Evening star., 1927-03-30
TENLEYTOWN BANK
CHARTER GRANTED
Branch of Farmers & Me-
chanics, on Wisconsin Ave.,
0. KID by Macintosh.
BY EDWARD C.. STONE.

BY EDWARD C. STONE.
President Harry V. Haynes of the
Farmers & Mechanics National
Bank, in Georgetown, was making
plans today for the erection of a
bank building In Tenleytown, at
Warren and Thirty-ninth streets and
Wisconsin avenue the charter for
this branch having just been granted
by Controller J. w. Macintosh. Re-
quest was made for the right to
establish the branch about year
ago but Controller Macintosh would
allow no additional branches in
Washington while the McFadden
banking bill was pending in Con-
gress. This is the first ruling i'll
this city since the passage of the
bill.
The new building is to be one
story structure devoted wholly to
banking, and probably be built of
stone. 1t will take five months to
construct the new bank. Standing
on the wide side of the triangle, the
building will have an excellent site.
The remainder of the triangle is
taken up with new apartment
house and eight stores. The location
is in a rapidly developing home sec
ton and the officers and directors
see a. fine future for the new lnstltu-
ton. 1t is Just three miles from the
main office in Georgetown and about
four blocks from the junction of
Wisconsin avenue and the River
Road.
The Farmers & Mechanics Bank
was especially anxious to extend its
service to that section, as many of
their present depositors live IN the
neighborhood. The improved bus
service down Massachusetts avenue
had made it easier for them to get
downtown than to their Georgetown
bank. 1t is expected that the branch
will prevent any loss of customers due
to the better bus and street car serv-
ice in that territory, many street cars
now running to the heart of Wash
ington without change. The new
branch will not be very far from the
Chevy Chase Savings Bank and the
Bank of Bethesda, both Of which are
in new homes.
In addition 20 Mr.. Haynes, the Off
GERS include: Robert d. Weaver and G..
L. Nicholson, vice presidents; Harry
L. Selby, cashier; Harold w. Burnside,
assistant cashier; Henry w. Sohon.
counsel and trust officer, and |. w.
Hopkins, auditor.
Exchange Trading Moderate.
Washington Gas Light stock again
led trading on the local board today,
but in much smaller volume. The
market opened at 75. when three
transactions involving 40 shares took
place. After call Is more shares
changed hands at the same price and
the market closed with two shares
selling at 74%.
Potomac Electric Power preferred
sold at 10Sa, Railway & Electric pre-
ferred at 91M, Lanston at 95, Mergen-
thaler at 108 and National Mortgage
s. Investment preferred at 8A.
One $100 Washington Gas 6. Series
B, bond sold at 1868, a new high.
while small sales in the gas company's
Series A bonds were made at 103h.
Barber C Ross 61as sold at 97a. Sec
ond National Bank stock was quoted
ex rights.
Business Still Remains Good.
Business will remain good. The
Brookmire Service states in an anal
ysis of fundamental conditions. 1t Is
only by comparison with recent rec
ord-breaking months that present
activity seems dull. Conditions are
that have made the boom of the past
two yeatrs--automobiies building and
money. The first two are still in re-
cession, but easy money Is assured for
some time to come. Expansion in cot
ton textiles, leather and the electrical
industry are not sufficient to dominate
the situation. Prospective develop
ments in railroad properties and
equipment are as yet potential.
Ice Company Reports Fine Year.
The annual report for 1926 Of Amer
lean Ice Co. shows sales in excess of
$4,000, 900, and net earnings OF 81
716. FOG, equal to $17.09 per share on
it, outstanding common stock. This
was the company's second largest
year, and approaches it's record show
ing of 1925, when, after an unusually
hot Summer and Fall, sales were $751;
1850 and net was $2,974,256.
American Ice operates in Boston,
New York, Newark. Atlantic City,
Philadelphia, Baltimore and Washing
ton, and has total assets of $46,000,0 900.
G.. g. o. Boosts Per Car Mileage.
A daily average Of 56.8 car miles
per day was made by the sapeake
& Ohio Railway during February, ac-
cording to President w. j. Harahan.
This represents an increase Of more
than five car miles per day over the
January record.
The significance of this mileage is
realized when it is recalled that in
1920 the Chesapeake & Ohio was aver
aging only 35 car miles per day. Even
that average was much above the
general average Of the carriers as
wholes which six years ago set for
themselves the attainment of a daily
car average of 80 miles.
Lands Banks Report Condition.
The consolidated statement of condi-
ton of the IL Federal land banks
shows their total assets February 28
were S1,1S1,931 1852 and liabilities ST.
110,299 020.
Net mortgage loans aggregating ST.
OCT 642, ,431 with interest accrued, but
not duo on them aggregating SIG, $780,
1874, represent the principal assets.
United States Government bonds and
securities held by the banks total $685.
854 ,242
Farm loan bonds outstanding in the
aggregate of $1.0S9 1856 1886, with inter.
est accrued, but not yet due of $12,.
017,489, are the principal liabilities Of
the banks.
Heard i'm Financial District.
The Middle-Western n gional saw
ings conference. similar to the one to
be held here the latter part Of next
week, opened today in st. Louis. One
of the most important reports made
stated that the average savings &C.
counts in the banks of the country
are declining.
The annual report of the Fox Film
Corporation Is expected to show earn
ings of $3,400,00) for 1926, before Fed
eral taxes, equal to $500 a share on
the "a" and ''B" stocks against S5.05