Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-11-24
MLACHLEN BANK
BRANCH IS STARTED
New Building Is to Be Lo-
Gated Opposite Bureau
of Engraving.
BY EDWARD C. STONE.

BY EDWARD c. STONE.
Announcement yesterday by Lanier
r. McLachlen, president of the Nc
Lachlen Banking Corporation, that work
Is now being started on a new branch
bank building at 306-3l2 Fourteent3
street southwest will arouse wide in
terest in banking circles. The new To-
cation is opposite the Bureau of En-
craving and Printing and on one OF the
most important highway entrances to
the National Capital. The prcs~3t
branch bank. at 1850 B street SOUTH
west, is being swallowed up in the
Governments enormous building pro-
gram and has been condemned for per-
nanent use as q banking institution.
The new building will be completed in
time for the transfer of business from
the present location in the early Spring.
The new branch Office will be dis
tinct addition to Washington banks.
The building will be one-story high
with a mezZanine. The first floor is to
be subdivided, the bank occupying about
three-fifths of the area, the remainder
to be leased 10 other business firms.
When business expansion requires the
use of the entire first floor for banking,
the present design will permit the nee
essary removal of partitions with a
minimum of structural changes.
In Georgian style and will be most
striking in appearance. Quaintness will
be obtained through the large chimney
ends and steep sloping roof of rough
black slate, surmounted by a white
cupola.. The structure will have a
handsome exterior, while the banking
room is to be carried out most faSci-
mating in early American style.
The banks main Office is located at
~ SfFnAfc
northwest. The institution is growing
steadily, deposits on october 4, date
of the controllers last CALL being ST.
13S,323.85. The present officers include
Eanier P. McLachlen, president; Fir
man r. Horner, vice president; John
A. MasSie vice president and treasurer;
Archibald McLachlen, secretary and
assistant treasurer; Guy D. Cowl, as
Sistant treasurer, and Z. L. w. Goldney,
auditor.
The directors are Firman r. Horner.
K. P. McElroy, Thomas r. Harvey,
John A. MaSsie. Archibald McLachlen,
Edwin H. Etc, DR.. Lee c. Corbett, L. P.
McLachlen, Henry E. Bittinger, George
Miller and william B. Kerkam. l.. p.
McLachlen became head of the insti-
tuition several years ago on the death
of his father. At that time he was
one of the youngest bank presidents
in the city, If not the youngest. Al
present he is first vice president OF
the District Bankers Association.
AS Kiplinger Views Outlook.
The Kiplinger Washington letter,
which is peepared particularly for
business executives, gives a summary
this week of the views contained in
q great many private letters covering
the present situation. 1t says, in part:
Cancellation of orders are not nu-
merous at the present time, but enough
to cause much scattered concern about
the immediate future.
THE cash position of large and most
small corporations is good, so that they
can and will pay dividends.
Corporation earnings for the fourth
quarter will be as good as the third
quarter in some lines and lower in
others.
Earnings in the first quarter of 1890
will be lower than in the first quarter of
1929. A certain unreasonable amount
of business recession must be expect
ed, but very few look for q serious
Business men report that the pro-
portion Of their business friends who
lost money in the stock break was
from Is to 80 per cent. This repre-
sents mainly the urban business COM
munity.
probably less than per cent of all
the people in the United States have
been in the stock market.
There is practically a unanimous
opinion that the bond market will pick
up rapidly as soon as the stock market
stabilizes a Bit"
Book Values Of Bank Stocks.
At current levels leading New York
City bank stocks, which are widely held
in Washington, are selling at approx
mately two and one-half times book
value on the average, while at their
recent lows they were selling at about
two times book value, according to fig
ures compiled by Gilbert Eliot g. Co.
Less than two months ago New York
City bank stocks were selling foi about
four times book value, while individual
issues, such as National City Bank, sold
for more than seven times book value at
its high point.
The following tabulation, covering Is
leading issues, shows that Empire Trust,
currently selling for 1.59 times book
value, has the lowest ratio of price to
book value, while Central Hanover,
Bankers Trust and Corn Exchange and
National City are the only issues selling
for more than three times book value.
The book value is adjusted to include
the banks equity in any subsidiary Sc
curity company, while in the case of
City and First National the book value
is estimated: