BANKING: The New Look

The rows of dingy, neglected buildings in the main shopping district of Elgin, IL. have long been eyesores. But lately their shabbiness has done more than just hurt the eyes; a modern business district, going up in the town of Skokie some 25 miles away, has threatened to hurt Elgin’s pocketbook as well. Last week Robert C. Kewley, president of the city’s Union National Bank and Trust Co., was busily sprucing up Elgin (pop. 44,223). He offered loans up to $7,500 at 1% interest (v, the going rate of 3 to 6%) without collateral to anyone who would use the money to remodel his business property. In the first few days some 31 Elgin businessmen applied for loans, and it looked as if downtown Elgin might get a completely new look. Said Banker Kewley, whose profits on the loans will hardly cover his bookkeeping costs : “People prefer to shop in an attractive store, and more business in town means more business for us.”