Evening star., 1927-07-05
SECOND NATIONAL
NEWBRANCH OPEN
Old Citizens Savings Institu-
ton Now Functions Un-
der New Name.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
The Second National Bank branch
opened for business this morning in
the old Citizens Savings Bank Build
ing ,at 1886 New York avenue, and at
the same time work was started at
the former G street location which
will change the financial skyline of
Washington by the erection of a 10
story bank building on that site. The
new building is to be the same height
as the adjoining Colorado Building.
The contract calls for its completion
in a year. The American Express Co.,
which has had offices in the old build
ing for many years, has moved to f
street, opening offices in the 1400
block close to the Willard Hotel.
Preparations for moving the Sec
ond Nationals branch were started at
the close of regular banking hours
Saturday. The actual moving was ac-
complished without a hitch, the Wash
ington Police Department furnishing
a special corps of officers to guard
the transfer Of securities, currency
and all valuable papers. Today the
bank looked as If it had been in use
for long time.
Bank Director 88 Years Old.
William d. Sullivan, director in
the Lincoln National Bank for the
past 35 years, celebrated his eighty
eighth birthday anniversary few
days ago. AS the bank was founded
in 1890, Mr.. Sullivan has been a mem.
ber of the board also since the insti-
tuition was established. He is still
regular attendant at all the meetings
and is deeply interested in financial
matters.
The veteran bank director is enjoy
ing excellent health. So alert and
active Is he that one would never sus-
pect that he had lived nearly nine
decades. Years ago he was engaged
in the hide business, retiring with
substantial competence. Mr.. Sullivan
has always been a great believer in
walking and his excellent health can
be partially attributed to this hobby.
In his younger days he formed the
habit of walking 10 miles about the
city every evening. He has also been
as careful about his eating as in TAX.
ing exercise. At present he eats one
goOd-sized meal every day at exactly
l o'clock and makes the other two
very modest.
ISSUE NOUlcS Uub 1UIUUEEUWs
]. A. w. Iglehart & Co. will offer
tomorrow a new issue Of 100000
Maryland dit-Finance Corporation
one-year 6 per cent collateral trust
notes, series D, secured by collateral
deposited with the Equitable Trust
Co. of Baltimore, as trustee. The pur-
pose of the corporation in issuing the
notes is to retire like amount of
one.year 6 per cent collateral trust
notes now outstanding.
The notes will be dated July ] to
August is, 1927, and will mature one
year from date. The notes will be
offered in denominations of $500 and
multiples of $500 on a 6A per cent
discount basis.
Local Securities Open Week Firm.
Trading on the Washington Stock
Exchange opened the week with prices
firm, the largest volume Of transac.
tions being in Potomac Electric Power
51a per cent preferred. Sales totaled
86 shares at 101A. Mergenthaler
Linotype appeared on the board today,
opening at 109 and selling off to 10S,
the days turnover amounting to AZ
shares. Lanston Monotype came out
at 99A.
Washington Railway & Electric
preferred sold at 91as and 915s. Ten
shares of Washington Gas Light stock
sold at 751a. The remainder of the
trading was in bonds. Capital Trac-
tion 5s sold at 1011A, Gas IS, Series B.,
at 104A, and Railway & Electric 4s at
S5A. Potomac Electric Power IS
brought 108.
The first transaction in Wardman
Park Hotel 51as took place today
when a $500 bond changed hands at
97h.
In and Out Of the Local Banks.
Clarence F. Norment, chairman of
the board of directors of the National
Bank Of Washington, has gone to
Atlantic City to take a three-month
vacation.
w. B. Hibbs, dean of Washington
brokers, passed the holidays at his
estate at Leesburg. w. w. Spaid, his
partner, spent the week end with
relatives at his old home in Ohio.
President Robert N. Harper Of the
District National Bank stayed the
week end at his Leesburg estate.
A. III. Reside, manager Of the local
office Of Dean, Onativia & Co., is pass.
I1l6 llllS WCCn dI ILAhlOAs W. t0s
c. II. Pope, vice president OF the
Munsey Trust Co., is taking a
months vacation in New York State.
M. r. Calnan, cashier Of the Liberty
National Bank, has returned from a
three days motor trip through the
Shenandoah Valley.
James A. Soper, cashier Of the Lin
coin National Bank, was back at his
desk today after a trip to Atlantic
City.
President Harry v. Haynes of the
Farmers & Mechanics National Bank
has returned from a visit to Atlantic
City, where his family is spending
several weeks.
Eliot H. Thomson Of the Washing
ton Loan & Trust Co. has been taking
a few days. outing In Maryland.
Word from Edward J. Stellwagen,
head Of the Union Trust Co., shows
that he Is comfortably settled for the
Summer at the Poland Spring House
in Maine. He has been at the resort
more seasons than any other guest.
New Cotton Consumption Mark.
Total distribution of cotton in the
ceed any preceding year by wide
margin, the Brookmire Economic
Service states. 1t will probably come
within a few hundred thousand bales
Of the total new supply, so that the
carry.over will be increased only by
that amount rather than by the larger
figure that was feared earlier this year.
Some of this advantage may be Offset
by the fact that a large part Of the
cottoS exported has merely been
stored and has not yet gone into con-
sumption. Domestic consumption
probably will surpass the record made
just 10 years ago and exports will rise
above the peak reached Is years ago.
WOOL SENTIMENT BETTER,
BOSTON, July (SpeciaD.-Senti-