Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-03-01
WASHINGTON BANK
| TO ERECT BRANCH
Plans Are Under Way for
Handsome Structure on
! Water Street.
BY EDWARD c. STONE.

National Bank of Washington, an.
iouneed today that the controller Of
the currency, John w. Poole, had
granted the bank permission to erect g
branch at 1921 and 1923 Water street
southwest.
The bank promises to build hand
some structure on this site as soon as
the plans can be completed. approved
by the board Of directors and the work
commenced. The work of drawing the
plans is already under way and is being
supervised by Jarrett G. White.
The new bank will be located on the
north side of Water street. giving II
an excellent southern exposure. 1t VIII
carry out the newest designs in bank
architecture, have the latest banking
equipment and be a distinct addition
to this section of the city.
1t is considered that the bank Will
have particularly good location. The
bill providing for the establishment OF
the new farmers produce market IN
the Southwest section OF the city mas
been passed by the Senate ana is
awaiting the Presidents signature. The
.site named in the bill is bounded by
Tenth. Eleventh. E and G. streets
Water street. where the Municipal Fish
Market is located. The Pennsylvania
Railroad has also made large finan-
cisi outlay in expanding its freight
facilities in Southwest Washington.
1.-THE announcement Of the controller
approval of another bank in the city
viii surprise many bankers. The con-
troller's Office has aften intimated that
Washington already has too many
banks. 1t is EVIDENT that an eXamina-
ton of this location convinced the Of
ficials that the territory was entitled 10
a. bank and that 1t would not encroaCh
upon the business of any OF the ALREADY
established banks elsewhere In the Cap
ital. The nearest bank to 1t VIII be
the branch of the McLachlen Banking
Corporation. near the Bureau OF En-
craving and Printing. >.
The last previous branch bank permit
granted in the city was the Friendship
addition to the Farmers & Mechanics
National Bank OF Georgetown, both
these banks having since been taken
over by the Riggs National.
Coolican Leaves Murphy Co.
Otis A. Glazcbrock. member of the
brokerage firm of G. M. P. Murphy o.
Co, gave out the following statement
today with reference to the Washington
Mr.. oscar Coolican has today re-
signed as manager of our washington
branch.
1.-TWO years ago Mr. Coolican became
Identified with our local organization
for the primary purpose OF supervising
its development and expansion. Under
his MANAGEMENT our two Offices, at 1909
n street and 1000 Connecticut avenue
have been opened and our facilities ano
services brought to their present capac-
itv. This work having been successfully
completed. Mr.. Coolican has requested
that he be released to devote his time
to his personal affairs. To this request
we have consented with regret.
1--WE announce the appointment OF
Messrs, Alfred Chester Father, Robert
Copeland Jones and Charles Carroll
Morgan as joint managers. MI. Morgan
will continue, as heretofore, IN charge
of our bond and investment DIVISION
Messrs. Father and Jones will continue
as managers Of our stock department.:
at 1000 Connecticut avenue and l5Ot
H street, respectively"
B. & o. Yearly Net Increases.
President Daniel Willard of the Balti.
more e. Ohio Railroad reported today
that the net income for the year avail
able for dividends and other corporate
purposes, after the payment OF interest
rentals. taxes and other fixed charges
was $29.100.931. This was an increase
of. sc. 467. 586, compared with 1927, anc
was the largest net income In the MIS-
tory of the company.
After paying the per cent DIVIDEND
upon the preferred stock there remained
s26, ,403. equal to $l2.43 per share or
the common stock outstanding Divl'
bends at the rate of per cent were de-
clared on the common stock outstanding
during the year, after which there re-
NAMED from the years operations t
be. carried to profit and loss $l3,835, 1928
The total accumulated surplus OF the
company on December 81, 1928, wa:
$lD3, .10621.
During the year there was an
increase in investment in
road of ...................s7, 049 OF.
New equipment was
acquired at cost
OF SO,Vou,G1o
And old equipment
retired in the
amount of. 5,l58.420
Resulting in a net increase in
investment in equipment of S7l,79
Total ................... S7,92O,6l
Heard in Financial District.
The Chesapeake g. Potomac Tele
phone Co. has done away with counter
in its main business Office at 1913 Thir
tenth street and arranged individua
desks for the use of patrons. At eacl
desk is a representative of the com
pany. The innovation enables patron
to transact their business in mucl
more comfortable manner and tn
"counterless" arrangement makes pos
sible far better personal service.
The Federal Reserve Board reporte
today that Reserve Bank credit de