Evening star., 1925-08-26
SERVICE ENLARGED
BY LOCAL BANKS
Present Tendency Is Toward
Absorptions-NeW High
Marks on Exchange.
BY CHAS. p. SHAEFFER

An outstanding characteristic Of the
local banking field. looking back over
a period of only a few years, is the
tendency toward larger institutions
( either by individual growth or b. ab-
| sorption of existing concerns. This
enables banks to meet the needs o,
large corporations and firms which
require lines of credit greatly in eT
! cess Of the amount formerly avail
able.
The lead has. of course. been taken
by the Riggs National Bank in both
respects, namely, by capital stock
increase and in the establishment o.
branches. However. Riggs does not
stand alone. The Washington Loan
and Trust, the American Security and
! Trust, Second, McLachlen. Merchants
Franklin, Lincoln. District, even the
smaller banks such as the Washing
ton Mechanics, boast formidable
branches.
Thus the natural effect is gradually
taking away some of the local color
attached TO these institutions and civ.
ing to them a more or less national
aspect.
Broader Service Offered.
The tendency toward branche7 which
establishes the desirable size has the
| further favorable effect of Offering to
customers a broader scope of service
| than could be expected from a sma lier-
! institution.
Distribution of investment securities
is another activity engaged in BY local
banks 10 an increasing extent, man
oI thein organizing affiliated companies
for this purpose.
This characteristic is not 81, an,
means local. but. on the other hand
! national. The foreign trade facilities
OF the Nations large banks have
grown tremendously during the last
10 years. and they have complete
foreign departments in New York and
branches or correspondents in all rrir
| cipal countries abroad. and are han
| ding much business Of internatiorsI
| character.
! Local Utilities Higher.
| Utilities supplied the outstanding
| feature on the Washington Stock Ey-
change this morning. this class o.
! security establishing three new high
/ levels on the present movement.
! FIRST, and the major importance
was the continued rise Of Railwar
/ common which registered a 3-poinr
| cIfnb 10 $50 on sales of 70 shares
| hallway preferred was firm. CLOSING
| fractionally higher at S95s on sales OF
| I40 shares, while Washington Gas
| Llght moved upward 10 63 on sales Of
26 shares.
Bond trading was slack though tho
restricted selling was made al firm
| levels. Hallway brought 49,. Rail
j way skies of 1888, 1891, and
| traction 5s at 9924. Potomac Electric
1lrst 0s sold a par and q quarter. and
Telephone 5s brought par.
New Offices Nearly Ready.
Weaver Bros. local realtors. viii
F., occupy their new Offices at 500
! Fifteenth street. the ground floor of
! the Southern Building. the first o.
/ next week.
! The change IS necessitated b,
present cramped quarters arising from
! the rapid expansion of the mortgage
| aud investment department, rnansced
| by Martin Z. West. Mr. Wesl
! specializes in building loans for the
Metropolitan Life Insurance Co.
Finance Concern Formed.
| The Federal Service Finance Cor
! poration has come into existence. The
concern Is purely military in scope.
/ having been formed for the burmese
! OF assisting Army officers in the pur
/ chase OF automobiles and furniture.
! The corporation can finance the
/ olflcers for as long a period as Is "a
/ is months, II is said, the Requirement,
belng the payment of as near one
third OF the purchase price as possible.
i The charges, interest. etc, by the cor.
| poration are al the minimum, accord
ing TO Maj. w. H. Garrison general
manager.
Banker Home From Vacation.
! c. H. Pope. vice president OF The
Munsey Trust Co. has returned from
! a vacation in New York State.