The Washington times., 1927-05-21
LEASES
BIC HOME
BY RICHARD HATTON

81 BY hlCHAtD HAITON
The Second National Bank has
leased the space formerly occupied
by the Citizens Savings Bank al
1886 New York Ave. n. W., and
about July first viii temporarily 10
cate its branch office, now at 1881
q ST. N. W., in the old Citizens
quarters pending the erection of 8
handsome new building on the 6
street site now owned by the bank
according to a statement by Presi
dent Victor B. Deyber, of the Sec
end National, today
The New York Avenue location
IS thoroughly equipped for all bank
ing purposes as the office space and
vaults have not been changed since
the Citizens was merged with the
Merchants Bank and Trust Company
some time ago.
The contemplated new structure
on G Street, which will house the
uptown branch of the Second Ma.
tional. will be nine stories high
and will cover lots designated as
1881 and 1888 G ST. N. w.
The main floor will be used as a
banking room while the upper floors
will be equipped for offices, about
~ offices to each floor. Plans for
the new branch have been drawn by
Appleton P. Clark, jr., architect,
and contemplates steel and con-
crete structure with the front fin
ashed in limestone and bronze.
The building will have about "A
feet frontage with ITO feet depth.
The new branch will be thoroughly
equipped to carry out the functions
Of the several departments Of the
institution.
The main office Of the Second Ma
tional is at sos Seventh st. N. W.,
and tho institution has maintained
the 9 Street branch for some years
increasing business, both at the
main office and the branch, has
made the present building operation
necessary.
Check payments during the second
week OF May, Indicative of the dollar
volume of trade, although smaller
than in the previous week, were
substantially larger than a year ago,
according to the weekly trade review
of the Department of Commerce
& Building contracts awarded in 81
States. were larger in value than in
corresponding week of 1925, with the
Chicago district showing larger
awards than in any of the other
seven districts. Wholesale prices
were weaker than in the preceding
week, averaging more than 10 per
cent lower than the three-year aver
age for the period 1923 to 1925.
Loans and discounts of Federal re,
serve member banks receded slightly
from the preceding week, but were
still we'll above a year ago. The Fed
eral reserve ratio was higher than in.
either the preceding week or the
corresponding week of last year.
Interest rates on time money
although showing no change from
the preceding week, averaged higher
than in the same week a year earlier.
Prices of bonds continued to average
higher. both as compared with the
previous week and the corresponding
week of 1926.
Interest rates on cali loans aver.
aged higher than in either the pre-
y1ous week or the same week a year
ago. Prices of stocks listed on the
New York Stock Exchange continued
to rise. Loans to brokers and dealers
made by reporting Federal reserve
banks in New York city and secured
by stocks and bonds, although
greater than last year, showed a de.
Cline from the preceding week.
According to an announcement
through the investment service Of
Maddux, Marshall, Moss & Mallory
practically the entire first issue Of
stock Of the American Bond Com
pany ($220,090) has already been sub
scribed. with .oversubscription within
a short time assured by present rate
of orders.
In view of this condition the board
of directors Of the American Bond
Company has adopted a resolution
authorizing a second issue of stock
of $220,000 to be offered on the same
terms as the first issue, the sale of
the second issue to begin Immediately
upon the exhaustion of the first
issue. The directors of the American
Bond Company are ]. T. Cowie. Jo-
seph 7. Dickman, T. Howard
Duckett, Mahlon Groo. Frank T.
Hines, Merritte w. Ireland, E.
Brooke Lee, H. c.. Maddux. c. K.
Mallory, r. c. Marshall jr., James
A.. Moss and F. p. Williams.
There will be something new in
the way of golf tournament at the
coming annual convention of the
District of Columbia Bankers Asso.
citation, according to Chairman c. H.
Pope, of the sports committee.
This will be a tournament on the
first afternoon of the convention,
Thursday. June 8. Players in this
tournament will be divided into two
classes according to their handicaps
--18 holes medal play-combined net
scores of one class "A' and one class
"B" player to count Class "A" will
include all having handicaps of 10
or less. Class "B" will include all
having handicaps of over is. No
handicap. however, will exceed 80.
While Chairman John M Riordan.
executive, vice president of the Bank
of Commerce and Savings and chair.
man of the transportation committee
for the annual convention of the Dis
trict of Columbia Bankers Associa-
ton to be held at Hot Springs. Va,
in June announces that reservations
are being received IN increasing num-
bers daily. he also urges that appli-
cations for reservations be. sent in
as early as possible in order that the
committee may complete its final ar
rangements.
49, ----------------- -----
MERGENTHAI.ER LINOTYPE co.
BROOKLYN. n Y. May II. 1927.
DIVIDEND No 12f
nCfar lINi1 NJ nd n