Evening star., 1946-03-10
Peoples Drug Sales
22.6Per Cent Above
1945 in February
By Edword c. Stone

In many mOnInS, feDIuary safes OF
Peoples Drug Stores. Inc, climbed
to $3,194 ,829.60 as compared with
$2,eo5 ,668.52 in February a year ago,
an increase of $3.50, ,161 .0s or 22.6 per
cent, w. H. Churchill, treasurer. an
nounced yesterday.
Net sales in the first two months
of 1916 amounted to $6,463, ,736 .93
against S., ,391 ,390.10 in the like 194s
period, a notable gain of 81 ,072, ,346 .8a
or 1873 per cent, Mr.. Churchill
stated.
During February in 1916, as we'll
as in 1945, the company operated
131 stores.
Department Store Sales Rise.
The Federal Reserve Bank of
Richmond reported yesterday that
department. store sales in Washing
ten for the week ended March 2
scared % per cent above the cor
responding week a year ago, the
best gain in the Fifth District.
Sales were down per cent from the
preceding week this year which in
cluded Lincoln's birthday anniver-
sary.
Cumulative sales in the CAPITAL
for the four weeks ending March 2
were 81 per cent higher than in the
comparable period last year and
better than the Fifth District ad-
vance of 18 per cent. The weeks
gain in the whole district was 10
per cent, the report said.
Bond ApprovaIs Up Sharply.
During February, State and mu-
nicipal bond approvals totaled $28,-
307 500, in comparison with only
S4,453,0 900 in the same month in
1945, according to the Daily Bond
Buyer. Rejected proposals to issue
bonds totaled $6,644,00O against
$2.862 900 last year.
The January total has been re-
vlsed. now standing at S10.571 900
TIE review added January an
prevails year ago amounted to onlv
IL ,457 600, by far the lowest of any
month In the year except Septem-
Der. November was the headline
month In 1945, approvals totaline
s214,777, 900.
Banks Seek Loan Expansion.
The National Bank Division of
the American Bankers Association
is recommending a change in Sec
tlon "a OF the Federal Reserve Act
TO permit national banks to increase
TO 662a per cent the loanable por-
tlon OF appraised values of real
&tate, and to extend the credit for
as much as 20 years, according to
Norfleet Turner, president of the
DIVISION and of the First National
Bank, of Memphis.
Inc public taste for. long term
loans, and recognition of the stabil-
1zlng influence of amortization
practices, led to the conclusion that
modern liberalization of national
banks authority would be benefl-
claI. Congress has not yet consid-
cred such a change but careful
study of the amendment seems as
sured, Mr.. Turner asserts.
Rail Stock at 1916 Peak.
Norfolk q Western Railroad stock
reached $282 share on the New
York Stock Exchange on THURSDAY,
new 1946 high mark. It is the
highest priced railroad stock on the
board.
The Federal Housing Administra-
tlon has announced that more than
10000, 900 Americans have improved
housing conditions through FHA
insurance of nearly $1,000, 900 900 in
mortgage and property improve
ment loans advanced by private
capital in the past II years.
The United States and Loan
League announced yesterday that
building and loan associations are
arranging to make housing and
other loans to veterans living in
towns where there are no loan as
sociations in operation. Veterans
are pelng urged to contact the near
est associations to their home COM
munities.
January Rail Incomes Lower.
Glass I railroads in the South
ern region IN January had an esti-
mated net income. after interest
and rentals, of $4,000 900 compared
with S9,573,072 in the same period
Of 1e45. '0
Ihe same roads in January had a
net railway operating income. be-
fore Interest and rentals, of S1l 4O6 =
$40 compared with S13,924.312.
Operating revenues of the Glass 7
rallroads In the Southern region in
January totaled 8s,876, 1886, a de-
crease Of POT per cent from a wear
ago, while operating expenses to-
taied s67 1923 ,945, a decrease of 81
per cent.
Banks to Speed Up CT Loans
washington banks yesterday re-
ported an increase in applications
for loans under amendments to the
GI Loan Act which cut the time
for making bank loan to veterans
from Tour weeks to only few days.
Under the new procedure. banks
IN the majority of cases do not need
TO make any contact with the Vet
erans Administration until after
the loan is completed, officials said.
The bank is required to fill out only
one fofm and that is the loan clos
Ing statement. In most cases a
credit rating report is not needed.
All form-f1lling and processing
time has been eliminated except for
exceptional cases. Under the old
procedure, the bank, the veteran
and the appraiser, if it was a home
loan, filled out six forms which re-
quired an average of seven hours
to complete Veterans often lost
chances to buy house or a busi-
ness
Financial District Comment
Bruce Baird, president of the Dis
trict Bankers Association, will an
nounce committees for the June
convention at Hot Springs soon
Robert H. Lacey has been named
general chairman.
The Federal Reserve Board an
nounces that the New York District
led the other II trade areas in de-
partment store sales gains in the
hrst two months of the year. with
a 70 per cent upturn from a wear
ago, The Richmond District had a
Wneh;no+on G.