The Washington times., 1930-02-05
lands CLAIMS
CONSTRUCTION
PROMISING

] uUIVIlUIIuO
Construction work here is not
&c suffer and prosperity is not
20 be affected, despite the re
trenchment of one Of the largest
building firms here, according to
Col. Lee H. Lands, general man.
ager of the Chesapeake Beach
Railway, commenting on the re-
cent announcement by Harry
Wardman of a 12-month lull in
his building program.
Colonel Lands points out that
while Wardman is probably cor
rect in his statement that office
and apartment construction las
been somewhat overstressed.
there are still a large number
of opportunities for building.
He showed that at the annual
meeting of the Washington
Chamber of Commerce recently,
1t was brought out that con
struction work aggregating $7O,.
100000 was to be put under way
here during the ensuing year aid
that the large Government build
ing program was progressing with
rapidity.
Federal Competition
Colonel Lands thinks, in
analyzing the action of the
Wardman firm and others. that
to a certain degree the local
builders are facing competition
from the Federal Government in
that the construction of the Mall
buildings will throw open a large
number Of privately owned Struc-
lures now housing Governmental
departments.
Except for office buildings
and apartments. I think construc-
tion is likely to carry on very
well in this section" the railroad
executive declared. 1.-The Chesa-
peake Beach Railway Company,
for example, is spending $4,000
900 on improvements at Chesa-
peake Beach, the new amusement
park there replacing the present
concessions, which are to be torn
down, and on the new ferry run
ming between the Beach and
Cambridge, Md, which will be
placed in service as soon as the
necessary permission is obtained
from the Interstate Commerce
Commission.
William j. Flather, vice presi-
dent of the Riggs National Bank,
yesterday set a wonderful record
IN local banking circles. cele-
brating his fifty-third anniver.
sary with the Riggs Bank. HIS
connection with the institution is
only surpassed by that of Char ,es
G. Glover, chairman of the board,
who is at present inactive because
Of ill health.
Flather began his service with
the organization as messenger
boy and rose to the rank which
ne has occupied for many years
announcement was made today
that Donaldson Cleveland has be-
come associated with E. A. Pierce
and Co., members of the New
York Stock Exchange, with Of
flceS in the Transportation Build
ing. Cleveland will be connected
with the investment department.
Plans are being made for the
removal of the safe deposit
boxes of the Continental Trust
Company from their building at
Fourteenth and H Streets North
west, to the safe deposit depart
ment of the Commercial National
Bank at Fourteenth and G
Streets Northwest.
The two institutions were re-
Gently merged when interests
headed by Col. Wade H. Cooper
acquired control of the Com
mercial Bank.
All physical equipment of the
Continental as well as several
departments were moved at t},e
time of the merger. There are,
however, more than 1000 safe
deposit boxes to be moved. These
will soon be transported to the
Commercial Building under heavy
guard.
Henry E. Sargent, formerly a
Washington newspaper man, has
been appointed deputy manager
OF the American Bankers ASsocia-
tion and secretary of the trust
company division, announcement
was made today.
Sargent has been with the
bankers association since 1928 as
associate editor of the American
Bankers Association Journal. He
is a native of Washington, where
he was formerly chief CORE.
spondent of the New York
Journal Of Commerce. He re-
ceived his education at Princeton
University and the law school of
the University of Virginia.
He succeeds Reuben A. Lewis,
ir., who recently resigned to be-
come second vice president of
the Continental Illinois Bank and
Trust Company of Chicago.
Officials and agency managers
Of the Mutual Life Insurance
Company of New York convene
tomorrow for convention sessions
lasting through Saturday. Ap-
proximately 30 agency managers
are expected to attend the Ses-
sions.
David F. Houston. who was
both Secretary of Agriculture and
Secretary of the Treasury during
the Wilson terms, and who is
now president of the company.
will attend the sessions. He is
expected here tonight. The COM
pany is the oldest legal reserve
mutual life insurance company in
the country. having begun hllSi-