The Washington herald., 1922-04-06
FIN A N CIAL
RIGGS NATIONAL
BANKS BRANCH
PLANS REVISED
New Structure at Park
: Road to Contain
Three Stories.

ginai plans of the Riggs Ma
tional Bank branch at Fourteenth
street and Park road have been re-
viscd. according to announcement
made yesterday. and the new build
ing program will be a three story
structure instead OF two. as first
announced. The general scheme of
construction will remain unchanged.
1t was announced.
Work Of razing the old structure
was begun yesterday. and con-
structlon of the new building will
start almost Immediately. 1t Is be-
ing hoped by officials of the bank
that II will be ready for occupancy
by October 1. next.
Charles III. Tomplins has been Sc
lected as builder. and will carry the
additional story to his adjoining
property.
To Petition ID. c. Bankers.
The District of Columbia Bank
ers' Association will be petitioned
to disburse Christmas savings funds
in the early part of December by
the Washington Chamber of Com
merce.
Resolution to this effect was pro-
posed at the last meeting of the
-body's board by Isaac Cans. vice
president. and president OF the Re-
Tail Trade Commission. and cara
RED unanimously.
The resolution follow:
Whereas. the banks of Washing
ton have. for the past several
years. inaugu-sted system on
Christmas Savings and these checks
are mailed to the ones who have so
saved for this purpose a few days
before Christmas: and whereas we
feel that this method Of intoxicating
savings for Christmas Is a splendid
idea but that the method of dis
'otrfbution would be much better for
The merchants Of this ely II these
Checks be distributed the early part
OF December: therefore. be II re-
e. solved that the board of directors
bel Of the Washington Chamber of
Is Commerce request the several
banks that they distribute these
chicks for e-ChrIstmas savings the
early part OF December, IL such
would be practical"
Savings Certificates Sale.
Reports received by Lew wallace.
jr.. director of savings. Treasury
Department. show that Treasury
certificates to the amount Of s13.-
3T7424 were sold during the month
of March This Is the largest sale
OF any month since the certificates
we're offered which Wallace at
tributes to the fact that the people
are beginning to realize they are a
good investment
These certificates are taX-eNempt
and bear an interest rate of AZ
per cent. compounded semi-annual-
e ly.
Advisory Board Named.
An advisory board. consisting OF
fifty members. selected from stock
holders, has been appointed by the
Banking Trust and Mortgage Com
pany. This body. which is a sort
of "go-between" for stockholders
and the directorate. has chosen
James W. Bryan chairman. ana
William Lodge. secretary.
To Issue New stock.
The Chesapeake and Potomac
Telephone Company has made ap-
plicatfon to the Public Service Com
mission of Maryland to issue So
900. 900 preferred I per cent cumu-
lative preferred stock. it developed
yesterday.
1t is reported that this is the
first step in a plan to expend some
sI5.OOp.0OO in the development OF
the company's plant in the District
and elsewhere. Commissions for the
sale of the stock are not to exceed
Q per cent and the total expenses
of bringing II out not more than )
, per cent of the value of the added
issue.
1t is the intention of the company
To offer this issue to telephone sub
sCribers.
Keane Made Head.
Michael Keane. member of the
board of directors of the Merchants
Bank and Trust Company has been
made chairman of the executive
committee of the institution.
Peter 4. Drury. president of the
bank. yesterday ordered the vast
array of flowers and floral tributes
received from friends to mark
Opening day" be distributed among
the various hospitals of the city.