Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-06-28
TAK0MA PARK BANK
BUILDING PLANNED
New Structure to Be at VIII
low and Carroll Streets,
Near Present Site.
BY EDWARD G. STONE.

NCdI TIcScill SIlc.
BY EDWARD G. STONE.
Directors OF the Takoma Park Bank
have voted 10 erect a fine new stone
bank building, work on which is tn
begin at once. according to announSN-
mept made by IL. F. Tan. presi6erf
Of the institution. The new bank will
he located AT the corner Of Willow
and Carroll streets in Tskona Park.
the site heing but a short distance
from where the present bank is siiu-
ated.
The exterior Of the new building
will he of Indiana limestone and bur
brick. The building will. If course be
fireproof and the interior will include
bronze and marble and the latest sp-
pointments and convenIences for both
customers and the working force. The
safety deposit department is to ne
made especially up 10 date. The floor.
sides and ceiling Of the vault are Ia
he of reinforced concrete ~ inches
thick, the design being similar to The
lines used for the new Federal no
serve vaults erected in the larger
cities Of the country. The vault will
he connected with burglar gong. ami
the nix is also to have special riot
call system 10 protect the working
force against any attempts Al surprise
hold-ups IN the ds ytime.
At their meeting he directors retain
ed the Tilghman Meyer 60. Of Allen
town. Pa. architects and engineers. /"
take charge of the construction. This
firm makes speciality Of bank -buiii
ing work. The plans have alreadN
been completed and accepted. Views
Of the proposed new exterior and in
terror. s draw bv the architects. are
on display in the lobby of the present
bank and are arousing much Interest
among the patrons. The new build
ing will he a Decentralization 10 Ia
koma Park.
Local Market Very Strong.
Prices were strong on the Wash
ington Stock Exchange when trading
opened for the week. There We're
two sales of Capital Traction stock n
los. the highest point this stock has
reached in many weeks. There was
transfer Of 10 shares of National
Savings and Trust 90. stock al 500.
a new high for this hank stock.
I.anston Monotypn opened strong ~
50 climbed 10 S9Is and closed AZ
| S9@s. the DAYS trading in this Issue
reaching the very unusual total o.
l35 shares.
Twenty shares of Potomac Electric
preferred sold at i"s's: Washington
Gas Light opened Al 6Sat and closed
at = on FIVE transfers involving -
shares. Railway and Electric pre-
ferred sold al ssh a small lot of Ma
tional Union Fire Insurance CO stock
sold at 90 and two sales of Merceu.
thaler Linotype were recorded ~
1861. There was ono sale Of %
shares nt National Mort sage and In
vestment preferred AZ s. Six shares
Of Riggs National Bank stock sold q,
465
Trading in bonds was very quiet.
Washington Gas rs selling ~ 1907!
and Washington Railway and Electric
, As bringing So.
The heavy trading and advance in
Lansten MonotNpe was said by mar.
+ kei observers Ia he due L" the general
popularity Of the stock. based on m"
CompanN'S earnings and prospects.
Labor Enters Insurance Field
Financing Of organized lahor's latest
business enterprise-the Union Labor
Life Insurance Co.'s nearly COM
pleted and the date Of opening it's
doors for the writing of business is
almost at hand. Matthew VOL. pref
dent of the company and vice presi-
uPHL VI lne american eUefdtlOn or
Labor. announced in an article in the
I.July issue of the Miller Builder-Econ-
| omist.
Union labor" SAYS Mr.. Vol. is
going %into the life insurance business
Just sS il Went into the banking bust.
ness in dead earnest on a sound
/ business basis. to serve its member
/ ship better than it has ever been
served before and To add to the
strength. solidarity prestige and pow.
er of the labor movement
Approved by the federation and ny
both the late President Samuel Com
pers and President William Green. the
insurance company has beer chartered
under the laws of Maryland. with an
authorized capital and surplus Of
$500, 200. The par value of the stock
and surplus is $40 a share. The COM
pany proposes To carry both Eroup
and individual insurance for trade
! unions. the members Of trade unions.
/ he wage earnerS, their families and
/ dependents.
Earnings on stock and surplus are
limited to per cent. with dividends
aCcumulative from tho time the e,,'-
, Scription is received aud paid. Stock
, in the company can only hc purcha sod
by trade unions and trade unioniStS
affiliated with the american Fedora.
. zion ,cs Labor. or which are not dual
or seeding in character :" it.
f.. Peoples Store Chain Expands.
1t is reported today that Peoples
Drug Stores. Inc. has secured y store
in Martinshurg. w. Va. which brings
1.-THE chain IN 10 80 stores. Since tho
beginning of the present year II new
stores have been acquired. the Niles
nt 1f trvht t.
York :. IA. having been added about
three weeks ago. shortly before that
time stores were opened in Alexan-
dria. IA. and Frederick. Md.
Tip To short time ago tho Peoples
Fdrug stores were operated only IN
Washington. the firm being started Ivy
Malcolm Gibbs. of this city. Lately.
however. the firm has been expa nding
rapidly The preferred stock was
listed on the Washington Stock Ev-
change several weeks ago. The stock
was quoted at the close Of last week
at lQs bid and none offered.
= Mellon Urges Charter Renewals.
Secretary Mellon urges renewal Of
the charters of the u Federal reserve
hanks at this session Of Congress as
In his opinion nothing In the whole
| banking field is of so much general
importance to the country as the con
tinuance Of this system. He declares
il has demOnsi rat ed beyond any doubt
it's value to the Nation. He realizes
that there is some opposition 10 renew
ing the charters eight years before
they expire, but says in the Bankers
Magazine that 1t is inconceivable that
such opposition should he Sufficient
ly strong to defeat renewal. for who
would return to the old panic breed
ing system with its inelastic cur
rency?"
1.-The everyday welfare Of our bust
ness world has become dependent on
the proper functioning of the system