Evening Star Newspaper, September 30, 1923, Page 35

. biggest bank types FINANCIAL, Greatly Enlarged Riggs Bank Will Be Thrown Open Tomorrow New Quarters Most Attractive and Up-to- Date—Branch Also Ready—Praise for Reserve Board—Securities Prices. Coincident with the formal open- ing of the handsome new branch at Dupont Circle, the new and greatly enlarged parent institution of Riggs National Bank, complete to the last detail, will be opened to the public tomorrow morning. Every inch of the big building is marble, concrete and steel construction. thus making it absolutely fireproof. The most modern development of heating, venti- lation, lighting and protection are also embodied in the completed structure. The greatly enlarged first floor of the island type of design. Two large lobbies are constructed to give the most liberal space to the great- ©St paessure contacts. Only the de- partments of the bank which come into dally use and constant use for transactions with customers located to face these lobbles. officers’ quarters, opening larger lobby at the e bank, blend ready acc the degree of priv confidential conferences. 3 ing, recelving and note departments, the securities and foreign exchange departments and the new accounts department are located in the central lobby. A woman's department, with separate lobby, offers every possible convenicnce. This adjoins the west- ern lobby, where are to be found the savings and collection departments. Mammoth New Vaults. In the rear of the main floor is lo- cated the mammoth new vault uti- lized exclusively for the bank's own cash, securities and collateral. This vault is one of the most modern de- signs of drill proof. non-burnable concrete and steel coustruction, elec- trically protected. The same is true of the elaborate new safe deposit vaults in the basement, which will be opened tomorrow. Spec booths, where the ba andle their securities, are 3 to these vaults. This department is connected with the main floor lobby by a spacious stairway and elevator. On a balcony in the front of the building is located th department, which is_connec the main floor and safe deposit vaults by_elevator. The roof of the new west add is designed to provide open air recre ation for employes during their lunch hours. Immedidtely below are found the private luncheon rooms and kitchenette for bank employes, and adjoining these the filles department for records. The floor below provides & modern mailing department, transit department, locker and retiring rooms. On the floor s to be found the dir: handsome room, paneled in c k. Adja- cent to this is a cloak room for d rectors. The balance of the floor is glven over to the large proof and clearing department. The entire floor below. overlooking the central lobby is utilized for the corporation and ir dividual bookkeeping department including the coupon and registra sections. Soundproof Cork Floors. The lobbies of the bank and coun- ter screens are of marble and bronze. | Back of tke counters and on all floors | above are soundproof cork the ceilings and walls of ments are tructed of s ening materia The completed structure is the re- | sult of an exhaustive study of the middle west by Robert V. Fleming, vice president and cashier of the in- stitution, accomparied by the bank's architect, and represents a tremen- dous cash outlay. The actual wors ¢ construction Awas intrusted George A. Fufler Company which operated night and day for more than a year to complete the big under- taking at the earliest possible mo- ment. The Riggs National Bank now nas in full eperation, besides its home office described above, four convenient offices, logated at 14th street and Park road, 7th and 1 streets 18th street and Columbia road and at Dupont Circle The new Dupont Circle ofiice designed and built by George N. Ra architect, and the Charles H. Tomp- kins Company, under the supervision of a building committee headed by Robert V. Fleming. W Starts Membership Drive. Washington Chapter. American n- stitute of Bankers, will begin its in- tensive campaign for new members tomorrow. Final plans for the drive were ar- ranged Thursday evening at a dinner which was attended by officers and Our popular Savings Plan offers you an opportunity to save and in- TEN DOLLARS a vest month or more guarded First Mortgage in the east and | northwest, | ¥ governors of the chapter and the members of the board of consuls. The meeting was made interesting by addresses by James D. Dulin, president of the chapter; T. Hunton Leith, chairman of the executive embership _committee; Eliot homson, publicity manager of the Washington Loan and Trust Com- and by George Shisler, chief For the past two weeks all mem- bers of the chapter, as well as pros ionst. B N‘ ,‘5 NG offICE have been recefv- pointing out the ived from chap- pective me ing brief bulletin advantages to be ter membership. On October 9 . the | with Iy in the by which time the g is hoped, de: drive will clo chapter rooms, 1 of a doubled will have ishington Chapter was organized car after the birth of It began functioning ing a month; then two; then . and now four pe are c The first | Chapter lowed | the institute in, turn by jeorge O. Walson, John Poole, W. MCK cival ~ Wilson. Arthur H. Doin Herrell, McQuade, Victor D. Boyver, W. J. Walle ; xter and James C. Dulin, j present holder of the office. 1e local cf proxinately 750 membe Reserve Board Praised. What promised to be a liv. sion of the recent American Association’s open forum for federal reserve system turned out to be a rather tame aff. inasmuch as the board emerged pr: tically unscathed. Initial praise given the system in the earlier stage | jof the convention, as well as the r port of the economic policy commi seems to have taken the wind | At the n discus- apparently open discussion there was of defende: ith impr. ments to show the great system had performed during it ears of operation. “The country nker who went to Atlantic City r his grievance of lost exchange Charges must have received cold come fort from his surroundings,” opines Dow, Jones & Co. Bankers generally praised port of the economic policy wion, advocating measure: deterioration of the Federal Res Board. They thought it wa fearless exposition yet presented of the dangerous encroachment of pol itics on the efficiency of the federa reserve system. Criticism as to the manner of appointment to the board, Ily the elimination of banking tions and the subordination of the board to the influence of the the re- commis rve lipp A | apter at present has ap- | . | Banking Trust and to prcwm‘ the most | THE SUND'AY STAR, W. WASHINGTON LIBERTY BONDS OFF NEW YORK, September 29.—Active United States government bonds con- tinned. to slide downward in today's brief session the tax-exempt 3%s and third iiberty 4%s each touching new lows for the vear. The weakness of the govern- | ment issues resulted not so much from selling ‘pressure a8 from ab- of buyers except at conces- Dealers were unable to state the government may resume its buying of these bonds. Except | for & sharp drop in Youngstown Sheet and Tube 6s on dissolution of the of- fering syndicate, the market was fea- | tureless and price movement irregu- |lar and slight. The Youngstown 6s gave way more than four points, but | recovered some of the loss, closing 3% peints lower on the day. Better news from abroad influences a better tone in the foreign group, but there were few transactions. Holland American 6s moved up a Erie Prior Lien 4s continued nand, advancing one, while Income 6s sagged a point. moved lower. Dupout Circle Office of Riggs National Bank, which has just been e......IWOOL TRADING PICKS UP. { Pleted and will open for businexs tomorrow. was something the majority of kers had felt for some time. Whether the views expressed by the association will have any weight in official circles here is an- | other matter. It is considered doubt- ful farm Bankers approve of the suggestion that th cretary of the Treasury should not be a member of the a1 Reserve Board. It has bee bus_that his duties in the {ury Department prevent him from | giving the pr attention to | affairs of the s es the nd t be chairman of the should boa Prices of Loeal Securitiex. following latest “bid” and { @ vrices for securities on the unlisted department of the Washing- ton Stock Exchange is printed for the guidance of holders of these is- BONDS a by Navy Club 58, i v of the merits and defects of the | Comm'l and Sav'gs Bk Mortgage. ks 8% P'fd Savings Bank Connecticnt Pie ¢ ‘hristian Heurich slumbia Hotel | District Title | Fxchange Franklin Kk i nal Bauk. ... North € |mnl s North to | < Sav tank |Standard National Bank Washington Title Ins. (0 | Washington Base Bail Clib | Woodridge & Langdon Sav's Bk COTTONSEED OIL DROP. EW YORK, September 29.—Cot- | tonseed oil was quiet, with prices |lower under pressure ‘from refiners land for want of outside support. Closing bids were 6 to 11 points net lower. Sales, 9,200 barrels. Prime grude, mominal; ‘prime summer vel- low, <pot, 12.08: October, 11.45: De- Comiben 10,115 ‘March To.1o; uil bid. 9 ing Coupons Now You. don’t have to wait until . have. accumulated thou- you sands . of. .dollars before you can start.clipping coupons. Investment pons from bonds and in Safe- Coupon Bonds plymg '6Y,% and 7%. Call, Write or Phone— Main 6464 Start NOW clipping ‘ cou- hundred dollar in the course of a few years you will be able to clip coupons from thou- sand dollar bonds. Onr new booklet—"How to Build an Inde- pendent Income”—tells the story. Get YOUR cony today. ke F.H.SMITH COMPANY ounded 187 : FIRST MORTGAGE INVESTMENTS SMITH BUILDING 815 FIFTEENTH ST. NO LOSS TO ANY INVESTOR IN 50 YEARS\ of the bond market, | RANGE OF MARKET AVERAGES above shows the high and low, by weeks, of forty representa- change, from the first week of | tive stocks dealt in on the New York Stock E: April, 1921, »p to and including the week ending September 29,1923. represents 20 industrials and outline curve 20 rails. Lower sectio: volume of sales of all stocks. Averages used are those compi! ‘Wall Street Journal EAPOLIS, Minn. lour, unchange: 315 barrels. Bran, 1 northern, 1.15al 1.13%: December, Corn, No. 3, yeliow, 3835239, Decided Upward Trend Noted in Prices During Week. Special Dispatch to The Star. BOSTON, September 29.—Raw wool | trading has picked up during the past I T g 7__“ FLOUR IS UNCHANGED. 0 116%4; May Flax, Solid curve n indicates led by the September shipments, Wheat eptem 8634, Oats, No. 1, week on diversified demand, some of Which came from mills outside the | New England territory. Some prices in some instances showed a decided upward trend. This was attributed in Targe part to increased purchasing of foreign wools by France and | Ge for the pounds of of ‘more than 500,000 pounds | last week. Shipments were 315,000 pounds domestic and foreign. r cent solution of soda and wa- I lighten overexposed blue prints 141 A4y MONEY TO LOAN ON DISTRICT OF COLUMBIA AN CHEVY CHASE, MD., RESIDENCES 5% % Interest H. L. RUST COMPANY 912 15TH STREET N.W. CORRESPONDENT FOR THE_ PRUDENTIA INSURANCE COMPANY OF AMERICA LOAN REPOURT OF CONDITIO) Of the FRANKLIN NATIONAL BANK in the District of Columhuzal the close of business on Washington, September 14, 1¢2: RESOURCES. . a Loans and discounts, including rediscounts, ac- ceptances of other banks and foreign bilis of exchange or drafts sold with indorsement of this bank ,760,815.01 Total loans . Overdrafts, secureed, . U. S. government securities owned: a Deposited to secure circulation (U. par value) . b All other Unites s (including premiums) $225,000.00 s 223,738.12 Other bonds, stocks, securities, etc.... e rine house. $187.200; furniture and fixtares, $9,125 . Lawful reserve with f!del‘ll reserve bank. " Jtems with federal reserve bank in process of collection. " Cash in vault and amount due from national banks. - Amount due from state banks, bankers and trust companies in the United States (other than included in items 5.9 and 10) . Ixehanises for clearing house . Checks on other banks in the same “city or town as reporting bank (other than item g Total of items 9, 10, ll 12 and 13. . $338,231. G./ a Checks and drafts on banks (including federal reserve bank) located outside of city or town of reporting bank. b Miscellaneous cash |tem $336. 1,839 Redemption fund with U S treasurer am‘l due from U. S. treasurer . —aldse . Other assets cesenanns .$4,600,417.16 Capital stock paid in. | Surplus fund ... . Undivided profits . a Reserved for interest and taxes ac- crued . b Reserved for $67,062.13 rniture, llxtural, ete. © Less current expenses, interest and taxes paid. . 20, Circulating notes outstanding. 21, Amount due to federal reserve 2. Amount due to national banks 23. Amount due to state hnnkl, bankers and trust enmv-n es in the United States and forelgn countries (omer tnn ln- cluded in items 21 or 22) . Certified checks outstanding . Cashier's checks outstanding o Fotal of ltems 21, 25, 23, 34 and 25 . "$580,609.64 Demand deposits (other than bank deposits) subject to re- serve (deposits payable within 30 days) . Individual deposits subject to check . Dividends unpaid Total of demand deposits (other than bank d. posits) subject to reserve, items 26 and S0 .81,274,432.73 Time deposits subject to reserve (payable after 30 d - subject to 30 days’ or more notice, and postal saving: . Certificates of deposit (cther than for money borrowed). . Other time deposit . Postal savings depo: Total of time deponlu subject to Teserve, items, 32, 34 and 35... - 32 ZN 258.56 . Liabilities other than fhose above stated.. City of W“hlnnon. “District of Columbla, ss. 4 ‘HOMAS P. HICKMA! foreien | B. F. SAUL CO. Eye St. N, MAIN 6888 . 1,274,126.23 > 306.50 . 1,730,552.24 W D L "1.» 304.79 32,570.69 32,860.09 3.710.64 2,176.40 11,250.00 76.04 $225,000.00 75,000.00 91,255.23 225,000.00 42270612 16,469.82 130 062.69 2,484.17 8,856.84 436,084.73 47,621.59 SEPTEMBER 30, 1923—PART 1. First Mortgage Note Have you thought what advantage you ve over oth eled ‘securities? b ip: receive your inccme on the date due? N where in the investment fleld ha safe and satisfactory record single penny in either principal or int ¥ Loas CHAS.'D. SAGER FINANCIAL iLOANS} 5177, housebold farniture negotiated in BENEFICIAL n’;.u:t;rlrnc AND @ 2213 14tk 86 NV, moas Fla. Ave. -:‘ %oomoomofi * ARNOLD AND COMPANY INCORPORATED. Capital, $1,000,000.00 Real Estate First Mortgage Investments 1416 Eye Street N.W. Phone Main 2434 %" WANTED TO BUY —Miller Train Control Stock, nr.'u nnmber of shares :nd ce. Addren Box 286—L Star Office “When” You Buy a ‘Properly Placed 0 l | 4 absolutely secured inst loss of pri or interest apd Miller Train Control I Buy and Sell this Stock upon orders. Consult your own Banker before buying it. “THOMAS L. HUME 1412 G st. Main 1346 such a ade. cres Notes now on hand In_amounts of $100 Up to $5, 'ull _particulars apply Mr. n Dej M. 386. 0'Donnell, 924 14th $t. N.W. HHHHHHHIHIIIIMHHI\MIHHIMII“IHIIfllHlIMWiHHIHlmIflflllflfllfllm{lImlflflflflflllfllllflflflmmfllll i Established 1599 MONEY TO LOAN Before placing or renewing your First or Second Trus Qu In Large or Small Amounts 6% or 6} 7 3% The Oldest and Highest Paying Investment Consistent With Safety 1. Reliable Security 2. Liberal Income 3. Protection Against Depreciation consult WELCH (Harry S§.) Lo.n Specialist 15th and N. Y. Avenue Main 4346-4347 lck Replies. Reasonable Charges Secured by first deed of trust on real estate, Ioseph I \\'eller 4. Prompt Payment of Interest 5. Repayment of Principal in Full.at Maturity Money to Loan Prevailing interest and_commission, Wash. L. & Trust & F NW. | Denominations $100, $500 and $1,000 WILLIAM S. PHILLIPS Realtors 15th St. at K St. N.W. P! One Million Dollars 14th & H Streets Phone Main 4600 \/V}hen "You Come to the End of the Trail Some day some one will have charge of the administration of your estate and business affairs. The welfare of your loved ones will depend largely upon the integrity and experience of this “some one,” your successor. Rather than leave the choice of this important manager to chance, you should choose today an executor and trustee that you know is capable and responsible. Managing estates and handling trusts is our busine We're glad to discuss such matters with you at any time. COMMERCIAL 3 % ON SAVINGS TRUST AAND TRUST COMPANY o I 15th and Penna. Ave. Capital and Surplus, $5,400,000.00 BRANCHES 7th and Mass. Ave. NW. 8th and H Streets N.L. 436 7th Street S.W. 1140 15th Street N.W. Central: Northeast : Southwest : Northwest: M|lllIlIlIIlllllllll!lllllllmllllllIlllllllllllllllllllllllllllllIIlIlIHlllllll!IllmlIIIllllllllIlIIIIIlllIllllllllllIllllilfllIH]lfllI]llIllllllII]!lfllllIIl{llllllllllllllllfllllllllllll|Il|l|l|I|I|IIIHIlITM 4,861.00 N, cashier of the above-named bank, do uolemnfllé’ swear that the above statement is true to the best of my knowledge a belief. MAS P. HICKMA! (Seal.) Correct—Attest— JOHN H. SHREVE, Notary JOHN B. COCHRAN, TH N, Cashier. Subscribed and sworn to before me this 22d day of September, 1923. Public. R. E. DUVALL, MILTON HOPFENMAIER, Directors. Open Until 5.30 p.m. Tomorrow Convenient Pay Day Hours —and adjacency to the chief govern- mental departments offer only partial reason for the popularity of this bank among federal employes. | Weightier influences spring from the fact that the ‘\letropollt:m is the OLD- EST National Bank in the District of Columbia, and possesses all those ad- vantages accruing from over a century of uninterrupted service and experience. rgamzed 1o ioix. GBOIGI = QFFICER o'mnnu fiSuch a bank will make YOU the most T BRICE - satisfactory thrift partner—start your O D0, FAUST gvoi!; BELLY financial reserve now. » Interest Paid on Savings $1 or more will open an account m o. SMITE Jr. W GEOEGE W. WHITE " KEI LEY, Jr. Hedu¥ Teowasd % vxixnty 3; MKEE 0. ¥. B. 0G! ‘National Metropolitan Bank Capital, Sur lis and Undivided Profits, Over $1,700,000.00 T €. Opposite U. S. Treasury—109 Years Old T mmnmumnmnmuummmmmmnmumuunmmnm Emmmmummmmuummunmnuummmunmmumu