Evening star., 1924-05-29
LOCAL BANK BRANCH
WILL OPEN MONDAY
Lincoln National Plans Auxiliary
Business at 18th and II
Streets Northwest.
DEALINGS ON D. C. EXCHANGE
Stock Quotations Slightly I'm
proved. Bond Market Dull.
BY CHAs. T.. SHAEFFER.


The new branch office of the Lin
coin National Bank on the northwest
corner of 18th and II streets north
west will open its doors at $3.50
clock next Monday morning, officials
of the bank said today. Assistant
Cashier Wallace Nick. Stowell will be
IN charge
The banking office. which is located
on the ground floor. faces both II and
18th streets. and is entered through
an imposing brown stone entrance
doorway, f1anked by rusticated Ionic
columns, surmounted by a pediment
IN which is installed an Illuminated
electric clock of a modern type. All
windows opening into the offices have
heen fitted with steel easement Win
dows with solid bronze hardware and
protected on the exterior by heavy
ornamental iron grilles. The en-
trance "estibule is protected by ex-
terror solid paneled bronze doors,
which, when not in use, swing back
INTO bronze paneled jambs on either
side. The veStibuie doors are blazed,
and the keynote of the interior finish
is first evidenced in the marble side
walls of the vestibule. The surface
or the interior walls is faced with
POLISHED Tavernelle marble with black
ana gold marble base, with floors of
tennessee marble.
Safe Deposit Entrance.
The safe deposit department is
reached from the public lobby. Ample
provision is made for customers of
This department in providing 1,506
boxes of all sizes. The attendant
booths. four in number, are fitted
With automatic locking devices. pro-
Niding occupant with uninterrupted d
privacy. Special proyision is made
Tor ladies.
Mr.. Mex. Stowell has been con-
nected with the baIfh since its in
"eption: boasting thorough knowl-
edge of his profession and having a
Lost of friends. He is a past presi-
dent Of the Washington Chapter.
american Institute of Banking. di-
rector of the Lincoln and member of
the Chamber of Commerce.
J. Frank Rice. manager of the saw
ings department. will be connected
with the branch He has been with
lie Lincoln for sixteen years and
-iow until it is now one OF the
larsest in Washington.
The branch will remain open until
pm. Monday. in order that the
20 inspect the new quarters.
Washington Gas at Peak.
The peak of earnings was reached
by the Washington Gas Light Com
rany last month, when Il net cor
porate income of Sl09.740 was re-
ported, according to report made
public this afternoon. This figure
represents gain of approximately
$4,000 over the corresponding month
of last year, when SSG.92S was re-
allied
\ perusal of the report shows econ
omy of operation To be the major
factor attributable to the increased
net. Last month operating EXPENSES
totaled $213.61e. while in April of
last year the sum of S306.635 was
used in meeting requirements. OPP
Grating revenues last month amount
Cd to S4f9.S2l. while a wear ago they
aggregated S454.3I4
Likewise. the Georgetown Gas Com
pany enjoyed an increase in net from
%5,92S last year to S7,22l in April.
1924. Operating revenues of this sub
*:diary amounted TO 341.I2i and eX-
penses to $35,30G
RcdiScOunt Rate Reduced.
The Federal. Reserve Eoard has
granted the application of tie Cieve-
land Reserve Bank to reduce its re
discount rate from AZ to per cent.
effective Tune 1. Similar action was
taken recently by the New York mem
Der of the reserve system.
Federal officials said they granted
the application on the belief of the
Cleveland bank officials that the re-
ductfon might increase loans by the
banks and stimulate their earnings
This would bear out previous state
ments that the reserve banks as a
whole have not earned sufficient
profits on their operations in the last
few months.
1t was recalled that less than a
week ago earning assets of the
twelve reserve banks amounted only
Ia SIg5, 100000. the lowest point in
seven years. There has been a steady
decrease in the volume of earnings
al the banks in the last year. the re-
GHction amounting in the case of sew
.ral banks To more than 30 per cent
in the year.
Institutions Close Tomorrow.
Tomorrow Washington banking in
stitutionS. the local stock market and
IL financial and trade centers of the
country will remain closed. Banking
institutions will reopen on Saturday.
James Trimbie. vice president OF
the National Bank of Washington.
has returned to his desk after vaca :
tion of two weeks in Texas.
Slightly Improved Quotations.
Quotations were slightly improved
on the Washington Stock Exchange
this morning. Railway common
changed hands inward to 12Hs, and
capital Traction gained quarter
point, odd lots selling at 93A Lans-
ton was listless at 721s. while Riggs
National Bank was in good demand,
,;hares of District National Bank
brought 164.
Bonds were dull. restricted trad
ing being confined to utility issues.