The Washington herald., 1921-10-06
COMMUNITY BANK
IS BEING FORMED
in CHEVY CHASE
Located at Connecticut
Ave. and Mckinley st.
$4,000 Capital.
OTHER LOCAL NOTES
Guaranty Trust Discontinues
Drawing Service-Banking
Trust Co. Notes.

Ht meeting OF representative
citizens of Chevy Chase, held at
the Elizabeth V. Brown Public
School Monday evening. plans were
perfected for the establishment OF
a savings bank in Chevy Chase.
u. c.
The bank will be located in the
new building. just approaching
completion. at the southwest cor
rer of Connecticut avenue and Nc
kinley street. The institution will
nave a capital of $4,000. divided
into 1000 shares of the par value
OF $50. The stock will be sold at
$50 a share in order to establish
a surplus of $4,000 with which to
commence business
IL Is the purpose of the promoters
OF the enterprise to make the bank
community AFFAIR, and to this end
small subscriptions to stock will be
encouraged in order that the stock
may be widely held in the commu-
nifty.
At the meeting Monday evening
considerable part OF the capital
was subscribed, and 1t is expected
tnat the remainder of the stock will
be quickly subscribed by residents
or Chevy Chase. who are evincing
great interest in the establishment
OF a bank in that part OF the Dis
trict.
When fully organized II Is ex-
pected that the bank will have n
large board of directors. composed
eptirely of Chevy Chase citizens
from both the Maryland and Dis
trict side.
Among those interested in the
formation of the bank are Fred w.
Mackenzie. Paul Sleman, William
j. McNally. Edward L. Stock, Fred
eric E Farrington. Edward H.
Jones. Donald d. Simpson. Frank
Simpson, c. B. Penney, Horace E.
Troth. jr.. L. G. VanFossen. G. F.
Mikkelson. r. Frederick Hatcher.
Gertrude Hatcher, Rodney N. Hatch
er. Blanche F. Hatcher. John NJ.
Williams, Levi T. Jones. w. NJ Inn
lay. Jos. A. Burkart. Thomas w.
Perry, Fred S. Lincoln. Truman Able.
J. Ezra Roth. Robert H. Simpson.
E. j. Murphy. d. V. Jones, A. A.
King. A B Leet and Clarence p.
Waters
Discontinue Drawing Service
The Guaranty Trust Company. of
New York. are advising that effec-
tive on and after October 13 they
will withdraw their foreign draw
ing service from all institutions
now using ii until further notice.
This is in view of the unsettled
conditions abroad resulting in wide
@s l.
exchange rates, the new York COM
pany finding IL impossible to them
selves and their customers to quote
rates holding good for twenty-four
hours and longer. However. the
withdrawal of this service does not
AFFECT business with Poland. which
will be continued IN the same man
ner as in the past by reason of a
contract with the republic of Po-
land.
This action will in no way af-
feet local banking Institutions
which maintain a drawing service.
Local Securities.
No trading was recorded for the
regular period on the Washington
Stock Exchange yesterday. After
call a few transactions were made.
including $500 Capital Traction SIS
at s71z and s7S. so shares of Rail
way preferred at 591s and shares
Of Capital Traction at SEA.
Traders offered 5lz per cent for
funds offered at per cent.
Cost of Renovation.
At a conference yesterday of off,
cials of the Banking Trust and
Mortgage Company. held in the Of
fees Of A. H. Fowle. president of
the Premier Finance Company
westory Building, the approximate
cost of remodeling the temporary
bank. 1903 II street northwest, was
named at $4,000. 1t was further
stated that the date for the open ming
Of the new hank has been set for
some time between November 1
and Is. The plans exhibited at the
recent meeting of subscribers met
with general approval
The number OF subscribers to the
Ranking Trust and Mortgage Com
many has been variously stated as
between 200 and 500. Col. NJ. A
Winter. chairman of the board, and
Percy S. Foster, president. are au-
thority for the announcement that
the list of subscribers now exceed
1000. insuring the selection of a
establishment of a branch> Of the
company at Twining City has been
discussed at several recent confer