in the South Atlantic states be-
ing per cent ahead of last year and
per cent in the Middle Atlantic
States.
The National Retail Dry Goods As
soeiation, from q check of its member
stores in 35 cities. today reported that
dollar sales during the first Is days of
October registered gain of approXi-
mately s per cent. thus stepping ahead
of the per cent increase reported by
the Federal Reserve for September
and reaching close to the per cent
average gain in sales for the first nine
months of the year.
The association found considerable
variation between different sections of
the country, and often in the sales
showings made by individual stores in
the same localities. Generally the tone
of buying was steady, however, and
gave promise of surpaassing the early
October advance in the latter period
of the month, with the way opened for
bustling holiday trade in the weeks
following.
Banks Reduce Capital Notes.
A reduction of more TRAN S72,000,-
Don In the outstanding capital notes,
debentures and preferred stock of the
Nations 1880 active banks OH June
80, last, compared with December 81,
1895, is reported by the Controller of
the Currency.
Both real estate and other loans
showed increases compared with last
December and June, while cash in
holdings of Government and other
securities showed a decline.
The undivided net profits OF the
banks amounted to S787,737,00 on
June 80, compared with S651 100000
on December 81, and S706 APT coo on
June 30 1886.
The total of all active bank de-
posits on June 80 was $50, 1922, ,370 900,
compared with S61. 5,014,000 for the
larger number of banks on December
81 and 8,339,815,O0O for the 15,803
banks on June 80, 1886.
Peoples Drug Net Estimated.
For the quarter ended September 80,
Peoples Drug Stores, Inc, had an in
dicated net profit of $175.359, equal to
65 cents a share on the common stock,
compared with S222,902 or "a cents
share in the preceding quarter and
S262.358 or $101 a share for the Sep
tember quarter in 1886. The indicated
figures are based on the company's
reports for the six and nine months
period.
Current assets as of September 80,
1887, including S1,894,301 cash.
amounted to S5.179.169 and current
liabilities were S1.613,826. This COM
pares with cash Of Sl,S55,628, current
assets of s4.922 .62S and current liabili-
ties of S1,553,428 on September 80,
1896. Inventories amounted to s3,-
238.e13 against S3.000,548.
Total assets of Peoples Drug Stores,
inc, and subsidiaries as of September
80. last, aggregated S8,381 ,012 compar-
Ing with S8O92.951 on September 80,
1885, and earned surplus was S2,954,-
e27 against S2597,591 the latest Peo-
piles Drug Stores report reveals.
Noted in Financial District.
The drive to establish new bank
In Brightwood is based on the claim
that the institution would serve be-
tween $1,000 and 10000 persons liv-
ann In that area Robert l. Myers,