Evening star., 1924-06-26
CITY BANKS EXPECT
THREE-DAY HOLIDAY
Plans Under Way for Closing
Doors on Saturday Following
Fourth of July.
NEW BONDS ON MARKET
Treasury to Redeem $1s,4ss.s0o
Bonds Issue Dated 1925,
BY CHAS. p. sHAEFFER,

BY CHAS. p. SHAEFFER.
A special meeting of the District o..
Columbia Bankers Association VIII
De heid this afternoon at o'clock ar
! It's headquarters for the purpose Of
considering the question of remain
| ing closed from the close of. business
| hours on Thursday. July 5, until the
| opening of the usual business hours
| on Monday, July :.
In the opinion of Frank ]. Hogan.
counsel for the association, banking
| hours and banking days are not es-
| Ia Ilshed by law. but by the banks
makes 1t entirely legal for the banks
TO take this holiday, provided reason
able public notice thereof be given in
advance. 1t will undoubtedly be
done.
MIR. Hogan points out that under
the law two and one-half days of the
period involved in this question are
legal holidays within the District, one
being the Fourth of July. one Sunday
and the half day being Saturday aft
ernoon- Negotiable Instruments fall
ing due at any time on Saturday
would be presented for payment on
the next succeeding business day or
| Monday,
ne OpilIO1 hogan sets I0rtN
the following: customers Of banks
| have right TO transact their bust
/ ness with banks during the usual ana
ordinary business hours which by
practice have become fixed therefor.
Banking hours and banking days are
| however, not established by law, but
| by the banks themselves. Either the
I tby-laWs or the resolutions of the
! boards of the respective banks in this
district establish the hours and the
! n n dI1r inc and iah L,,gf
shall be transacted.
THE courts have held that it is
| within the power of banks TO estab
| lish the time within which they shall
transact business. There can be no
doubt but that il is entirely compe
| tent for the banks TO change their
banking hours and even to provide,
within reason, times during which
the banks shall be closed. II may
be that liability would follow in the
event floss occasioned by the fail
ure of a bank to be open for the
transaction of business on ordinary
business days and during usual bank
not been duly and properly given of
the i2tention Of the bank to close.
INN yopinion, however, If reason
e1blic pota pre- Press of The city q the in jn
notice to remain closed all day July
). they would not only have legs
right to close on that day, but no
claim made by any one asserting
loss by reason of such closing could
be legally sustained.
Haynes Takes Action.
! Harry V Haynes, president Of. the
| Washington Clearing House Assocla-
| tion today advised that members OF
| his association. which includes every
national institution in the city. Will
close their doors the entire day OF
July s.
The resolution adopted at a meet
| ing of clearing members last nlght
reads as follows:
| BE il resolved that the member
| banks of the Washington, D. c., Clear
| ing House Association recognizing their
| obligation to their employees, ana with
a feeling of assurance that the bank
ing public will be glad to give
acquiescence to the thought and make
such special arrangements in connec-
tion with their needs as may least
inconvenience them in order to let the
plan be effective, shall close their
doors for business on Saturday. July =,
! 1924. and shall join in subscribing TO
an advertisement to be inserted III the
/ Washington papers to such effect, and
shall also display notices in their re-
spective institution of this action"
Telephone Income for May.
| Net income of the Chesapeake and
Potomac Telephone Company for May,
1924. amounted to s11s.134, or approx
| imately gain of $1,000 over the COR
responding month OF last year
Operating revenue Of this utility
amounted to s502,934. with expenses
totaling s346,311. The net operating
| income of s1lS,1S6 was sWelled to the
extent of S9S8 derived as income from
! other sources.
Net additions to plant and equip
ment during the first five months Of
1924 totaled s7oS,l11, the report
| shows
The new offering of Washington
Railway and Electric Company per
cent bonds today found the invest
ment market in a receptive mood
with the consequence the issue was
| quickly absorbed.
| 1t was sold at 80 and accrued in
! terest to yield more than SIS per
| cent. They mature November l. 1888
with favorable redemption privileges.
TOday's Local Market
| Local exchange trading was fea-
| tured by sales of forty shares of Ma
! tional Savings and Trust Company
stock at 400. This issue heretofore
| has been relatively inactive.
Other transactions were confined
to favorite issues at unchanged
| prices.
Dividend Declared.
At the regular meeting of the
board, held Tuesday, June "a, the di-
rectors of the John H. wilkins Com
pany declared the regular semi-an-
nual dividend of per cent on the
outstanding preferred stock. and $3.50
per share on the outstanding nons
par common stock, payable Monday
June 80, 1924.
Treasury to Call In Bonds.
Secretary Mellon yesterday an
nounced that the Treasury will call
for redemption and payment on the
first optional payment date, Febru-
airy !, 1925. the entire outstanding
issue, consisting of s11S,4s99O of the
4 per cent loan of 1925. The greater
part of these bonds are now used to
secure national bank circulation.
Financing Authority Given.
The Virginian Railway Company
was authorized by the Interstate
Commerce Commission today to
pledge $4,500,000 of first mortgage
fifty-year gold bonds and s1,500,000
of Virginia and Western Railway
Company first mortgage ) per cent
! bonds, which have been guaranteed
as to principal and interest, with the
National City Bank of New York as
security. for two short-term loans of
$4,000, 900.
The Carolina, Clinchfield and Ohio
Railroad Company today received au-
thority from the Interstate Commerce
Commission to issue $1,000,000 of
equipment trust certificates, to be sold
l