Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-09-01
Gala Opening of $4,000
Building to Be Held on
September ID.
By EDWARD c. STONE.


real estate financing. and 1t is esti-
mated that through their efforts first
trust money to the sum of about ST.
100000 has been brought to that To-
cality. When the bank started loans
on real estate were very difficult to
negotiate, but the situation has now
entirely changed.
I'VE have felt that If the nearby
residential sections grew rapidly, the
banks deposits would take care of
themselves" said S. Walter Bogley.
the cashier, today. That has proved
to be true. The hank opened on De
cember l. 1919, with $4,000 capital.
1t has been increased twice. first TO
$4,000 and now to 100000. Tho
present surplus and undivided profits
are $4,000. The deposits when the
hank opened were about $4,000, and
they have grown until they now total
$500, 000."
Values Advancing Rapidly.
Mr. Bogley also called attention 10
the surprising advance in property
values in the banks territory. He
says that business property in 1919
was valued at Is cents to 20 cents per
square foot, the same property now
selling from $3.50 to $500 per square
foot. Residential property. which
cents per square foot. now brings
from So cents to SIS cents.
In addition to it's special interest
in real estate financing the Bethesda
Bank has backed many other civic
movements. the latest being the re
cent fire department drive. To boost
this campaign Walter r. Tuckerman,
the president, donated a $4,000 lot.
The hank maintains both savings and
checking departments, and recently
raised it's interest rate to 4 per cent.
The present officers are:
Walter r. Tuckerman. president:
George p. Sacks. vice president; Fran
els G.. Wallace, secretary. and s. Wal
ter Bogley, cashier. The board OF di-
rectors includes: Edward p. Able, l.. =
w. Beall, William Fl. Broadhurst. +.
E. Dellinger. Floyd f. Davis. Vernon
NJ. Dorsey. Jed Cuttings. James r. FL
lis, DIR. Edwin III. Etz, DIR. F. p. Far
rington, Thomas Hampton, J. Freder-
ick Imirie, Lewis Keiser, II. Iatane
Lewis, NJ. Wilson Offutt, Millard r.
Peake, Walter r. Perry, Charles 8.
Robb. E. c. Schroeder, Paul Sleman.
Frank S. War. P. Peyton Whalen and
Frank Wilson.
Building to Cost 100000.
The new $4,000 building is con-
structed Of local stone from quarries
owned by w. +. Tuckerman and Mrs.
Lille G.. Stone. Designed by Ward
Brown, a Washington architect, and
built by Charles e. Langley, 1t Is
modern in every way. has every con-
venience for the conducting Of bank
ing business, fine vault space and
burglar alarm. The walls have the
new norine finish. in which the color
ing is sprayed on by special method
Invitations to the opening are to
be sent to leading bankers in nearby
Maryland and Washington. The re-
ception committee just named is made
up Of william W. Bride, oliver Owen
Kuhn, Maj. r. B. Lawrence and
Charles S. Robb. On the day Of this
formal opening Mr.. and Mrs. Tucker
man are also to give a O'Clock
luncheon to the officials Of the banks
with which the Bank Of Bethesda has
especially close relations. The Off.
Gals wives are also to be included.
Local Market Is Strong.
Capital Traction stock sold at 105 in
a strong market on the local exchange
today. Potomac Electric Power pre-
ferred was active and strong. open
ing at 1871 and advancing to 1878
at the close. Railway and Electric pre-
ferred sold to the extent of So shares
at 90. Another five shares Of Riggs
National Bank stock sold at 455 and
10 shares of Lanston Monotype
changed hands at go. Merchants
Transfer and Storage preferred open
ed on a 20-share sale at 100i1 and
closed on a similar sale at 101.
Bonds were also more active today.
Capital Traction 5s came out at 100%,
Potomac Electric Consolidated SIS sold
at 100k and Washington Gas 6s re-
corded one sale at 1o45s and smaller
transactions at 1921. Washington
Railway and Electric AZ registered
S2h. One transfer Of Georgetown
Gas SIS was made at 98h and the
market closed with two sales in Wash.
ington, Alexandria and Mount Vernon
5s certificates at TX.
May Open Panama Branch.
Establishment of a branch of the
Acacia Mutual Life Association of
Washington in Panama may be the
result of an extended trip upon which
William Montgomery, president, is
leaving today. President Montgomery
will continue up to the Pacific Coast
on an inspection tour of already estab.
lished agencies at Los Angeles, San
Diego, San Francisco. Oakland and
Vancouver. At each Of these places
the association has growing branch of.
fees.
1--WE have been asked to open an Of
flee at Panama. 1t has been repre-
scented to us that there exists in Pan
anna an exceptionally broad field for
the particular type Of service which
our organization renders" Mr.. Mont
gomery said. IF find conditions up
n aXnanfnffnNo kn1 t., ali
ability, establish another branch"
The trip of President Montgomery
serves to focus attention upon a
Washington organization which Is a
leader In it's field.
Bank President Returns Home.
President Edward j. Sellwagen OF
the Union Trust Co. returned to his
desk today after passing the Summer
at the Poland Spring House in Maine.
Mr.. Stellwagen Is the dean OF the
guests at that well known resort.
Having first visited the place when a
pass his vacations there until he has
been a regular visitor for 40 Sum-
mer seasons. Mr.. Vose, president Of
the Boston piano concern of that
name, Is his nearest rival as a long
time guest at Poland Springs.
President Robert V. Fleming OF the
Riggs National Bank Is passing a few
days at Ocean Grove, n. ]. Owing to
business Interruptions, Mr.. Fleming
has had no extended vacation this
Summer. but is planning to take some
more rest during the present month.
Other Personal Notes.
Charles T.. Howe, cashier Of the
American Security & Trust Co., was
back on the job today after a months
vacation spent in Pennsylvania.
Other bank officials said today that
it was the first time i'm % years they
could remember when Mr.. Howe had