Evening star., 1937-12-16
D. c. BANK DEBTS
SET FINE RECORD
November Figures Better
Than National Average
and Above Year Ago.
BY EDWARD C. STONE,


Business in Washington in Novem-
Der stood up much better than that
OF the country as whole, which sui
fered recession of per cent from
the October level as measured by
the total of debts by banks to indi-
vidual accounts.
The Standard Statistics Co. index
OF Washington bank debts for No
vember is computed at 142 (average
Of l920-l924 equals 1000, compared
with lat in october and 1876 for No.
vember, 1896.
1t will be noted from these figures
that the Washington bank debts de-
creased less than per cent from
October, whereas the composite for
the entire United States was off per
cent.
A comparison of the November
showing in Washington with year
earlier is also more favorable than the
national average. Washington bank
debts were per cent over those of
a year earlier, while debts for the
country as whole were off per cent,
the survey discloses.
Rural Sales Slightly Lower.
Daily average sales of general mer-
chandise in small towns and rural
areas for November were about 3ls
per cent below November. 1886, sales,
according to the Bureau of Foreign
and Domestic Commerce.
Total sales for the first IL months
OF the year were about per cent
above the same period of 1896.
Sales for october were almost 2
per cent above october, 1886, there
being one more working day in the
month last year than this year. Oc-
tober sales in 1887 were higher than
for any month during the past nine
years, with the exception of Decem-
ber, 1886, and December, 1929.
The seasonally adjusted index for
November receded to 1882 on the
basis of the average for the years
1929-l93l as 100 from 1919 for both
October and September
New Servel Manager Named.
L. E. Libby, formerly of Oklahoma
City, has been appointed district sales
ington area with headquarters at the
Union Trust Building.
Mr.. Libby's territory in this vicinity
will comprise the District of Columbia,
Maryland, Delaware and most of Vir-
ginia. He succeeds P. j. Griffin, who
has been here during the past two
years and has taken over manage
ment of the company's Eastern Penn
sylvania region with headquarters in
Philadelphia.
Mr.. Libby has been with Servel for
three and a half years
Air Express Shipments Rise.
Air express shipments to and from
of1-airline points in october scored
an increase of 536 per cent over ship
ments for the corresponding month
of 1886. according to a Railway Ex-
press announcement here today.
The increase in off-airline ship
ments compared with an increase of
202 per cent in air express as a
whole, the report said
Railroad officials visiting the Capt.
tai for rate hearings are of the belief
that carloadings. adjusted to a -ea-
sonal basis, have touched bottom"
on the current decline, and that a
slightly upturn in the index of load
ngs may be expected in the next
several weeks.
Finance Firm Votes Dividends.
The Seaboard Finance Corp has
declared the regular dividend of so
cents per share on the preferred stock
OF the corporation, payable. on Decem-
Der % to stock of record December IS.
A dividend of IS cents per share was
also declared on the common stock,
payable as of the same dates. Both
the preferred and common stocks are
held extensively in Washington.
The Federal Home Loan Bank Board
has issued an order permitting it's
regional banks to make Christmas
gifts or bonuses of not more than $40
to officers and employees. The bank for
Salem.
Thomson Starts 31th Year.
Eliot H. Thomson the Washington
Loan & Trust Co.'S publicity manager,
started his 37th year with the institu-
ton today. He went to work for the
trust company on December 16, 1901,
after. being an expert accountant in
the railroad business. His long service
with the bank brought hearty con-
gratulations from associates today.
Mr.. Thomson is on the Board of
Governors of the Financial Adver-
tisers' Association and for several years
was chairman of .he Advertising Com
mittee of the District Bankers Asso-
citation. During that time he played
leading part in developing the Christ
mas Savings Clubs in the local banks
which have proved such highly valu-
able incentive to thrift For many
years he has been a member of the
faculty of Washington Chapter, Amer
lean Institute of Banking, and has
done much to guide budding financiers
along the right track in banking fun
damentals.
Bank Loses Able Director.
Officers and directors of the Ma
tional Bank of Washington voiced deep
regret today over the death of John
M. Beavers. He had served most effl-
clently as a member of the Board Of
Directors for some 20 years. He was
retired business man. His death was
reported yesterday.
The Federal Reserve Board has pub
lished book giving all the rulings,
regulations and amendments to reg
ulations since the board was organized
in 1914. Bankers are greatly pleased
with the book, as the summary of
rulings is just what they need.
The Arundel Sand g. Gravel Corp
reports net earnings for the first II
months of this year of $1,O60,162,
against $741,781 year ago. Net
profits in November totaled $86,997,
compared with $77.s53 in November,
1896.
The Washington Institute Of Certi-
fed Public Accountants will hold the
December meeting this evening at
the Hay-Adams House beginning at