Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-06
FRANKLIN NATIONAL
HAS FINE BRANCH
Connecticut Avenue Offices
/ Conform to Newest Type
Il, in Structure.
BY EDWARD C. STONE.

cut avenue branch OF the FRANKLIN
National Bank have been practically
-campIeted and the bank will be thrown
open for public inspection and regular
BUSINESS on Monday, September IS. The
branch Office has been functioning In
temporary quarters about year.
The new banking room IN 38 feet
wide and 10 feet deep, provided with
all the units, such as omcers space,
public lobby, work space, bookkeeping
and machine room, safe deposit and
security lobby and vault. The coupon
boothes are large while the big vault on
the first floor is in easy access TO Gus
toners. massive round steel vault
vestibule and door have been 1nstalleo.
The bank fixtures are OF the low open
type, which has gained so much in
popularity in recent years. Communl-
cation between the bookkeeping dlVl-
sion, and the officers and tellers, mas
been arranged with pneumatic tupes
and private branch telephones. To the
left Of the main entrance the bank mas
also placed a night depository.
8 The materials used in the banking
room generally, consist of French and
Belgian marbles bronze and black wal
nut: the floors are of terrace, tile ana
raarbleized linoleum. In the basement
4 fireproof storage vault, by q feet,
has been constructed.
President John B. Cochran anu ms
officers and directors have planned wen
for the future growth OF the nank: me
new banking room can be EXTENDED 70
SIS feet in width and 165 feet in length
without any great expense. On the
onenine day, the bank will present
striking appearance. The FRANKLIN
Banks Connecticut avenue property Is
So large that everything has peen car
ried out on most ample proportions.
81 Treasury's New Financing.
Secretary Mellon has announced an
altering of Treasury certificates total
ing about $5OO,O00,000, dated Septem-
Der IS, maturing in nine months ana
bearing an interest rate of AS per cent.
The issue, together with tax pay
ments due this month, is expected 10
take care of an issue of $4,000, 900 OF
Treasury certificates that natures on
September IS, together with sos, 600 600
interest on the public debt payable this
month. and $149 100000 similar pay
ments that must be made in OCTOBER
The rate of AS per cent fixed for
the new issue is one-fourth of per
cent below the rate of SIS per cent
which the last issue carried. In view
of the fact that there has been only
minor slackening of money rates in the
interval, while the discount rate has
gone from 5 per cent to g., Wall Street
found the reduction in rate unusually
interesting.
Another factor, says the New York
Herald-Tribune, which makes the low
ering of the rate something of sur
prise is the time of year. Last June,
when the Treasury issued notes at SIS
per cent, the season of the year when
credit demands are slack was at hand.
AT present we are entering the Fall
rrrI1o &c in
rnand and rates normally advance.
A feature which is calculated to off,
set the lower rate, however, is the fact
that the present issue will be totally
tax exempt, instead of being only partly
tax-exempt as has been the case with
previous issues.
Joins Local Investment Firm.
Guy O. Dove, jr., has become as
5ociated with Irving & Johnston in the
1aleS department. Mr.. Dove, who is a
Washington man, has been for some
line in the New York Office of Spencer
rrask & Co., the local firms New Yrk
correspondents. He is young man,
having graduated from Princeton Uni
persity in 1926, and also from the Gil
nan Country School, of Baltimore, Md.
Catchings New DIRECTOR.
Waddill Catchings of Goldman Sachs
z Co, New York, has ben elected a
director of Commercial Credit Co., Bal
.imore.
Regular quarterly dividends were also
declared on the 61a per cent and per
rent first preferred; 8 per cent class
By preferred, So class "a convertible
and SO cents per share on the common
stock, all payable September 80, 1929,
10 stockholders of record at the close
Of business September 10.
In and Out of the Local Banks.
Robert v. Fleming, president Of the
Riggs National Bank. has returned from
\ months vacation passed at ocean
City, N. j. I
F. j. Kaufman, vice president and
cashier of the International Exchange
Bank, has returned from his vacation
5pent in Southern Maryland, and w.
6. Birch, assistant cashier, leaves To-
morrow for a vacation at Wayne, Pa.
Arthur Foraker manager OF the local
broker Office of Eastman, Dillon & Co.,
has gone on his vacation.
S. William Miller. assistant treasurer
IF the Union Trust Co., has gone to
Maine on his vacation and will spend
bart of the time visiting Edward L.
CIillyer at Southwest Harbor, near Bar
sIarbor.
! Tohn E. Parker of G. M p. Murphy
e Co. is spending his vacation at Blue
Ridge Summit and on a motor trip
10 Massachusetts,
Edwin c. Brandenburg, general coun-
sci and trust officer National Bank of
Washington, has returned to the city
after spending month in Maine.
! John NJ DeMarco, assistant cashier
of the Seventh Street Savings Bank,
left yesterday on a vacation trip to
Niagara Falls.
Frank J. F. Thiel, resident partner
of j. F. Meehan & Co., has returned
from trip to the Middle West. during
which he motored extensively in Illinois
and Wisconsin.
Y. E. Booker, head of Y. E. Booker &
Co., has gone to Virginia Beach to spend
the week end.
In addition to the address by Harold
Stonier, educational director of the A:
LIB. it is expected that members OF
the faculty and committee chairmen
win talk very briefly at tonight's dinner
at the Raleigh.
~ Riggs Stock Reaches New High.
~ERiggs National Bank stock reached
SEQ on the washington Stock Exchange
today, a new all-time high mark.
Thirty shares changed hands. Amert-
can Security & Trust came out at 456.
Z other stocks on the list sold around
recent levels on moderate volume OF
trading. Washington Gas bonds, series
a were in best demand in that section
81 the market. Unlisted securities
showed very few changes during the
week.
1t was announced that the Stock
Exchange will continue to remain closed
an Saturdays during September.
REDUCTION IN SURPLUS