The Washington herald., 1921-10-16
ACCOUNTS FLOW IN
AS DISTRICTS new
BANK OPENS DOORS
Approximately $4,000 in
Deposits Marks Open
ing Days Operation.
OTHER LOCAL NOTES
Periodical Calls Attention to
Georgetown's Progress-LO-
cal Money Situation.

The American Commercial And
Savings Bank. temporarily located
in the Barrister Building. Sacane
one of washington's active banks
yesterday morning The Joors
were thrown open at S a. m, and
a steady stream Of depOs;tors fied
through during the greater part Of
the day. To.al deposits for the
Jay Appropriated $4,000 when the
doors were slDssi at D. m.
The institution was beautifully
decorated for the occasion, with
floral tributes, ferns, etc, inelud-
ing a handsome basket of flowers
from the Irving National Back of
New York CITY.
Officials Of the bank aXpessed the
greatest optimism as 20 the future
of the institution. taking tho FIRST
days operations DIS a criterion.
GeOrEetOwn's Progress.
In the current issue If The
Georgetown Citizen. the official or
gan of the citizens association of
that vicinity. the FLOWING sx-
, tract under Building Boom In
Georgetown" is found. THE MEM
DRY of the oldest resident runneth
not back to the time when there
was so much of building and i'm
provement to business property as
we find progressing in Georgetown
at this time 1t is simply great
and argues well for the old town.
Every one seems wide awake, the
lethargy of the past has been
throw OF and prosperity has opened
before US. Our business men have the
confidence to go ahead. Commercial
propertyis at a premium
In a few months you will hal dly
recognize the locality around Wis
cOnsin avenue and NJ street. II you
live up town come down IN the
business section and look it over"
The site in question marks the
location Of the Farmers and Me-
chanics National Banks new mod
ern Structure, which is now in
course of construction, and also the
Potomac Savings Bank, listed as
one Of washington's most progress
sive.
Contention In Local Ranks.
There seems to be contention be-
tween some Of the banks and trust
companies in Washington as to who
Is going to inaugurate a rather stand
ard Of per cent rate Of interest under
present conditions.
That there is going TO be no i'm
provement along the lines OF invest
ment propositions, both as to securi-
ties and real estate investments Is APP
parent to many who contend that
ner cent money Is a fair price for
funds In this community.
Mellon Calls In Funds
Secretary Of the Treasury Mellon
vs.+erday called on all national banks
holding proceeds Of the August oner-
Jnr Of Treasury certificates to pay
into their regional members by Tues-
5.y NEXT 20 per cent Of the funds
renaJainE on deposit This call viii
.rTrrate $1Os. 400 900, leaving APP
asoTfnately $751;, 900. 900 to the credit
Of the Treasury.
Despite the prevailing opinion 'na'
a.. naxt offering will not be maze I'M
IN November Is, authoritative oanA
-, an. looking for an Offering on NO
..r,bsr /, believing the rate VIII pc
s,-.t.s- shaded due to the last heaNy
taI,-.,rsI,bscrfption and the present DE-
mand. .bs nexthota-
- uiu pay 5 per cent for l-year
r.i6cates and "a per cent Tor o-rnOh'n
securities.
N e. Bankers Meeting.
re1uIar meeting Of the DIS
-. ~ columbia Bankers AssocIa-
tid, ill be held Monday at ?. M,
~ NC rooms Of the Washington oloc CtN
a. for the transaction OF sucn
L E,nr@. that may be brought Oeiore
the meeting
Local Securities
a. usual trading was hght on '
oxchange yesterday, week-ehG
To-, being few. The weakening trenu
orue r,,n Street has checked invest
on and speculation in local, al
me-, there is rarely much OF the
-. in this market.
- feature Of the session was d
~ x in Potomac ConsollaateG
drop t,nr opening at IS, but after call
tbsv eased to s5$.
EvaD more Of a feature was tne rise
Wasbington Gas IS on very limited
Il The first sale was at go ana
g gorond and final transaction at 81.
Potomac Electric General Is were
firm at 81.