Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-10-17

architectural de-
sign has not yet Ezra Gould.
been settled.
The washington Mechanics Bank
has purchased $4,000 square feet OF
land at 1885 Connecticut avenue on
which the new building will stand. The
hank will have an innovation for Wash
ington in the way of 10000 square feet
of parking space available at all times
to bank patrons.
The offcials of the bank believe the
parking space will prove of great service
TO all depositorS. The difficulties OF
parking in some parts of the city nave
motorists. In this case the depositor
will be assured of parking space right
next to the place where he wishes to
transact business.
The erection of the new building will
give the bank four Offices in Washing
ton. One is located at Eighth and g
streets southeast, another at East Cap
itol and Ninth streets and third at
1909 Georgia avenue northwest. The
new bank will be located IN q business
section of its own, there being a group
of thriving stores in the vicinity, many
residences and several large apartment
houses.
The last branch bank permit granted
by the controller was to the National
Bank Of Washington for its Water
Street Branch in the Southwestern
section of the city. In recent years the
Treasury officials have not been grant,
ing branch bank permits without
thorough study of conditions and bank
ing needs in different parts OF the city.
No branches have been allowed that
would come in too close competition
With other banks already established.
Mr.. Gould founded the Washington
Mechanics Savings Bank in 1906 and
it has enjoyed steady growth since that
time. Only recently the Georgia Ave-
nue. branch was extensively remodeled
In addition to founding this bank, Mr..
Gould also founded the Dupont Ma
tional which afterward merged with
the Merchants Bank q Trust co.
Bond Club Hears Noted Editor.
More than 100 members of the WASH
inCton Band Club, associate members
and invited guests attended the first
meeting of the present year which was
held at the Carlton Hotel.
William Peter Hamilton, editor Of the
Wall Street Journal, was the guest
speaker, his visit here being an i'm
portant factor in the extra large at
tendance Several local bank presi-
dents and other bank officials were
present.
Mr. Hamilton, who is q financial
writer of note and regular contributor
to Barron's Weekly as well as to his
own publication, discussed the present
situation in the bond market in con-
siderable detail He is highly conserva-
tive in his views and his remarks
gripped the attention of his hearers.
Franklin H. Ellis presided at the
luncheon and introduced the speaker.
This years secretary Is Lawrence M
Proctor Of Alexander Brown 81 Sons.
He has already arranged with F. s.
Burroughs Of New York to address the
club at an early date. Mr.. Burroughs
Is an authority on public utilities and
Is known here because of his connection
with the Washington Gas Light Co.
The enthusiasm manifested at today'S
meeting indicates one of the best years
the local club has yet enjoyed.
Heard In Financial District.
G. B. Roberts, vice president of the
National City Bank, has been a recent
visitor in the local financial district.
Mr.. Roberts is an economist and pre-
pares the National City Banks extensive
monthly reviews. He was formerly con-
nected with one of the Government
departments here and is a close friend
Of John r. Waller, president of the
International Bank, on Jackson place.
The main offlces of the Franklin Ma
tional Bank, at Tenth street and Penn
sylvania avenue, are being redecorated.
A. Chester Father. one of the man
ayers of the local of1ce of G. M. p
Murphy & Co. has returned from q
business trip to the head ONCE in New
York Last night he attended a dinner
at the Yale Club at which several men,
bers Of the firm were also present.
w. w. Spaid, partner In w. B. Hibbs
Il Co, is in New York attending a
meeting Of the out-of-town section OF
New York Stock Exchange firms. Mr.
Spaid was one Of the organizers of this
section, was chairman of it for a year
or two and is now on the executive
committee.
Edison B. Olds treasurer of the Union
Trust Co, is spending part of his vaca-
ton at Atlantic City. Later in the
month he will visit relatives in New
York.
Local BOardrOOms ThrOnged.
The Chesapeake Corporation earned
81 "a a share on 800 600 shares ir
nine months ended September 80
against $3.08 a share on 900, 900 share.
in like 1923 period.
The New Chesapeake & Ohio stock
after proposed four-for -one stock split.
up, will probably pay 50 annually
equivalent to $12 on present stock
which now pays $40, according to Wal
Street reports.
Further additions to the power faciI.
tiles of the Wisconsin Michigan grour
of subsidiaries of the North American
Co. will result from new steam cleo.
trio generation plant to be built b,
the Milwaukee Electric Railway a
Light Co. at Port Washington Wis
The project involves an initial invest
ment of about SO 1000 900 and uItimat,
expenditure of more than $25 ,0O0, 900.
Today was another one of thos,
standing room only days in the locs
boardrooms The upward turn in tn,
New York Stock Market around nooI
was welcomed by both traders and in
Vestors.
Lively Trading in New Stock.
The feature of today's Washington
Stock Exchange session was the activit
in Carpet Corporation common the neS
food stock listed yesterday. The frs
sale included so shares at "a. FIT
more sold at 23Iz and two other sma,
sales we're recorded at 23A.
Peoples Drug figured in small-lot sale
at 1851 and lis. Only FIVE shares O
Capital Traction changed hands, price
at 85h. Mergenthaler and Lanston ap
peared in small lots at yesterdays level.
Other sales included Liberty Nations
at $50 and American Security & Trus
at 466. Bonds were in pretty good de
nand.
NEW pTTTT nYNG nnMTp A rTc