Evening star., 1917-03-16
WASHINGTON SAVINGS
READY FOR BUSINESS
Thirty-ninth Bank Enters in Compe-
tition for Deposits - Capital,
$50,000-Ofioers Named.
Investors Demand Further Conces-
sion in Values for Local Bonds.
Washington Gas Stock Lower.
BY I. A. FLEMING.

the capital subscribed and opening an
nounced. all without leak" in the
preliminary arrangements. although
there was some little hint Of an enort
in this direction in 7th street banking
circles q few weeks ago.
The new bank has a capital of $4,000,
is named the Washington Savings Bank
and is located on 10th street north
west between G and II streets. A gem
eral savings and commercial banking
business will be conducted. with 2 per
cent interest paid on checking and
per cent on savings accounts
The officers of the bank are: J. ID.
Leonard, president: w. J. McEvoy. first
vice president; Earl F. Marean. second
vice president, and e. H. Dyer, treas
urer.
The bank announces its opening for
business, with hours from $3.50 am. to
pm. daily. and on Saturdays from
$3.50 to IL o'clock noon and from to
in the evening.
Dividends Declared.
Directors of the Union Trust Com
pany have declared the regular quar-
terly dividend of liz per cent for the
current quarter, payable April Is, to
shareholders of record April 1, books
for the transfer of stock being closed
between the 1st and the 14th, inclusive.
Easy to Market Bonds.
According to all reports, the accumu-
lation of money in all the American
financial centers has been going on at
n rapid pace. The gain in Washington
| deposits. over $5,000.000 in little over
| two months. has been duplicated over
and over in the financial centers.
| Such a state Of affairs will undoubt-
| edly be shown by the report Of the con-
troller of the currency when the re-
ports as of March have been sum-
married..
| Conditions make for easy financing
of government loans. with the prospect
for the first issue or two being taken
| by general investors in small lots
| rather than by syndicates of the great
| bond and banking houses.
1t was announced weeks ago that the
Secretary of the Treasury would soon
market s150.000,000 per cent short =
term certificates of indebtedness. The
simple fact that no banking commits
sions are to be paid would aid in the
belief that it will be. when issued. a
popular loan.
| Nor is there any question but what
| the loan would be many times oversub-
| scribed. for there are thousands of con-
| servattve investors who will not place
| funds In any corporate security at this
\
ment issue.
Attention is also called to the near
at-hand period for the payment Of $25,
| 100000 to Denmark for the Danish West
| larger bond issues in the near future.
Building Association News.
The board of directors of the Northeast
Building Association celebrated the first
six months of the existence of the asso-
citation last night at the home of Presi-
dent James J.. Sherwood Queens Chapel
| and Bunker Hill roads northwest.
| The secretary. Arthur J.. Kause re-
ported that the examiner of the Treas
| ury Department had made an examina-
| ton OF the books and records and found
| them to be in excellent condition. He
also reported that there are 561 shares
| subscribed, on which the association ia
receiving regularly monthly INSTALL
ments.
| course dinner was served to the
directors and their guests. William s.
Torbert acting as toastmaster. A musi-
| cal program was given by Mrs. Nor
rison and the Misses Sherwood.
!. The officers of the association are
James l.. Sherwood. president: w
| Charles Hetmu1er, first vice president;
John l.. knopp. second vice president
Arthur j. Kause, secretary; Joseph d
;Ashby, assistant secretary; Schuyler S
Symons. treasurer, and the board oi
| directors consists of William S. Tor
bert, Thomas /. Hickman. Henry J
Lean. John !. Kause, John L. Knopp
| Arthur J. Kause. Joseph u. Ashby
| George Sachs. James l.. Sherwood
Schuyler $: symons, John J. Tobin
| Charles a. Pfau. Edward Voigt. jr., AL
len E. Cowles, Carol X. Morrison. James
E. Payne. Charles T. Johnson, W
Charles Heitmuller. DR.. w. Robey
Boyer. A. L. Foster and Clarence Du-
1 hniy n1a n$nl
directors at last nights meeting.
| Local Stock Market.
| Business at today's session of the
Washington Stock Exchange was large
ly confined to trading in Washington
Gas stock. 100 shares being recorded on
the sales sheet at rs Y to SIS. dis
tinct shading of prices.
| Capital Traction stock was rather
steady, bus was ex-dividend 1A per
| cent in the quotations, and but six
| shares sold. this being at S2i1.
| There was "a distinctly easier trend to
bonds of practically all descriptions.
except American Graphophone 6s.
| which sold fairly well. but with no
transactions worthy of mention.
| Bid prices on number of leading
local bond issues have been materially
reduced: 104 bid for Capital Traction
| 3S: 105 u for washington Gas 5S, lUu Is
for Potomac Electric consolidated IS,
and l03 Il for Potomac Electric first 5s.
one of the high grade issues listed on
| the exchange. City and Suburban IS
were also soft. with 102 bid.
| Condition of the Treasury.
| Condition of the United States Treas
ury at close yesterday showed:
! Net balance in general fund. S52.951.-
594
| Total receipts, s2.721,322
| Total payments. S3.s37,s50.
The deficit this fiscal year is s174.457,-
454. against deficit of s59,927,292 last
year, exclusive Of Panama canal and
public debt transactions.