Evening star., 1923-01-09
RIGGS BANKBRANCH
HAS GALA OPENING
Financial Men From All Over
City Visit New Quarters.
U. S. Note Offer.

Visited by thousands of Mount
Pleasant residents, the official families
and directorates of virtually every
financial institution in the District
and many distinguished personages
from other sections of the city, the
Riggs National Banks branch office
at 14th street and Park road was
opened to the public yesterday.
From early morning. when the bank
opened for business, until late in the
afternoon. little groups of visitors
dropped in to pay their respects and
wish Assistant Manager Carl II.
Donch and his corps of workers sue
cess in their new surroundings, but
last night, after busy Washington had
shut up shop" for the day, the beau
tiful new building was literally
Swamped with financiers. business
men and others who crowded around
Milton E. Allies, president of the Riggs
Bank, and his officers, who personally
received the thousands of guests.
Banquet Before Reception.
Prior to the arrival of Mr. Allies
and his fellow officers the entire per-
sOnnel of the Riggs company. headed
by Charles {. Glover. Washington s
veteran fnancier, had been enter
tanned at dinner by Charles II. Tom
kins, constructor and part owner of
the $1.000,000 project which includes
the bank, in honor of the completion
of the enterprise, which promises to
mark a new era in the Mount Pleas
ant community, and shortly after
their appearance at the branch bank
passage was cleared for Thomas
Somerville, president, and the entire
directorate of the Park Savings Bank,
the long established institution at
14th and Kenyon streets, who had
come to welcome their new competi-
tors to the neighborhood.
After felicita tions had been ex-
pressed. Vice Presidents William ];
Joshua Evans, jr., of the Riggs Bank,
with a detail of assistants, showed
Mr.. Somerville and his officers over
the new building. All were loud in
their praise of the completeness of
the structure.
Harry V. Haynes. president of the
Farmers and Mechanics Bank of
Georgetown, who but recently opened
handsome structure in that section,
was another TO bring his entire COM
plement of officers to extend greet
ings, as did John Poole of the Fed
eral-AmerIcan. George Watson of the
American Security and Trust Com
pany and Capt julius l. PeySer Of
the Security Savings and CONNER
ctal. Controller of the Currency D. r.
CriSSinger was an interested visitor
during the early evening.
The main room of the bank was
deluged with flowers, and throughout
the reception Never Davis LIE Para
dis orchestra played. 1t was not un-
til nearly midnight that the last vtsi-
tor departed and the doors were locked
for the night.
New Treasury Notes.
The Treasury last night announced
new offering of Ar per cent Treas
turing December Is, 1927. The issue
S for about $500, 100000. with the
right reserved by the Treasury to
allot additional securities of the is
sue to the extent that victory notes
or war savings certificates are ten
dered In payment or exchange.
About $200,000,000 of the victory
notes which were called for redemp-
tion December Is are, still outstand-
ing, according to Treasury figures.
and something like 100000. 900 of the
1918 issue of war savings stamps
also have not been presented for re-
demption. Interest stopped December
Is on the called victory notes and
January l on the war savings stamps.
The present issue is intended, with
balances already on hand in the
Treasury, 1t was explained, to pro-
vide funds to meet the victory notes
called for redemption as we'll as the
matured war savings stamps which
remain to be presented. Receipts
from the issue also will help in COW
ertng the TreaSury's current cash
requirements between now ana MarCn
Is, when the next tax payment is
due. No large payment of interest
on the public debt will fall due either
in January or February and no addi-
ftonal maturities of the principal of
the public debt are due until March
10. Officials believe therefore, that
the proceeds of the issue of securi-
ties announced tonight should carry
tho Treasury until that date.
Loan Directors Organize.
The Universal Development and
Loan Company completed it's organiza-
tion of the newly elected board of di-
rectorS at a meeting last night at it's
oHlces, 1918 14th street northwest
The new directors elected for
three-year term at the recent annual
meeting of the stockholders are:
Joshua Anderson, Edward Holland, A.
8. Pinkett, DR.. J. E. Rattley, Dr. w.
J.. Board, L. E. Dogans, Benjamin Ford,
John Simms and H. D. Woodson.
Officers for the year were elected as
follows: Rev Logan johnson, presI-
dent; Esbon e. Pierce, vice president.
Fl. Q. Mason, secretary: John Simms.
assistant secretary; S. M. Dudley
counsel. John ii. Paynter, former
chairman of the board, was reelected
to that office, and George A. Robinson.
chairman of the executive committee.
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