Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-06-21
BAIRD CO. TO BUILD
BANKS ADDITION
Union Trust Contract Is
AWarded-LocaI Stocks
Are Strong Today.
BY EDWARD G.. STONE.

Trust CO., at Fifteenth ard III streets
northwest. which will double the size
of the banks present building, accord
ing To announcement made today by
the president. Edward J. Stellwagen.
The new building will cost in the
vicinity of half million dollars. is
to be started in few days and the
contract calls for it's completion in
seven months.
The annex is to be on the ii street
side, taking the place of two smaller
buildings now on the site. and giving
the bank practically double the
frontage on that street, The new
structure will be the same height as
the present Union Trust Building and
match it in exterior architecture. The
handsome columns which make the
old building stand out so prominently
architecturally will be feature of
the new part.
All present partitions on the west
side will be removed when the annex
is completed and all the space thrown
into one large banking room. The
new lobby extending along the II
street side will furnish space for sew
cral more tellers' windows. The
cages in the present bank will be re-
arranged and host Of other minor
changes made to improve appearances
and make banking operation more
convenient. a special department for
women will he added.
The mezzan nine has been planned to
furnish every convenience for the
bookkeeping and other departments,
which will do much of their routine
work there. The upper floors of the
addition will contain offices to be
rented to the public. Some 80 large
rooms will not at present be required
in the operation of the bank.
Mr.. Stellwagen said today that the
trust company's growth had made the
addition necessity. The present
building was erected 20 years ago, and
at that time was expected to meet all
banking requirements for perhaps SO
years. But it is already outgrown.
One reason for this. according to the
institutions president. is because the
bank has such a large number of de-
positors of moderate means. due to the
directors policy of not applying a
service charge in case an account gets
low. ut is not fair to penaliZe a man
who has a small account" declares
Mr.. StelWagen. who fully realizes
that his views on service charges diff
fer from those of many other bank
crs in the city. He has found by eX-
perience that many of these small ac-
counts become large ones.
Local Market Again Strong.
Trading in Capital Traction stock
again was active on the Washington |
Stock Exchange today. The stock |
opened at 104A advanced to Is, then
to y and closed at 1047s, which was
a gain of q of a point over yesterday.
The stock is still ex-dividend. The |
days sales were about 95 shares.
DcJn .dn Nj K
per cent preferred was again in the |
limelght. opening at 1918 and clos
ing at 1013s, sales reaching 120 shares.
The company's per cent stock was
also more active than usual today and
climbed to 1903, where it closed.
Washington Gas Light was 75h |
Lanston sold at par, 10 shares of |
American Security & Trust came out
at 400 and 10 shares of Washington
Railway & Electric preferred appeared
on the board at 915s. Federal Ameri- |
can Co. common sold at 34
Chesapeake & Potomac Telephone 5s
sold at 1O0a4 Gas 6s, series B came
out at 1898. while Gas 5s sold at
102. Washington Railway & Electric
is moved at S512 on $4,000 transfer.
&c. G. to Oppose Bond Transfer.
The Interstate Commerce Commits
SUN Will ueHS lHc dDPllCdtloIl VI the
Delaware, Lackawanna & Western
Railroad for authority to transfer
from it's treasury $23,O0O,0O0 of bonds
to the newly formed Lackawanna Sc
curities Co. if the commission adopts
the recommendations Of G.. B. BoleS,
examiner.
The bonds in question are 100000
600 per cent of the Morris & Essex
Railroad and S13635,000 per cent
of the New York. Lackawanna &
Western. They have been issued and
are now held by the Delaware, Lacka-
wanna & Western, subject to the fur
Their order of the Commerce Commits
sion
Bureau Bares Swindling Scheme.
An ingenious new scheme to swindle
stockholders and to take from them
their security holdings is being work
ed on nationwide scale by a group
of free-lance operators, according to a
warning issued today by James G. |
Auchincloss, president of the Better
Business Bureau of New York City
In carrying out their plan, Mr.. Auch. |
lncloss revealed, the 'swindlers have
made use of the names of two of the
leading banks and one Of the principal
trust companies in New York City. to- !
gether with Midwestern public utility
companies and nationally known cor |
porations engaged in fruit distribu-
ton. oil production and marketing and
motor-car manufacturing.
Information from such widely sepa- |
rated States as Maryland, Illinois and
California indicates that the SWIM |
diers are working in virtually all cor |
ners of the country. One individual |
alleged to be involved is now in the |
custody of the sheriff of an Illinois |
county charged with grand larceny in |
a 100000 deal.
New Issues Announced Today.
Robert Garrett & Sons announce to- |
day new issue 100000 Department |
or Labor Building first mortgage five |
year 512 per cent sinking fund gold |
bonds, priced at 100 and interest The |
company announces that 1.-The prop |
erty upon which these bonds are a |
hrst mortgage is under lease to the |
United States Government for period |
extending beyond the maturity Of the |
issue. The lease is in the form desig-
mated as non-cancellable. The rentals
to be received from the Government |
amount of $6S,O00 annually, whereas |
the maximum annual interest charge |
on these bonds is only $27.5O0"
Mackubin, Goodrich & Co of Balti- |
more is offering a 100000 West Vir- |
ginia-Ohio River Bridge Co. issue of |
6a per cent first mortgage bonds, to |
mature July /. 1852, and priced at 100 |
and accrued interest.
Heard i'm Financial District.
Charles Carroll Glover, jr., member |
of the firm of Glover & Flather and |
president of the Washington Stock EN-
change, is planning a Summer trip to |
Europe and is now expecting TO sail |
next Saturday.
Frank w. Stone. vice president of |
the National Savings & Trust Co., is
planning a motor and steamer trip |
through the Northern part of the
United States and into Canada. Tho
trip will be sufficiently extended tc
take the whole month Of July.