Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-29
SECURITY ACQUIRES
BANK AS BRANCH
Central Savings to Be 0p-
Grated by Former Institu-
ton After July |.

Controlling interest in the Central
Savings Bank, 710 Fourteenth street.
: has been obtained by the Security saw
ings G. Commercial Bank. and 1t Will
= I've onerated as a branch of the Secu'
rity after July /.
This announcement effecting an I'M
portant change in local banking cir
1,les was made public today oy JULIUS
T peyser, president of the purchaslns
j. hank A price of $l40 per share is
said to have been paid for the Central.
:. IF which Francis NJ. Savage is presi-
dent.
: under the name of the Central Brancn'
, and in addition to doing a savings DUST
ness, will open a commercial depart
: ,nent and carry on every mooeEh
d banking service.
The Central Savings Bank was or
ranized bv Mr.. Savage in May, 1928,
md had been successful from the start.
II opened with a capital OF $2OO,0oV
surplus of $50, 900, and deposits on the
first day amounted to S26. 226. In the
two wears the bank has grown Dy suoh
rand strides until present deposltS
stands at $3.50, 1000. Mr.. Savage owned
the larger part of the stock, Out the
: approval of his directors ana tne ,otheE
p; larger stockholders was secured petoIe
the deal was
was explained today.
Good Interest Paid.
1.-THE Central Savings Bank accu-
Ynulated capital assets sufficlent 10 en-
able ii to pay it's stockholders a gooo
rate of interest on their inVestment
through its sale" Mr.. Savage salo
in a formal statement explanatory OF
tae deal. Ir
has given the national and CONNER
cial hanks practically all functions
possessed by savings banks and trust
cononanies. In the opinion or many
ueople 1t is deemed wise for savings
banks to take on commercial business
and other privileges exercised by ma
fional and commercial banks, in order
TO equalize opportunities for pront.
Personally have been adverse to
taking on a commercial business.
''The natural antagonism OF conven'
tional banks to a bank pursuing
different policy Is such as to create
certain degree of reserve on the part
of the public toward bank operating
on more liberal principles. Pront
sharing does not appeal strongly 10
the larger number of people engaged
in commercial and banking business
nor has il caused the response on the
part of the public at large that we
hoped for in the establishment OF a
profit-sharing bank.
''Those who have acquired the bank
will be able to unite the two organi'
cations and operate commercial as
well as a savings business. They are
safe and experienced bankers"
One Of Strongest In City.
The purchasing institution is one
Of the strongest banks in Washington.
1t opened for business on April 2. 1913,
with deposits on that day Of 1927
At the close of business yesterday de-
posits were $5,256.196.91. The bank
has $4,000 capital, surplus and un-
divided profits Of more than $350,000
and total resources Of approximately
5000, 900.
President Peyser said today he pro-
poses to retain the Central Savings
Banks staff so that Central's deposit
tors will continue to- feel at home"
J. William Roberts, the present cash
Ter, will be manager of the branch.
and ]. Edward Way will remain as
assistant manager. Mr.. Peyser added
that many of Central's directors viii
become affiliated with the Security
Savings & Commercial board.
The officers of the Security Savings
& Commercial Bank include Julius I.
Peyser, president; Fred Mckee and
Francis G. Addison, jr., vice presidents;
Samuel r. Baulsir, cashier: T. Hunton
Leith, Latrobe Owen, ]. Louis Shipley
and Charles X. West, assistant cash
iers. The board Of directors consists
of the senior officers and the follow
ing: Edward c. Balts, Diller F. Croft,
John B. Harrell, ]. Thilman Hendrick,
George H. Judd, Harold H. Levi.
Francis A. BIundon, Sol Herzog, VII
I liam A. Hill, Ralph Mckee. Laurence
/ Mills, Morris Simon, William w. Spal-
I ding. Sidney w. Straus and William
4 c. Sullivan.
i Banks Other Officers.
In addition to Francis M. Savage,
president. the other officers of the
! Central Savings Bank are: Charles w.
Morris, vice president; J. William Rob.
erts, cashier; G. Edward Way, assist
ant cashier, and Dion S. Birney, attor.
ney, while the board is comprised of
the first two officers and J. Floyd Cts.
sci, B. H. Gruver, Franklin w. Har-
/ per. Jesse H. Hedges, Paul z. Lesh,
/ Judge George H. Macdonald, Judge
Milton Strasburger, DIR. Garden +.
/ Warner and DR.. Gregg c. Birdsall.
4 Mr.. Savage said today that his plans
I include an early trip to Europe with
Mrs. Savage. He is 70 years old and
believes he deserves a little rest from
I banking. For many years he has been
/. an active financial figure in this city.
Before starting the bank he is now
leaving, he organized the Northwes:
Savings Bank, at Eighteenth street
and Columbia road, which was later
taken over by the Riggs National
ND al hro