Evening star., 1928-05-07
SECURITY SAVINGS
BRANCH IS OPENED
K Street Bank Starts BuSi.
ness Today in Own New
Building.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
Financial Washington witnessed the
opening of another bank amid new sur
roundings today, when the K street branch
of the Security Savings a. Commercial
opened its doris at $40. This branch,
at 1918 K street, is located In its own
building. which has Just been completed
A continual stream of visitors called to
view the new banking facilities and
congratulate the officers and directors
Flowers from other banks, business
firms, and personal friends. filled the
interior OF the bank almost to the
doors
The new banking rooms are modern
in every way, cageless counters being
the first feature to stand out as one
enters. All the banking business is to
be transacted on the street floor, the
remainder of the building being used
for Offices, In the safe deposit vaults
| ample provision has been made for
present needs and future expansion
The same is true Of the other depart
mentS. The branch was moved over the
week end from ITO Fourteenth street,
where 1t had been located following the
purchase of the Central Savings Bank
! from Francis NJ. Savage and his direc-
tors
The officers of the Security Savings
& Commercial Bank are julius l. Pey-
ser, president Fred Mckee, vice pres
ident; Francis @. Addison. jr., vice
president; Samuel r. Baulsir. cashier
T. Hunton Lelth, assistant cashier; La
trobe Owen, assistant cashier: J. Louis
Shipley, assistant cashier. and Charles
K. West, assistant cashier. The man
ager of the K street branch is j. Will
liam Roberts.
The present board OF directors in
cludes Francis G. Addison, jr, Edward
c. Baltz, Dion S. Birney, Francis A.
Blundon, Diller F. Croft. BENJAMIN II.
Gruver. Franklin w Harper. John B.
Harrell, j. Thilman Hendrick Sol
Herzog, william A. Hill. George H. Judd.
Harold H. Levi, Fred Mckee, Ralph
Mckee, Laurence Mills. Charles w
Morris. Mai. Julius !. Peyser, Morris
Simon. William w. Spalding, Judge
Milton StraSburger Sidney w. Straus
and William c. Sullivan.
The banks main Office is at Ninth
and G streets
Sanitary Grocery Dividends Voted.
The Sanitary Grocery Co. has declared
the regular quarterly dividends of
$1.62iz per share on the preferred stock
payable June /. 1928. to stock of record
May IL. and 81 a share on the COM
mon stock. payable June Is to stock
of record June S.
These two stock issues have recently
been very active. the preferred having
advanced on the local exchange TO 100,
while the common on the New York
Curb has been selling around 230.
Railroad Rate Caution Urged.
The Interstate Commerce Commission
has received an appeal from the Ma
tional Association Of Owners of Railroad
and Public Utility Securities 70 avoid
decreasing railroad revenues, particular
ly those of Western carriers in the
course of making better rates upon
farm products.
The association, by letter TO the COM
mission from its president, cites the
Hoch-Smith congressional resolution,
which tnstructs the commission to give
the lowest possible rates TO farm prod
ucts affected by depression" but also
points out that other provisions OF Jaw
require roads TO maintain a rate base
that win give reasonable return upon
property valuation.
In making public the appeal to the
commission. the association today added
a statement expressing the opinion hat
the commission was not contemplating
any harmful action under the Hoch-
Smith resolution. but that the COM
munication was necessary 10 Offset con-
hicting representations which the COM
mission might have on the subject.
WooIworth April Sales on.
April sales Of r. W.. Woolworth Co.
we're smaller than in April last year.
s2l ,936.947. against s22.35l .401. but for
the four months this year we're S79.
SS3.256, against S75.445 .955, a gain of
So per cent. Five stores were opened
In April and IA are now in operation
in Germany. A statement explained
that in April, 1927. there were two
weeks Of Easter business and an extra
day In the month. Saturday, when
sales were si.600,000.
Neted Banker Visits Capital.
John @. Lonsdale, president OF the
National Bank Of Commerce OF st.
Louis, was In Washington today. calling
on John Poole and several other bank
ers in the financial district. Mr. Lons-
dale is director In the Federal Re-
serve Bank In the St Louis district
also Of the Missouri Pacific Railroad
He is best known among bankers here
as a former president OF the national
bank division Of the American Bankers
Association.
Wimsett Offices 10 Open Soon.
II was announced today by Charles
Deimar, regional vice president of the
National WimSett Co. that the local
Offices at g03 New York avenue north
west viii be opened for business on
Tuesday, May Is. This institution,
chartered under the national organiza-
ton, has been organized by local men
| 10 render industrial banking service.
| The president Of the local organization
is Austin G. Waller, vice president OF
the international Bank: vice president.
| Stephen A. Takes: secretary manager,
w. NJ. Baldergton, and treasurer, Joseph
/ A. Rafferty,. The company Ia already
| operating l4i Of these industrial banks
| In the West.
-Four New Exchange Peaks Today.
Lanston Monotype reached li394 for
the first time today. Peoples Drug
/ Stores preferred climbed To Ifi1z. while
Potomac Electric Power per cent pre-
ferred and Chestnut Farms Dairy pre-
.erred also advanced fractionally 10
new tops on the local board today
Trading was also heavy In many other
issues
Gas sold at 81, Railway H. Electric
preferred up 10 1921. Sand N Gravel
| al 9S1z and 90, Mergenthaier at iOi
aDo i0l Y, and Capital Traction al
lOsA and l0s. Among the bank stocks
American Security sold al 450, District
Rational st 245 and Commercial Ma
tlonsi At 266
Bonds opened the week active and at
strong g3F9rFa