The Washington times., 1927-07-25
BANK ENLARGES
ITS OFFICES
By RICHARD HATTON


In carrying out a plan which has
been in contemplation for some
time as a necessary move to take
care of rapidly increasing business,
the Security Savings and CONNER
cial Bank, whose main office is at
the corner of Ninth and G SITS.
N. W., is greatly charging its Of
flee space by extending the main
lobby to the two buildings on Ninth
st. Immediately next to the present
building.
Several departments of the bank
will be located in the new section
of the structure and the needs of
patrons will be amply provided for
while officers also will have add.
tionaI quarters. The Security Saw.
ings and Commercial recently opened
a branch office uptown, and the
present move is in line with the
general policy of expansion.
General Financial Notes
]. A. w. Iglehart and Company.
investment bankers, announced to-
day the opening of an office in
Richmond, Va, at 204 State-Planters
Bank Building. with Mr.. r. Edward
Garrett as resident manager.
The opening of the Richmond
office gives j. A. w. Iglehart and
Company five offices. in addition
to the office here in Washington.
The head office of the banking
house is at Baltimore. 1t also has
offices in Wilkes Barre, Pa, Clarks-
burg, w. Va, and Wilmington, Del
Prosperity prev ails throughout
Canada and business continues to
maintain a satisfactory level, the
Bank of Montreal states in a
summary of business throughout
the Dominion. AS is usual at this
season, business awaits the out.
come of the harvest but meanwhile
the high degree of activity estab-
lished during the current year con-
tines.
Indications Of the prosperous con-
dition of the people of the United
States is given by the record.break-
ing sales of mail-order and chain
store concerns. Sales Of 81 of these
firms for the first six months
of the year show a large gain
over the corresponding period of
1926 and indications are that a new
high record will be established at
the end of the year.
A new loan of $50, 00o, 900 for the
United Steel Works Corporation of
Germany has been arranged by
Dillon, Read & Co., who will
make an offering of 81 per cent
debentures in the American mar.
ket next week. Simultaneous Of
ferings will be made in the Eu.
ropean markets, with a good de.
mand for the issue already re-
ported from Great Britain, Hol.
land, Switzerland and Sweden. Ad.
ditional financing in the form Of
$4,225, 900 615 per cent sinking fund
mortgage bonds is expected soon
after.
Gross income Of Penn Ohio Edison
Company and subsidiaries for June
was $1,060,58S against $9sS,936 a
year ago, while the final net or
surplus balance available for re.
tirement reserve and parent COM
pany dividends amounted to 1851, 1871,
a gain of nearly IS per cent. For
the IL months to June 80 the sys-
tenn reports $13,2S1 ,426 gross-a
gain of 1872 per cent-and a surplus
balance of $2,1S1,143, the latter
figure reflecting an increase of SO
per cent over the preceding year.
Offering Is being made of an
issue of $2.700,000 City of Bogota,
Republic of Colombia 20-year exter.
nal 61a per cent secured sinking
fund gold bonds of the Power and
Light Consolidated Loan of 1927.
The bonds, due April !. 1947, are
part of an authorized issue CT
$5,000,000 and are priced at 81 and
accrued interest. to yield over 1855
per cent. Proceeds of this issue,
which combines features Of both
municipal and public utility obliga-
tons, will be used by the city to
reimburse itself for the purchase Of
the controlling interest in the two
electric light and power companies
serving the municipality. The Of
fering group is composed of Baker,
Kellogg & Co., Incorporated; P. w.
Chapman & Co., Incorporated, and
Tucker, Anthony & Co.
AS a result of the rapid increase in
deposits and resources during recent
years, the latest report of the Old
Colony Trust Company. of Boston,
shows that the company has grown
from an obscure office opened in
1890 to the largest trust company in
New England, The report submitted
10 the bank commissioner of Massa-
chusetts shows aggregate deposits Of
M2000 900. an increase of 40 per cent
ssincA 1915. Capital amounted to
Slo,eNO 900, surplus $11 100000. and
unaivided earnings of $5,000,o00,
making q total of $S1, 900, 900, COM
g Saeo with $1,500,000 reported in