Evening star., 1922-04-15
RIGGS BANK HEAD
ANNOUNCES PLANS
Dupont Branch to Open Tenn
porary Quarters /
Soon.
BY I. A. FLEMING.

1t is announced that the Hamilton
Savings Bank. pending the compile
ton Of its branch home, now under con-
struction at Dupont Circle, will open
for business in about two weeks in
temporary quarters at goth and p
streets northwest.
A consolidation of the Hamilton
Savings Bank and its various
branches with the Riggs National
Bank is contemplated as an eventu-
ality of the relatively near future.
Directors of the Hamilton Bank are
all shareholders in the Riggs Ma
tional Bank, and all are enthusiastic
over the plan for expansion and for
the better serving of the interests
of the Riggs National Bank Glen
tele the city over.
With their semi-annual dividend
checks mailed last night. sharehold-
ers in the Riggs National Bank re-
ceived a circular, signed by Milton
f. Allies. president setting forth the
plans and aims of the bank, In it's
expansion program: also details as to
the building operations now under
way.
Regarding the remodeling operations
under way at the Riggs Bank, the letter
says:
THE west building, known as the
annex, is to be entirely removed and
in its place new building five stories
in height and covering the ,iepth of
building will be connected with the
present banking room by removing
three large panels in the west wall.
thus greatly increasing the space on
the main floor, permitting a consider
able extension of the lobby and a
ls nf nElntS
between the banks officers and ITS
clients The officers of the bank will
be ranged along the east side, easily
accessible and yet so arranged as
to secure a degree Of privacy such
as most clients desire.
The safe deposit vault will! be rhe
largest IN Washington, embcdying
every known safeguard.
Attention is called in the circular
to the facs that the bank is now func-
tioning as trust company IN the
matter of handling estates. etc.
The ladies' department will occupy
the entire frLnt ofti.:e in the new
building.
gram. Mr.. Allies says With the rapid
growth of Washington. there mas
come traffic congestion in the more
central business districts and de-
velopment of community centers IN
the outlying sections.
"These conditions prompted your Of
ficers some time ago to give consid-
Grafton to the establishment of addi-
tional banking quarters in order that
we might render to our patrons a
more progressive banking service, as
we'll as new avenues for increased
business through more points OF con-
tact with the public.
1.-The location at Dupont circle will
offer a distinct relief from the park
ing difficulties and traffic congestion
fNL arn H..
ject. While general banking bust
ness will be conducted at this site,
and every modern equipment in
stalled. the facilities for our woman
patrons, foreign exchange and assist
ance in the preparation of income
taxes will be outstanding features"
Following this Mr.. Allies refers to
the fact that "in due course q special
meeting of the shareholders of the
Riggs National Bank will be called
for the purpose of ratifying consol-
idation plans"
Extension to May is.
Secretary Mellon has announced that
the time set for the purchase of victory
notes at par, has been extended to May
15 Of the current year, an additional
thirty days.
As the victory notes are selling above
par in the open market there Is small
chance for holders accepting the redemp-
tion order to any extent, unless there
should be a drop in the price below par.
The issue natures a year hence. Pre-
maturity purchases of 4 Y per cents to
date total $3,OO0,O00 of the 4As and
$50. 100000 of the tax free az per cent
notes.
Local Securities.
Business on the local stock exchange
was decidedly light today-between two
holidays.
Prices were steady and all classes of
securities were strongly held.
Washington Gas IS scld at 92M. The
first 5s of the Potomac Electric COM
pany reached new high at 951a.
Capital Traction shares sold at 95 Is 1,
but generally at 95 y.
Railway preferred changed hands at
69A to 69ha.