Evening star., 1939-05-06
Maryland Bankers
Elect Anders Chief
For Coming Year
InstuIIment Looms
Urged as Way to Use
Huqe Idle Funds
By EDWARD C. STONE.

bIle 4ftll dlllludl COllNelltlOIi ClOSeu
at Atlantic City yesterday, succeed
ing John J. Ghingher of Baltimore.
T. Rowland Chaffinch of Denton
was elected vice president of the
State organization, Eugene G. Grady
of Baltimore was chosen treasurer
and Matthias F.. Reese of Baltimore
was named secretary. William Mar
riott of Baltimore was made secre-
tary-emeritus.
Mary A. Hopkins, 18, of Port De-
posit was awarded the $1,000 schol-
arship offered by the Maryland as
sociation for the best essay on bank
ing. She was one of 100 Maryland
high school seniors who competed
for the scholarship, which is good for
four-year course in any standard
college.
Sara Brown. Snow Hill High
School, was chosen as alternate to
receive the scholarship. Runners
up who won $25 prizes included
Hazel Metz of Barton, Eileen Mudd
of Berwyn, William Rittenhouse of
Easton and j. Carroll Feeley of Bal
timore.
instrument Loans Urgeu.
E. S. Woolley, director of banking
Installations for the George S. May
Co.. told the 44th annual convention
of the Maryland Bankers Associa-
tion private loan companies were
reeping huge profits by lending
money to individuals for the pur-
chase of goods and said he could
see no reason why banks shouldn't
do the same.
THE surface of this field,
Woolley said has not even been
scratched by banks. We know
there are economists who think in
stallment buying will sooner or
later wreck the country but their
theories were discredited during the
depression.
Throughout the depression peo-
pie met their installment obliga-
tions on automobiles, furniture and
the like On the whole, it is safer
to extend credit to small individuals
than to invest money in bonds or
lend it to big borrowers" he as
serted.
Expansion in profits and the re-
moval of obstacles now blocking
the profitable employment of capi-
tai and labor were outlined here
as the essential requirements for
full economic recovery by John w.
Hanes, Undersecretary of the
Treasury, in an address before the
Indiana Bankers Association.
Mr.. Hanes asserted that "it is
only by increasing industrial pro-
duction through the maintenance
of conditions under which private
enterprise can make reasonable
profits that our existing ills may be
cured.
1T is partially because we have
had small profits during the last
decade that we have experienced
terrifying idleness of deposits. low
production, unemployment, lack of
investment in venturesome enter
prise and reduced national income"
he declared.
Peoples Drug Sales Climb.
Net sales of Peoples Drug Stores,
inc, in April totaled $l,867 ,03213
In comparison with $1810,885 in
April, 1898, an increase of s56,147l3,
or $40 per cent, it was announced
ut the head Office here today.
Sales in the first four months
of this year totaled $7236 ,981 80,
against $6,976,063 49, an increase of
e26091781. or 3.74 per cent, today's
report stated.
Loan Firms Vote Dividends.
Stockholders in the City Industrial
Savings & Loan Co. Hyattsville.
Md. will receive per cent on pre-
ferred stock on May 10. it was an
nounced. The Southeastern Discount
Corp. OF Washington will pay per
cent on preferred and S cents a
share on common the same date.
Directors of the Bethesda Indus
trial Savings & Loan Co. this week
voted a dividend, payable May II,
OF 7 per cent on preferred stock and
10 cents share on common.
1t was announced today by Robert
Beidel, president of the Seidel Ad-
vertising Agency of this city. that
Harold Levy, formerly of the Wash
ington Post, has been promoted to
the position of manager. Mr.. Levy
has been associated with this agency
for about six weeks, in the capacity
OF account executive. His new posi-
tion places him in charge of all sales
and service.
A limited number of members of
Washington Chapter, American In
stitute of Banking, visited the Treas
ury yesterday afternoon, where they
observed and were given vital infor-
nation on Treasury accounting
methods and practices. The party
was in charge of G. Elmer F1ather
Of the Union Trust Co.
Will Attend Banking School.
Several Washington bankers are
completing plans for enrolment in
the Graduate School of Banking
at Rutgers University, which opens
Rt New Brunswick around the middle
of June.
Daniel ]. Callahan. jr, assistant
cashier of the Riggs National Bank,
end Vincent A. Sheehy, jr, assistant
trust officer of the Washington Loan
e. Trust Co., will graduate this year.
Charles R. Fadeley and Henry K
Dierkoph, Riggs National assistant
cashiers, and John M. Christie, also
with Riggs, will graduate from the
School of Banking next year.
Kenneth o. Hulse, assistant CASH
Ter, Hamilton National; Paul j. Self
Fer, assistant treasurer, American
Security & Trust Co., and John E.
Monk, manager of the credit depart
ment of the Bank of Commerce &
Savings, are among those who will
enter the freshman class.
During the two weeks of resident
work at Rutgers some of the ablest
f1nanciers in the country address the
general assemblies. This years pro-
gram will include the usual number
of such speakers