Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-08-11
NEW BRANCH BANK
WILL OPEN SEPT. 4
Section of National Bank of
Washington to Start
Business Soon.
BY EDWARD c. STONE.


pleted. the vault. gas heating plant,
tellers' cages and other features hav-
ing already been installed. The remain
ing equipment is to be put In at once,
making the bank up to date in every
way.
The bank Is located in A rapidly
growing commercial section Of the city.
The site was picked out by @. w.
Forsberg. one of the directors OF the
bank: built by the Samuel J. Prescott
Co. under personal direction Of John
G. Scharf. the vice president. and the
architect was Frank Russell White.
The building Is distinct addition to
that section of the city.
Plans Made for Expansion.
The cages are arranged on the right
Of the entrance. With view to future
expansion, space has been left on the
opposite side of the lobby so that the
same number of additional cages may
ness capacity OF the bank. Edmund
H. Graham. one Of the assistant
cashiers. who has been at the main
Office since 1912, will be the manager
of the branch.
Worthy Of special mention are the
surroundings of the new bank. Just
across Twelfth street. with frontage
Of some 1900 feet on Water street. is
the new freight house now being built
by the Pennsylvania Railroad. This
is to cost about $780, 900, will be d.
vided into 80. different sections or
stores for wholesale firms. and con-
tains great amount Of basement cold
storage space. The wholesale Offices
are so large that some will have two
or three different tenants.
In the rear Of the building railroad
tracks are being installed which will
bring refrigerator cars to the doors
unloaded and placed in proper cold
storage before being sent to retail
dealers all over the city. The second
story. as well as the basement, will
contain storage space which can easily
be reached from the incoming freight
cars. The plans show that the Penn
sylvania's plant will contain many fea-
lures for handling perishable foodstuffs
that are new to Washington.
Section Growing Rapidly.
Only a block or two from the bank
Il the site for one OF the citv's new
Wholesale and retail markets, Herzog's
establishment and one of washington'n
largest fish markets Is across Water
street, while in the rear Of the branch
stands one Of the plants Of the Terni.
The Cudahy Packing Co. Is also near
by. While this section Of the city Is
unfamiliar to many residents. yet IL
has been progressing steadily in recent
years ir commercial activity and physi-
cal appearance.
The nearest banks to the new ONCE
are the branch of the McLachlen Bank.
ing Corp. and one of the branches Of
the American Security q Trust Co.
"a -
controller has permitted to be opened
in the Capital since the Farmers a.
Mechanics National Bank Of George
town. built and opened an office In
Friendship. this bank now being con-
nected with Riggs National.
Curb Urged On state Banks.
Recent failures Of private banks snd
evidences Of sharp practices give ac-
cent to the need Of legislation which
should make an end Of the type Of I'M
incorporated banking firms and part
nerships which are allowed to accept
and pay interest on deposits, says
trust companies magazines. Their
number has been rapidly growing less
owing to legislative restrictions comm
ing deposit banking to incorporated
banks and trust companies, or subject
ing private concerns to the same super
q
banks. The fact remains that deposit
banking should be subject to the liabili-
ties and responsibilities that attach to
incorporation and State supervision.
Since 1922 the number of private
banks reporting to the controller of
the currency has decreased from 672
to 467. with resources reduced from
$i95.000, 900 to S164 900 900.
Since 1898 there have been recorded
n total fqilIlrnc "a nj
with liabilities of approximately half a
billion dollars. The losses sustained by
such failures and suspensions fell mostly
upon wage earners. foreign populations
and immigrants. to which most OF the
private banks cater. In periods Of low
rates on European currencies these
banks have INDUCED in speculative
clients. In view of the obligation to
protect those who confide their savings
to these concerns. 1t seems proper to
urge uniform action among the States.
Yields Compared for 1s Years.
A study Of the long term trend Of
yields on three important classes of
ecurities-industria common stocks.
high-grade preferred stocks and high
grade bonds-prepared from compila-
lions of the Standard Statistics Co..
affords an interesting indication Of the
changes in public appraisal Of various
classes of securities over the past Is
years.
It will be noted that the general
trend of yields on common stocks has
been downward since the beginning Of
1921. and that this tendency has been
even more marked in the bull market Of
the past three years. Industrial COM
mon stocks which In 1914 yielded 8 per
cent and more, and which. with the
- AvaA
1e20-l92t, yielded well above per cent.
today are paying their holders an
average Of only fraction more than
per cent.
The trend toward lower yields In pre-
fered stocks has also been marked since
1921, although by no means to such an
extent as in the common shares. Pre-
ferreds in 1914 averaged yield OF 6.5l
per cent, touched per cent In 1918
in the Summer Of 1928. Since this
latter period, with lower prices obtain
ing the average yield has been In
creased to 5.52 per cent.
The yield of bonds ended the 1e.year
period at Ala per cent, almost exactly
where It was In 1914 The average
yield on high-grade bonds. as conse-
quence of the declining trend OF prices
during the past year, had shown z
STEADY gam HIDIn thic ~" III "Ao ~
years reached year ago.
Cleaned in Financial District.
Carl H. Donch, manager Of The Park
Road Branch of Riggs National Bank,
has returned from his vacation.
L. P. McLachlen, president of the
McIachlen Banking Corporation, is exc
pected back at his ONCE tomorrow after
a short vacation, part Of which he
passed on a motor trip In Pennsylvania.
He also visited Detroit.
J. William Harrington. member OF