The Washington herald., 1920-11-16
SAYINGS BANK
T0LOCATEANEW
Detrimental Bank Completing Spa
eious Quarters for Occupancy
About December I.
WARD PAPER CO. OPENS HERE
Formal Ceremony Attended by l25
Local Printers-Furlong Makes
Short Address.

the unusual growth enjoyed by the
Institution since inception, the De-
partmental Bank, formerly known
as The Society for Savings and
Loans, 522 Thirteenth street north
west, will move into its spacious
new home at 1714 Pennsylvania ave-
nue. northwest on or about the first
of December.
The Departmental Bank was in
corporated by government employees
In 1904 under the laws Of the State
Of Arizona with an authorized capi-
talization OF 100000. The idea
which led to its inception was fur
nished by a government employe
who when suddenly confronted with
the need for a small sum of ready
money was unable to obtain 1t from
the larger financial institutions on
account. Of no bank credit and be-
cause large banks cannot profitably
do small loan business.
The new home of the Department
tai Bank is in the very heart of the
departmental district. Its business
hours will be such as to give serv-
ice prior to the opening and after
the closing of the government de-
partments daily. Every facility
known to modern, progressive bank
ing will be employed at the banks
new location.
The Departmental Bank has serv-
ed many thousands of Federal en-
ployes during the period of it's ex-
istence both in the matter of loans
and the payment of four per cent in
terest on their deposits. Its plan
has always been to encourage thrift
and to make savers of borrowers.
The basis of the institution is serv-
ice, and whatever profit ensues will
follow upon the service that is rem
dered. Its policy contemplates as
wide a distribution as possible of
The stock in small blocks or single
shares. By this plan, every govern
ment employe can become part own
er of the bank. At present there are
approximately 1900 stockholders,
principally in the government serv-
ice here.
Louis Gutenberg is president of
the bank; Robert ]. Quinn, of the
War Department, is first vice presi-
dent; Joseph T. Exnicios, formerly
of the War Department. is second
vice president and cashier. and Louis
A. Rosafy, also of the War Depart
ment, is secretary. In addition to
these, the following representatives
Of government departments consti-
tute the oard of directors: John S.
Beach, II. c. Graham, w. H. Kervin.
E. W. Libbey, Gertrude McNally, ].
Franklin Meyer, r. Z. Potter, Clyde
Reed. c. Melvin Sharpe and ]. W.
Witten.
The formal opening of the Offices
and warehouse of the D. l.. Ward
Paper Company, 1851 C street
northwest, took place yesterday
morning. The ceremony was at
tended by approximately 125 print
ers and their guests.
Among those in attendance were
the officers of the Washington Ty-
pothetae, who made an inspection
Of the buildings after lunch had
been served. T. S. Furlong, vice
president of the Ward Company of
Philadelphia, was present and COM
plimented the attendance and good
fellowship shown by the printers
of Washington, and was answered
by a short address by George Judd
In behalf of the printers.
The buildings now occupied by
the company were used by the Red
= Cross during the recent world war,
and cover about $4,000 square feet
of floor space and are modern in
every respect.
The new Washington firm will be
represented by the following Off
GERS: II. r Stanford, general man.
ager; Thornton Blandy, sales man
ager; Meredith wrightson, office
manager; John Mace, service de-
partment manager, and G. G. Reed,
general secretary.
No trading was INDUCED in during
the regular session of the local stock
exchange yesterday morning. AZ
ter call few securities were dis
posed OF in odd lots.
Two Washington Railway and
Electric As Of $500 denomination were
disposed OF in the initial sale of So,
The other and concluding ond sale
constituted a $1,000 Potomac Elec-
trio consol IS, which was disposed
Of at 81.
In the stock list three shares of
Lanston Monotype were traded in at
sOA 10 shares of Railway preferred
at 56h, and shares of Continental
Trust stock at ITO.
Edward ]. McQuade, cashier of
Liberty National Bank, has return
ed from Danville, Va, after ad-
dressing the American Institute of
Banking chapter at that place.
Edward J. McQuade and Frederic
b AcKenny. lcall directors, left
Washington last night to attend
a meeting of the directors of the
Aergenthaler Linotype Corporation
TO be held in New York today.
Linotype stockholders will meet in
New York tomorrow.
Attorney r. B. Dickey will ad-
dress the elementary class, Ameri-
can Institute of Banking, tonight.
lecturing on protests; necessity and
value Of and by whom protested: /:
notices Of dishonor, inland and for,
eign bills, time and place of pre-
sentiment, etc
After the regular meeting, Mr..
Dickey win conduct a quiz on in
dorsement Of negotiable instru-
nents, which furnished the topic
for last weeks discussion.