Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-02-07
SECURITY SAVINGS
PLANNING BRANCH
1913 K Street Institution
O. K.'d-Potomac Land
Bank Issue Offered.
BY EDWARD e. STONE.

BY EDWARD G. STONE.
Notices posted today on the ne
five-story building now being erectc
at 1915 X street state that the Sccurit
Savings & Commercial Bank will opci
ate branch ut that location as 500
as the building is completed. As III
new structure is practically finished
the banking office will be opcnc
shortly
/ The announcement was made follow
ing granting of permission by the con
trollT of the currency. J. w. Mcintosh
| for the operation of the branch, as re
qucSted by Julius l. Peyser. presider
OF the bank. The Security Savings
| Commercial officials consider the 10
cation an especially good one bccaus
OF the recent costly and extensive dcvc
iopm6nt Of the neighborlood.
CageieSS counters are to be one @
| the features of the banking rooms.
is also the intention of the management
to have a very large safe deposit dc
| partmcnt. The banks main Office is a
Ninth and G. streets N. w.
Farm Loan Bonds Offered,
c. F. ChildS & Co. are Offering to
day 100000 5 per cent tax-exemp
Farm Loan bonds of the Potomac Join
Stock Land Bank, Washington.
| The bonds are dated January ! an
ate offered at 1884, and accrued III
tereSt. The Potomac Joint Stock Ian
BanK has outstanding, $4,000. 200 Farm
Loan bonds and from the report o
! George A. Harris. president. to Iii
! stockholders, January /. the bank
on a permanent dividend basis and in
creased It's business during the pas
year about 81 100000.
President Harris, in his annual re
port, stated the present issue was re
duced from S500,C00 TO 100000 at .thi
time OH account of the possibility o
reduction in rates. as the bonds Of thi
| bank have been selling on a Al, Dc
cent basis for some time and it wa
stated that the next issue may carr,
a A. per ceAt coupon instead of
per cent.
Railway Common Scars to 4S5.
Washington Railway 6, Electric com
mon scared TO new all time high OF
the local stock exchange today Wher
20 shares sold at 485
Market observers gave the presen
merger negotiations between the loca
traction lines as the only reason why
the stock should be in such demand a
that price. The stock pays per cent
Ine only other local utility stock OF
the board that pays the same DIVIDEND
is Capital Traction and this stock sole
today at ll47s. the new mark which il
reached last week
Washington Gas Light stock reached
81 today these shares also entering new
high ground. Lanston sold at l08i !,
and Mergenthaler at l08la. Potomac
Electric Power So per cent preferred
vas active at l08i4. Merchants Trans.
fer IL Storage preferred registered ITO
Sanitary Grocery, l07: Peoples Drug
l23t2. and Columbia Sand e. Gravel
los.
FIFTY shares OF American Security &
Trust came out at $50 and Riggs Ma.
tional opened at 504'a and closed a,
3o5. The only bond sale vas Wash.
ngton Gas "A" at log.
National Bank Resources Soar.
Resources Of national banks on De.
cember 81. were reported today nv Con.
troller Of the Currency Mcintosh a,
S28, l64.2i9,000, an increase OF $3.50. 1916.
600 last year
Loans and discounts including redis.
counts. amounted to SI483i.25 600, ar
increase of sl.257 1874 900 over last wear
Demand deposits Of sii.399. $50 00G
showed an increase of S492, sl2 900 since
December. 1926.
Time deposits were reported At ST..
o0S. 437 900, an increase OF Sl.2T4995.
600 during the year. Total individual
deposits were $1,000. 484 900. as corn.
pared with sl8,5l5255.000 oa October
TO- 1927. Total deposit liabilities were
So 1850, 003000, exceeding deposits on
December 81, 1925, by 81, 996. 0i2. 900
me paid In capital stock Of the 1865
reporting associations on December 81
1927. was $i.528 SOC 900. exceeding b,
s29, $4,000 and $li7.78 900, respective.
~. the paid In capital If reporting bank.
on October 10, 1927 and December 81
1875. Surplus and undivided protils
totaling 81 ,S55.I9i 900 showed also an
increase OF $500 900 since October, and
an Increase Of $3.50 995. 900 in the year
New Banking System Proposed.
Senator Brookhart has drafted a bill
containing provision for a cooperative
DanKing system In the United States en-.
] llreiy independent from the commercial
system.
Under the proposed legislation. pres.
ent intermediate credit banks would b,
converted into Ii cooperative rehrrv.
system. giving u them all the bower,
OF The Federal Reserve system, STAT
cooperative banks would be permitted
~ become members of the PROPOSED
Federal cooperative reserve
Earnings OF capital stock would b,
limited " per cent. which t3cualo
Erookfatt said. Ii deemed u be- a rra,
$pIiable return 10 the United States
Other earnings would be distributed b,
holding ODe~!ourth III surplus and pay
ilg bark the remaining three fourthg Il
depo@itOrs and borrowers in proportlo,
| 70 III interest received by the one nnt
paid by the other
| Sanitary Grocery Dividends.
The Sanitary Grocery Co, Inc, ma
! declared the regular quarterly diyldtu.
! IT &i.62'z per share on The freferrt.
+. stock payable March / ~ stakeholder
{ ~ record February II. aud the regula
/ quarterly dividend " ~ share 81 tIi
! common stock payable March - l.
! Stockholders u fecAHd March 8. lii
company also reports that .Jantia!l
sales t0taiied 81 G77.497 compared WliI
81 .ZbI G55 In the same month in 1927
! This IL a gain of 307 per cent. tn
/ gToCEfy cofnpanY's preferred stock
listed on the Washington Stock ~
change the corniugu 1u lie iieW for
CusD
Life Insurance Men TO Meet.
! The na1nti1iy mtrtlng ~ the UlatIe
~ Golumblh Life Underwriters hssDciu
iipH takes place n,mnrfoW evening a
/ The CITY Cub. beginning 81 SIS o'oIpci
! The SPEAKER tDr the occasion wiz Ii
Lester q, HtErtgef. superintendent {
aReIicifs u the Aetna The spebker'ia
graduate II Syracuse Uni4ethiiy. hn
done large amount ~ field work All
Ia 1926 k"nane instructor Ia lie sale
I tia2Hlnp dtpaa tmenl IN ihe home DttIc,
he was latei made manager II iHs
AtrilDH ana bfBjl ailtfWard iauk Ia