The Washington herald., 1922-05-09
FIN A N CIAL
DC. INSTITUTIONS
MAY MAKE CHANGE
In BANKING HOURS
Clearing House Recon-
mends Advance of One
Hours on May Is.

Recommendation that the opening
and closing hours Of local banks be
moved forward one hour to conform
with the similar change to be ef-
fected .in government departments
and hasiness houses, will be made
r to members OF the Wa JhingtoD Clear
Ing House Association. as well as
to all associate members compris-
ing forty-eight Washington banks.
This action is the outcome of a meet
ing OF the Clearing House Associa-
ton held yesterday afternoon.
The proposed legislation. In order
to become a banking law. will have
to be favorably passed upon by the
various boards OF directors of MEM
Der banks. II this favorable action
us taken. all member and associate
member banks will. effective on May
Is andg continuing to October l next,
open. their doors for business at 1880
q. m. until 2 p. m, and from 1880
a. m, until IL m. on Saturdays.
Time for clesrings will also be
moved forward one hour. the usual
10 a. m. clearing occurring at a.
m. and the afternoon clearing be-
Ing advanced one hour to IL o'clock
with the government departments
opening one hour earlier. II seems
allows the government employees to
transact their banking affairs before
they enter upon their duties" de-
clared Harry V. Haynes. secretary
OF the Clearing House Association
when discussing the action last night
The boards OF directors of the va
rious member banks will undoubt-
eddy report favorabIy on the Clear
ing Houses recommendations in am
pie time to amend the bylaws OF
the association. thus making their
suggestion a law before May IS.
Banks to Consolidate.
At the regular meeting OF the
board OF directors OF the Riggs Ma
tional Bank yesterday. and at a spe-
cial meeting Of the directors of the
Hamilton Bank. an agreement was
entered into by these bodies provid-
ing for the consolidation of the two
institutions. under the title Of the
RIGGS National Bank of Washing
ton. d. c. A special meeting of
the stockholders Of both institutions
was authorized to be called on June
for. ratification Of this consolIda-
ton.
When the consolidation become, ef-
fective. the Riggs National Bank will
nave outside Offices at Seventh and
1 streets northwest. Du Pont circle.
and Fourteenth and Park road.
The directors of the Riggs National
Bank amended the bylaws Of the
bank to provide for an advisory conn
Gil for these outside Offices. the board
or directors Of the Hamilton National
Bank to become members OF this
CO.. neil after the consolidation.
Bus Company Earnings.
The Washington Rapid Transit
was operated at a net income of
S3,552.02 during the month OF April.
1922. according to report Of condt-
ton filed with the Public UtiIitIe,
Commission yesterday. This is the
greatest gain Of any month since
the company began operating, and
compares with s3,441 for the preyi-
Gus month.
Total operating revenues of the
company amounted to s23,9OO.7s
during the period, with total oper-
ating expenses aggregatinE 500
2o9.74. Discounts earned totaIed
slI77. while sl36.07 was deducted
for interest on the funded debt,
with other deductions amounting to
s20.73.
During the month a total OF
thirteen buses were operated. with
III Dus put into service
during the last fifteen days. Ties.
covered a distance OF los. 800 Iiv.
miles. carrying 296.275 Scent pas
sengers. The previous month
twenty-three buses were main
tained, covering greater mileage
nut carrying fewer passengers
1OI.S64 and 271,719 respectively.
Bank Call Ont.
If the limited canvass mad. of
leading local banking institutions
can be taken as a criterion, the
current comptroller cal flor report
of condition as of the close OF bust
ness May 5, issued yesterday morn
Ing win show the greatest gain in
the history Of the city-as predicted
in this column several days ago.
The following figures show some
Of the greatest gains shown: Amer
lean Security and Trust Company,
100000; Federal. s626.320; Mer-
chants Bank and Trust Company.
s67s,s54: National Savings ana
S554.96o;. District National. s46s,-
900: Liberty. s236.oOO; Union Trust.
100000; Mount Vernon. S167.532;
National Metropolitan, s1l5.OOo:
Washington Loan and Trust. $780,
900; American National, $4,000;
Northwest Savings. s15.457, and
Lincoln, s11.7s7.
II is understood, of course, that
these figures are only preliminary
and In every case represent the APP
proximate amount
Mount Vernon to Celebrate.
The Mount Vernon Savings Bank
will tender an informal dinner to
Officers, directors and employees of
the Institution next Monday night
at o'clock. the occasion being the
second anniversary of the bank.
The Mount Vernon was organized
on May Is. 1920. and at the close
OF the first business day boosted
deposits OF s379.9S2 What rapid
strides the Institution has made
can be gathered from a comparison
of these figures with deposits on
May which totaled s2.OS2,69I69.
An especially arranged radio
demorstration will form part of
the evenings entertainment
InstalIs Automatic Saver.
The Bank of Commerce and Saw