Evening star., 1938-08-15
DIVIDENDS VOTED
BY PEOPLES DRUG
Board of Directors Orders
rs Cent Payment on
Common Stock.
Ry DONALD B. HADLEY.

of Is cents a share on the common
stock. payable October /, 1898, to
stockholders of record September 8.
The common will be ex-dividend on
the Washington Stock Exchange
September 6.
Directors also ordered the quarterly
payment of 1892 share on the
preferred stock, payable September
IS to holders of record September /.
The shares will be ex-dividend on the
exchange August 30.
Proxy Rules Revised.
The Securities and Exchange Com
mission has announced the first COM
plete revision of its proxy rules since
the original rules were adopted on
September "a. 1885. The revision
which has been in preparation for
perience of security holders, corpora
tions and the commissions staff over
q period of almost three years
The new rules, which apply to Sc
eurities registered on national securi-
ties exchanges. including the Wash
ington Stock Exchange, substantially
broaden the amount of information
which is to be made available to the
holders whose proxies are solicited
and increase the facility with which
they may determine the nature of
matters upon which vote is being
sought
The keystone of the new rules is the
requirement that "a proxy statement"
must be sent to each person whose
proxy is being solicited. These proxy
statements" which must meet certain
standards of leeibilitv, must set forth
ta) identity of persons soliciting the
proxy tb) the nature of matters to be
voted on under the proxy tc) power
of the security holder to revoke his
stockholders, and I'D the expenses of
the solicitation, including all COM
pensation paid to solicitors.
Collections Decline.
According to the Bureau of Foreign
and Domestic Commerce. collection ra-
tios on open credit accounts receivable
of department stores showed decrease
of 2.6 per cent for June. 1888. from the
same month in 1887, while no change
was recorded from May, 1888
An almost continuous decline in COL
lection ratios on open credit accounts
receivable of department stores from
the same month of the preceding year
has taken place sine June, 1887. with
the exception of November, 1887. when
no change occurred. The collection
ratios on these accounts were ASP per
cent for June. 1888 and the same per-
centage for May, 1898, as compared
with 46.4 per cent for June. 1887.
1nstallment accounts collection ra-
tios follow the same downward trend
although they are more sharply de-
fined. The decrease for June, 1913.
compared with the same month of last
year was SIS per cent. while a loss of
Ia per cent was recorded when COM
pared with May, 1888.
Title Loans Larger.
Continued activity in loans from
Washington banks under title l of
the National Housing Act brought
additional comment in the financial
district today, where it was noticed
that the average size of the loans is
increasing
For a time they averaged around
S400 to $3.50, but they now are averag-
ing between $500 and 1000, declared
a leading bank executive.
1887 Bank Gain Cited.
Loans and discounts of State banks
showed increase in 1887 over the pre-
cedlng year, according to the seventh
annual survey of condition of State
supervised banks made by the Com
mittee on State Bank Research of the
State Bank Division of the American
Bankers Association
The survey, which also showed de-
creases after more than three years of
continuous upward trend in nearly
all principal items or resources and
liabilities of State banks, is based on
information supplied by State banking
departments of the 48 States and
covers 1921 State commercial banks,
o34 loan and trust companies, rs pri-
vate banks, 337 stock savings banks
and $50 mutual savings banks.
On December 81, 1887, total loans
and discounts of the 10,1l9 State
supervised banks amounted to s13, ,108,-
1875, 900. which was an increase of
S236, ,533 900 or 1.8 per cent over 1886.
Total investments were S14, 4,754, ,049,-
900 of which s8,463, ,29l 900 or STA
per cent were United States Govern
rnent securities.
Combined cash, reserves and due
from banks aggregated s7,314.647, 900.
Total resources amounted to $780,
477,00O, total deposits were $32 l93,-
$4,000 and total capital funds which
include capital stock, surplus. undi-
vided profits and reserves for contin-
gencies totaled s4,870, ,706. 900
Financial District Notes.
c. H. Pope. president of the Munsey
Trust Co., is spending his vacation
at Goshen. N. Y. He plans to return
here next Monday.
P. j. Mcmahon, vice president of
the Munsey Trust Co.. will leave
Saturday for vacation of at least
two weeks at Atlantic City.
B. J. Nees, partner in Johnston
Lemon 6y Co. and member of the
Washington Stock Exchange. left
Friday for a Today vacation at
Cape May
H. Prescott Galley, president of the
National Savings e. Trust Co., will
return tomorrow from vacation at
Virginia Beach
william B. Willard. vice president of
the National Savings. has decided to
extend his vacation in New Hampshire
for another week Bruce Baird, vice
president and trust officer of the same
bank, will leave on his vacation this
week end. Herbert B. Lord. assistant
secretary of the bank, has returned
after being away two weeks.
c. E. Hall of the w. B. Hbbs e. Co.
staff left Saturday for a weeks vaca-
ton at Hanover, Pa.
A. J. Byrne. assistant treasurer OF
the Mupsev Trust Co left Saturday