Evening star., 1927-05-18
BANK K|SPLANN|NG
LARGE ADDITION
American Security Board
Names Committee to Look
Into the Matter.
BY EDWARD C. STONE.


At a meeting of the board of direc-
tors of the American Security & Trust
Co. late yesterday, a committee was
appointed to consider erection Of an
extensive addition to the main office
at Fifteenth aud Pennsylvania ave-
nue.. the intention being to put a
building that will Ear mora than
double the banks present space. The
addition will give the bank a frontage
of between 200 and ESQ feet on the
Fifteenth street side.
The present building was erected
in 1905, and since that time the
growth of the company has required
the acquisition of adjoining properties,
in which are now located the savings,
real estate, business extension and
credit departments. 1t is on the site
of these small buildings that the new
structure will be erected, while con-
siderable space in the rear will be
utilized.
The original building is one of the
most attractive bank structures in
the National Capital. 1t contains
the new building will add about H..
800 square feet to the floor space
The addition will extend up to the
Hendricks Building. The Washington
Stock Exchange is located in one of
the buildings that will be raZed when
operations are actually started.
The American Security & Trust
Co.'S capital stock is So 400 900, and is
held by COS stockholders. with an aver.
age holding of 56 shares each The
last Controllers call showed surplus
and undivided profits of S3,447,743,
total resources Of S37,357,560 and de-
posits amounting to $29,S7S.435.
Banks to Keep Same Hours.
At the special meeting Of the Dis.
trict of Columbia Bankers Association
held yesterday afternoon at associa.
tfon headquarters, to consider the re-
port OF the committee appointed to
investigate the feasibility Of member
banks closing early during the Sum-
mer, the association was informed
that all of the institutions would not
agree at the present time to such
closing, but it was felt that much
progress was made within the last
month toward the solution of this
question.
I'VE have made good progress" said
Howard Moran, president Of the asso-
citation, sin respect to early closing.
and 1t is possible that had the activity
tional progress would have been made.
This matter undoubtedly will come up
for consideration next year, and an
effort will be made to conform to day
light saving, which exists in other
cities"
Local Securities Hold Firm.
Five small transactions in Potomac
Electric Power preferred stock at
109 opened today's trading on the
Washington Stock Exchange. Rail-
way & Electric preferred came out at
9112, Commercial National Bank stock
sold at 268, Merchants Transfer &
Storage preferred at 1001s and four
shares of Mergenthaler changed hands
at Ill. Thirty shares of Capital Trac-
tion sold at 104%.
Capital Traction 5s sold at 101%
Potomac Electric Consolidated 5s at
101& and 1919, Washington Gas 5s
brought 101%, Georgetown Gas SIS at
101as and Washington Gas 6s, series
B. 104A for a baby bond.
Washington Railway & Electric
common and preferred were quoted
ex-dividend on the exchange today.
Industrial Activity Picks Up.
The Federal Reserve Board says
that Industrial activity, which has
been increasing since the beginning
Of the year, has made larger increases
in recent weeks than at the same time
last year. Retail distribution has
been maintained in large volume, but
rural purchases have shown decline.
largely due to the reduced buying
power Of the farmers. Price declines
have been general, due largely to in
creased industrial efficiency. Lower
commodity prices have stimulated
buying in many localities, particularly
of articles for comfort and of luXuries.
Bank "a Years Old Today.
The Potomac Savings Bank in
Georgetown is celebrating it's twenty
fourth anniversary today, flowers and
| many hearty congratulations adding
to the gayety of the occasion. The
bank flourished from the start, the
present home at the corner of M street
and Wisconsin avenue having been
erected in 1909. The banks first
quarters were at Wisconsin avenue
then Thirty-seconO and N streets.
The present officers and directors are:
Henry w. Offutt, president; Alphonse
NJ. Baer, vice president; B. Agee
Bowles, vice president and cashier;
Emory FL. Bogley, secretary; George
w. Offutt, attorney; G. Wendell Shoe
maker, assistant cashier; Gilmore T.
Burdette, assistant cashier. Directors
William p. Ames, William w. And
erson, Alphonse M. Baer, Emery H.
Bogley, B. Ages Bowles, Davenport B.
Elgin, James c. Hoyle, George w.
Offutt, Henry w. Offutt. M. Wilson
Offutt, DR.. Anthony M. Ray, c. Wen
del Shoemaker, J. William Stohlman,
Hanrv Storm and r Clinton TribbV
In and Out of the Local Banks.
Fl. l.. Offutt, cashier of the District
National Bank, is another local
banker who will attend the sixth an
nual convention of the Association of
Reserve City Bankers. 1t is also an
nounced that Controller Mcintosh will
attend. The sessions open tomorrow.
Eugene e. Thompson leaves Wash
ington tonight to attend the meet
ing of the board of governors of the
Associated Stock Exchanges, which
also opens in Pittsburgh tomorrow
In the same city the Financial Adver-
tisers' Association meets on Saturday.
The New York Life Insurance Co.
has voted to extend to policy holders
in the Mississippi Valley flood dis
tricts more time in which to meet
their premiums and also to extend to
| each one a loan of $500, il desired, ar
rangements to be made at the nearest
branch office in the stricken territory.
The Mergenthaler Linotype Co. has
declared an extra dividend of 25 cents
per share and the regular quarterly
disbursement of $1.25 a share, both
payable on June 80 to stock of record
on June 4.