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What happened when top bank went broke? Eatontown drug store gained charge accounts, and physician got jittery patients \l'hat happens to the health hro- fessi<ins in a small town when the leading bank goes broke' Both of the drug stores in Eaton- twwn• N. 1. (pop. 10,33-f ), told A\tER1C'A1 DRUGGIST that n7anv of their cash prescription customers sucldenlv found themsel.•es short of cash and showed an interest in opening charge account,, at the stores. "It instantly increased mv patient loacl," I)r. George Henkel, a local mectical practitioner said. He re- ported that jittery bank customers lost no tjme in coming to him for medical advice ancl treatment-at the sanie time asking him to accept an I.U.U. for his fee instead of cash. A lesson: "It taught me not to keep niore than S?0,000 on deposit in anv bank at an\• one time•" a dis- traught retailer• who asked not to be identified, told A.D. He had almost $29,000 on deposit at the bank. The surge in charge account busi- ness was sparked v, herp Fe<leral aur thorities discovered a "nnisapl>lica- tion" of S' ; million of the fmid~ on deposit with the Eatontown Na- tional 13ank, declared the bank in- solvent. and closed it down on Au- gust 8th. Practically simultaneouslN •, depositors who had checking ac- counts with the bank found that local retailers would not honor their checks. Fully covered: Al Horowitz, manager of the Ritz Drug Store, had a personal savings account at the bank but sufferecl no loss because his account-less than $20,000- k•as fullv covered by the Federal 'Deposit Insurance Corp. However, man}• of the store's customers had both a checking as well as a savings account with the bank. \'1'hile both acccntnts were protected (the FDIC covers all types of accounts in a bank• not just savings accounts), their buving power was severely curtailed by the refusal of inerchants to accept their checks in payment for their pur- chases. M oreover, in manv cases retailer, were faced with the necessity of asking these same customers to make restitution for checks written for pre.-ious purchases. These checks had been deposited by the re- tailers but had not cleared the bank before it was closed down. As a re- sult, although cash deposits and de- posits of other checks were accepted and cleared in the usual way, checks drawn on the Eatontown bank were returned to depositors as uncollect- able items. By and large, "Mr. Horowitz said. the store had no trouble in getting customers to make good for the checks previously written. For the most part, lie added, the greatest "suffering" experienced by their customer> seemecl to be inconven- ience. Excitement: For a week after the closing of the bank, Mr. Horowitz said, the bank's plight was the major topic of conversation and the excitement generated by the "mis- appljcation" also served to slow down business activity. Bv week's end, he said, business was returning to normal. V. M. Alusto, owner of Eaton- town's only other drug store, To.,•n Pharmacy, told A.I). that at least 20 of his customers were caught short bv the bank's closing. "I hate to sav this," he said, "but the bank's shutdown, in a sense, was a blessing in disguise. It deniorr- strated quite dramaticallv for sonie of m'v cttstnmers that credit is avail- PRE-FIL is what Emko Company calls "a new concept for foam contracep- tion." The line features an appl cator that can be prepared for use up to one week in advance, the company says, "eliminating the delay of prepa- ration during the marital relations. A woman may prepare the appdicatR, at her leisure ahead of time .." According to Emko, "previously, foam contraceptive applicators had to be filled just prior to coitus." The company says the Pre-Fil line can "aid appreciably in reducing patient non-use and build greater acceptance of the foam method of contracep- tion ..." Also, says Emko, "the new technique helps to achieve more aes. thetic man•woman relations." able and charge accounts Nvarml\ ,welcomed at the Town Ph,trlnacY. A number of cu.tomers• Nvhtt \vere sontewhtlt timicl at first about a4-ing for creclit. have indicated that the\ will open charge account~ at the sto,reV We aT5 ih,phy tu Ihavc then'I 26 • Interpreting the News AMERICAN pRUGGIS1 • Septembe, " 1970

"In all." lie ccmtinued, "it was an exciting week. While some people mav have been inconvenienced, no one seems to have been hadlt- hurt. For mani- people, the excitement of a bank closing seemed to be a fun thing, not in the least reminiscent of the desperation that fell like a pall over people when banks failed in the depression of the 1y30• " Doctor's dilemma: Aside fr+m) the increased patient load. ])r. Hen- kel tolcl A.I). tltat the hank closing createcl extra work for him. (xhiite a few checks drawn on the hank brntnced and he nmw has to a,k his p.uients to make them guml. Other patients. he said, «•h(i had acconnts in the bank suciclenlx, were asking him for credit an(l this ha~, (itl<le(1 to his bool<1;eel)inl; chore, . Still other patients who nsecl tu l>aN, h~• check have had to pay the dc,c- t',r's fee in cash-or ask for credit. Dr. Henkel, lifie manN of the other townsl,enl}le, had an account with the bank, but his account Nra= fnll\- cw,-ered b.- TI)IC an(l he suf- ferr~l n,. la... Fred Lascoff dies at 69 Frederick I). Lascoff, a member ()f one of the countr~•'s most famou~, l,harmacetttical familie." is cleari at (>9. The \e«• York Cit%- pharmac\- fonnded more than 70 vears ago b)- llr. Lascr,fi'~ father. 1. Leon Las- cof{. cante to he one of the best knrnwn in the Specia,llizirtg in prescription Nvor1;, it hnilt a relnt- tation as a source for anv nteclica- tion or related hroclttct. no matter how rare or unnsual. One of the founding members of the American College of Apothe- caries, I)r. Lascoff served a term as president of that asr,ciation. He was a trustee of Columbia 1'niversitN- College of Yharntacentical Sciences, his alma niater. Charles L. Boswell dies Charles L. Boswell, president of Dr)rse~- I.aboratories, is dead at 53. A pharmacist, with M.S. and I'h.I). degrees in pharmaceutical c'ytemistn~,iDr.f Boswell joined llorr- se}• 1 6 )-ears ago. I •1o.rroi, ~r, Ih, Nr.w, • 27 rado.rtf..+s.wt1 TELE-NEWS Acne -a ma or teenager concern. A s_tudy conducted b;t an independent research company indicates that 77 of all teenagers use an acne medication for treatment. CLEARASIL'~' Vanishing Formula, already the #3 teenage acne remedy ,(CLEARASIL Skin Tone is #1J is introducing a new 1.2 oz. large size to retail at Sl1.39. Starting Sept. 10th there is a special 2 with 10 introductory allowance on this size, plus promotional allowances on all other CLEARASIL products. Consumer sales of Vicks" NX UILa.L Night- time Colds Medicine, are off to the fastest start in pro rietary cold product history. After a record breaking first year, consumers bought 47% more NYQUIL last year. But most important to the retailer, NYQUIL has expanded colds product market -- accounting for over 70%of its growth in the last two years.  Portable Cough Discs continue to be one of the fastest growing categories among pro rietary medicines with sales doubling over the last two Fears. FORMULA 44~ Extra Strength Cough Discs were again the #1 selling brand in Drug Stores in 1969/70, accounting for over 50% of total cough disc sales. 1970/71 sales projections for FORMULA 44 are even bigger. a Over 70,000 dentists have requested FASTEETH7 Denture Adhesive Powder Samp3es for use by their denture patients. The pro- fessional recommendation is an important reason why denture wearers buy more FASTEETH than any other denture adhesive -- cream or powder. Because it's #1, FASTEETH pays extra dividends when all sizes are given their share of facings on your denture product's shelf. a Still a great item after 65 e~ ars ! Vicks VAPORUB11 still attracts new users -- in an age ,where even the hottest new rp oducts are often "has-beens" after a few years. Last year VAPORUB outsold every external anal- gesic, every proprietary cough syrup (except FORMULA 44), every nasal spray, every acne preparation and all but one throat lozenge. (mdrrrt iurrnn+t )