Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-09-13
UNDER LOCAL AUSPICES
Experiment Has Proved Successful in
New York and Other Cities.
MAY BE OPENED BY NOVEMBER l
Officials of Washington Savings Bank
Interested in the Movement
Practical Details Studied.

An all-night bank is likely to take its
place among the financial institutions of
this city. In that respect Washington is
keeping abreast of the times While the
experiment of providing banking facilities
outside the usual hours of the day WAS onlv
begun few months ago in New York n
has already been demonstrated TO he a suo-
cess. Chicago has fallen in line. and other
cities have either adopted such a feature
OF modern banking or have given indication
Oh fonowing suit at an early date
inns important change I'm the banking IA
cilities of this city is likely to be made n
is stated. under the auspices of the Wash
ington Savings Bank. At meeting Of tho
directors of that company yesterday the
pan OF opening night bank in connections
with that institution was laid befora H.
BOARD by the president of the bank Mr. y
quincy Smith. AS heretofore stated In The
star, 1t has been contemplated by Mr..
smith from the beginning that the nlan 81
an ali-night bank as designed for this citv
should be modified. Instead of keeping the
doors open throughout the twenty-four
hours, 1t is Mr.. Smiths idea as expressed
before the board. to observe the regular
banking hours in this city, which close AT
clock. and then at $50 to open the bank
again with new set of clerks and keen
1t open until 1890.
Will Report on Methods.
The directors were so much impressed
with the possibilities of this innovation that
they authorized President Smith and Cash
Ter Watson to go to New York and study
some of the practical details of this new
form OF banking. The report of these Of
ficials will be made to the directors and in
the event of their favorable action the night
bank will be opened about the first of No
vember.
AS is well known. the controlling interest
In the Washington Savings Bank was ac-
uuired some months ago by the Union Saw
ings Bank, which is located in the Bond
building. OF this latter institution the late
Francis II. Smith was president. At a
meeting of the directors of the Union Saw
ings Bank held yesterday, Mr.. f. Quincy
Smith was chosen president to fill the va
cancy caused by the death of his father.
1t is expected that about the 1st of Oc-
tober the Union Savings Bank will take
possession of the building which was pur-
chased some months ago, and which was
formerly the 14th street wing of the Amer
lean Security and Trust Company's build
ing To the original amount paid for this
property, which was S115,000 some $50, 600
alterations in order to fit the building for its
proposed use.
New Quarters Prepared.
The Washington Savings Bank is also to
be removed to this building, and its name
will be changed to the Washington Ex-
change Bank. The two institutions are to be
entirely separate and distinct, although I'M
der one control. The broad aisle which will
extend through the banking house will pass
between the apartments of the Union Saw
ings Bank on one side and those of the
Washington Exchange Bank on the other.
The former will continue to be a CONNER
cial bank. while the latter is to be a saw
ings bank pure and simple. There will be
no current accounts in the latter. and no
checks drawn against it, but all the bust
ness of this sort, which has hitherto been
done by the Union Savings Bank will be
transferred to the Washington Exchange
Bank.
AS the night bank is to be feature of the
Washington Exchange Bank. special pro-
vision will be made to meet the expense of
this undertaking, and it is proposed to in
crease the capital stock of the institution
from S1OO,0O0 to $15O.000. The new stock
will not be assigned to the present stock
holders but will be available for subscripS
ton to those who will probably patronize
the night bank. In addition to the usual ia
cilities of the bank there will also be avail
able for general use the safe deposit boxes
of the company, and it Is expected, as ex-
perence has shown to be the case in New
York city, that this part of the business will
reach considerable proportions.