The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1927-07-29
Bx RICHARD HATTON


hanks and trust companies to the
present and future OF the city - i
matter upon which every citizen
should Be informed and In whicls
every citizen should hold per.
sonal interest Regardless 81 the
Tact that the seat Of Government
is located here Washington must
progress as business center and
has been we'll said that the
banks are the power houses Of bust.
ness Without them II obviously
would be impossible for business to
bs carried on. let alone expand.
Far too many people have formed
ne habit Of looking upon bank
merely a place where cartain
accommodation Is offered in the
Wag OF checking and savings
I aceounts. Banks do perform this
service. often at financial loss.
nut the greater. and more essential.
province OF the bank. that part OF
III business which requires concen-
rated thought and expert 6Iirec-
ron. - the wise investment Of the
funds at its disposal in the interest
0f generaI business progress and the
harding Of its stockholders and
depoaitors.
Professor Taussig has defined
pital as those things which
are part Of the coLlmunity's appara-
rus OF production If this rs the
case. and there are none to dis.
pute the statement. the Importance
OT the store houses Of capital in the
1 business life of the community cam
not be overlooked. 1t Is safe to say
tnaI without banks to furnish the
power there would be very little
traffic moving over the business
lines and. certainly there would be
Very little new development along
any line. :
individually. and through the
District nf Columbia Bankers Asso.
clafion. the financial institutions of
washington are constantly speed.
lnE up the wheels OF comnnunifv
progress In the present. Through
the WASHINGTON chapter of the
american Institute of BANKING.
maintained by local financial insff.s
unions. preparation for the future
d being carried on In nnanvunher-
Alded ways the banks Of Washing.
ton are forwarding the progress of
ashinRton. Every citizen should
have 3 banking connection .and
know his banker.
The hank chain Il 4 new
z velOpmeTlt Ia the United States.
AItno.gh not unknown In other
countries. and possibly. exempii.
lied IN its largest sense IN tha
Sank OF italy III California. with
It's chain OF several hundred a,,h-
West. 9 $500 'is
According to advices from New
!. ork the chain banking system has
now entered the eastern field md
the first holding company. accord.
Ing TO announcement. Ii the Firsf
rust Bank. Inc. In New Yorly
which H. ORGANIZED to acCllire harIxsl
and trust companies iii the larger
eastern cities through cornoraf fnn
known as the First Fiscal Corner.
ton. It Is stated that in addition
70 Its regular banking business the
FIRST Trust Bank win stress the
Thrift savings plan.
At q meeting of the board IF
directors Of the Park Savings Bank,
y. 3. Kennedy, Of the firm Of Ken.
nedY Brothers Company. vas
elected a director. Thomas Somer-
vile - president OF the Park saw.
itigs Bank and Robert s. Stunz Is
cashier.
n + forecast of investigation con.
aitions in the United States from
4 1871 to 1880, Walter Linder, writing
q the Forthcoming issue Of the
MaRazine Of Wall Street predicts
= further rise in the price Of bonds
and preferred stocks as a logical
and sound conclusion. Common
stocks should he Judged more
lSloiviuualiy but generally speaking
corporations should benefit from the
increasing wealth and the increas.
Ing demand at home for goods ana.
services during 1928. 1929 and 1880.
At 4 recent meeting the board ~.
directors "a the Arnerican Rnnd
Company declared i dividend II the
rate Of per cent per annum on
tho coEnpany's preferred stock. for
the period ended June 30. 1897. nav.
s.hle to stock holders Of record June
30 1927
a syndicate headed by the Guar.
allty Company OF New York. ana
Including Dillon Read and Com.
many, Central Trust Company of
Illinois. Chase Securities Corpora.
tiorl. illinois Merchants Trust Com.
Iaiiys and Ha1sey Stuart Ii 90.
IFlr. II offering an issue Of sen.
600 BOO 10.year 81 per cent sinking
fund gold notes OF the Pure oil
Gonpan ny. due August /. 1887. al
as ana accrued interest, to Weld
over 5A fant. rant