Evening star., 1924-03-12
ACTIVITY shown
ON LOCAL BOARD
Prices Hold Firm-Bank to
Close Branches-Other
Financial Notes.

Activity Of the consolidated } per
cent bonds of the Potomac Electric
Power Company and Of the per cent
preferred stock of the National Mort
gage and Investment Company was
the outstanding item of trade on the
Washington Stock Exchange this
morning
The former sold to the extent o.
$4,000, face value, including a BLOCK
OF $4,000 at 81, fits prevailing leve!.
while the latter changed hands to the
extent of 130 shares at Q, or ! point
under par.
Hallway preferred sold off 10 73s.
after opening 1s higher, forty shares
changing hands, but Capital Traction
reacted to S6 on odd lot sales. Dis
trict of Columbia Paper 6s brought
30 and Washington Gas 6s changed
hands at 1909.
Bank Closes Branches.
The First National Bank of ST
Louis will close its Olive street
branch, which was "test-case" IN
stitution, on Saturday, and has
abandoned plans for establishing
two other branches. These plans
n
ayers to make loans under $500 ana
10 telephone or communicate other
wise with the main bank for authori-
ty to make larger loans. Neighbor-
hood banks contested the plan, in
Voking the Missouri banking laws
against the operation Of such
branches. The First National con
tended that the state laws did not
apply to the operation Of national
banks.
The matter was carried to the
United States Supreme Court. where
the decision of a majority was ad-
verse to the First National Banks po-
SItlon. Chief Justice Taft and Justice
| held that national banks were not
subject TO such state laws. A rehear-
ing of the case was denied by the
Supreme Court and the First National
has since been arranging to close the
bank.
New Bank Is booming.
The Prudential Bank, managed by
and catering primarily to coiored in
terestS, located at III Florida avenue
northwest, has made astonishing
progress since inception on July 23
last. Deposits as of the close of busi-
ness yesterday amounted to S14J,57f,
gain of approximately $4,000 since
the first of the year. The authorized
capital stock is 100000, of which
sS6,O19 is paid in, and surplus totals
S5,439.
Housed in q new two-story struc-
ture. erected at a cost of $4,000, the
institution boasts every function in
cident to modern banking. 1t wa
pointed out that the Prudential IL
the only colored institution in the
city to act as a duly accredited col
lection agency of the Washington
Gas Light Company, while the Po-
tomac Electric Power Company will
designate it in similar capacity
this week. it was said. So well did
the controller Of the currency regard
its personnel when application for
charter was made that he suggested
il be opened as a national institu-
tion, officers said this morning.
John r. Hawkins is president OF
the bank and is assisted in his ad-
III nistration by the following: A. NJ
Curtis, Thomas Walker and r W
Price, vice presidents; c. W. Banton.
cashier; Joseph II. Green, assistant
cashier, and +. A. Baker, manager o.
the extension department.
Expert Tnx Advice Given.
The Lincoln National Bank has &C
CURED the services of income tax
experts who will render gratuitous
s,rvice to the -nstituIIons clientele
Vice President Albert S Galley an
nouuced this morning.
majority of Washinston's hank
ing Institutions are following thI:
practice, which affords no trivial con
venience to depoSitors.
Banking Students to Debate.
The Washington Chapter. America
Institute OF Banking, will clash IN
cehate with the Baltimore chapter on
Friday evening at local Headquarters,
in the Masonic Temple. The subject
IS, Resolved, That the President OF
the United States be elected for 4
term OF six years with ineligibilitz-
i9r rc-elt-ction. D2ncing will follow
the session.
The Affirmative. which has heer
assigned Washington, will be repre-
sented by 4. N. Groom of Washington
National Bank of Washington; A. T..
Henze of Hibbs * Co. and c. r
Schatz Of Prince Georges Bank
Treasury Issue OSersubscribed.
Subscriptions 10 the new issue Of
one-year per cent Treasury GER
tificates of indebtedness are pouring
in and notwithstanding the rate is
one-quarter of l per cent below that
bankers expected, indications are the
issue will be well oversubscribed.
Banks and corporations are large
buyers. 1t is expected subscriptions
will total close to $1,000, 600, 000
although final allotments will be
much below that figure, probably not
in excess of half a million.
New Directors Named.
At the annual meeting of the COM
pany Guy l.. Tripp, chairman Of the
Westinghouse Electric and Manufac-
turing Company, and Van Lear Black,
chairman of the Fidelity and Deposit
Company of Maryland, were elected
directors to succeed George II.
Frazier and George f. Baker jr
Other directors were reelected