Evening star., 1933-07-24
new BANK BUILDING
READY FOR 0PEN|NG|
Citizens Bank Will Open
Doors to Public Tonight
- at Takoma Park.
BY EDWARD C. STONE.

VhnD ~ xOENEs
Formal opening Of the Citizens Bank
Takoma Park, in its new surrounding!
in the Citizens Building. will taxi
place this evening, according to an
nouncement by Luther S. Cannon
president of the bank and also of the
holding company which owns the new
building.
The new building cost $4,000. con-
tains most commodious quarters fol
the bank, and also includes four store,
and many Offices. The lighting in the
bank is all in direct with modernistic
features, there are three windows for
tellers on each side of the lobby, while
to the left of the entrance are The
Offices of the president and cashier
To the right of the entrance Is the
ladies writing room and in the rear
stands very large vault with seven
ton door, protected with a special bur-
glar alarm system.
Just of the lobby are private booths
for safe deposit box holders and back
bank contains many other interesting
features. The Citizens Building, Inc,
is the holding or finance company char
tered under the laws of Maryland as
the bank is on the Maryland side of
the District line. Construction on the
new building started last December.
Elaborate Opening Planned.
Harry I. Houston is chairman of the
Committe on Housewarming. He has
provided both music and souvenirs for
the occasion The Citizens Bank was
one OF the Maryland State banks to
open on 100 per cent basis after the
national bank holiday. It was organ
lied in 1923.
Other officers of the bank are Law
renee V. Lampson, vice president; stan
ley E. McNeill, secretary. and H. J..
Carr. cashier. C. r. Wilson Is assist
ant cashier. The directors include
Mr.. Cannon, Mr.. Lampson. Mr.. NC
Neill, Clarence B. Smith, Wade II.
Atkinson, Peter Remsen, Henry q.
Allanson, Gull Barber, Alex Sterling,
II. H. Votaw, F. E. Pope. Harry I.
Houston, Thomas Manley, John D. MI
Ter, Alex Mckenzie c. c. Pulver, e.
L. Richmond, Louis Sherman. Matt
Irimble. jr., and w. B. williams.
The officers of the holding company
are the same as for the bank and in
addition include as directors Messrs
Remsen, Votaw and Gordon w. Bon
nette.
The statement of the bank, issued
as at the close of business of June
80. showed total resources to be S2O6.
091. .93, with capitalization of S50, 900
fully paid. and surplus of s12,5O0 and
undivided profits of s1,44629.
Invitations to the opening have been
sent to the heads of all Of the banks
in the Washington metropolitan dis
trict. to Baltimore and Richmond bank
ers and to many public officials, both
OF the District Of Columbia and Mary
land.
New Exchange Schedule in Force.
Washington Office conformed to the
new three-hour trading schedule on the
New York Stock Exchange today, the
tickers starting of at IL O'Clock, day.
light time. Practically all members of
the local broker Office STATS, however,
reported for duty on the old schedule
and were at their desks long before 8
am.
There was plenty of work for every
body, as the offices were hives Of busi-
ness industry during the two-hour de-
lay before the market opened. Much of
the pressure was lifted today, as prac-
stically all the accumulated clerical work
had been cleared up over the week end
hours will be continued for any ex-
tended period.
: The opening was gratifying to Gus
toners and brokers alike. It Is be-
lieved in the financial district that the
worst of the forced margin selling Is
now over. that there are bargains" in
many issues if the right ones are Sc
lected. The wild breaks of recent ses-
sions brought caution very suddenly
back into the limelight.
:. W., B. & A. Ry. Distribution Near.
Under order of the court, a distribu-
tion of approximately $685. will be
made to creditors and bondholders of
the Washington, Baltimore g. Annapolis
Railroad Co., as of August /, George
Weems Williams. receiver. for the rail-
road. stated in Baltimore. The amount
represents the net proceeds from sale OF
the Annapolis g. Chesapeake Bay Power
Co, subsidiary, to Consolidated Gas,
Electric Light & Power Co. of Balti-
more
The distribution VIII be made at the
rate of 5 per cent of the principal
amount due each creditor, inclusive of
accrued interest since date of receiver
ship. Holders of the company's first
mortgage per cent bonds. of which
$7,3O8,000 are outstanding, will receive
about $51 for each $1,000 bond.
Trading on d. C. Exchange.
The weeks trading on the Washing
ton Stock Exchange opened today with
one share of Potomac Electric Power
5i2 per cent preferred changing hands
at 1882. same as the last previous sale
The only other stock appearing on the
board was in Mergenthaler Linotype, 10
shares selling at % and two more at
29. Bond trading was confined to
Washington Gas Light IS, series B, three
ST 900 sales taking place at 1882. The
last sales last week in these bonds were
made at the same figure.
Return of currency to the Federal
Reserve banks continued during June,
the Reserve Board reports in its month
ly bulletin, notwithstanding an increased
Greater business activity, the board
states, was reflected in larger demands
for pay rolls and retail trade. The
movement was taken by the board as
indicating that the return of cash
previously held in boards has been in
larger volume than the increase in cur
rency requirements arising from re-
newed business activity.
Comment In Financial District.
Colonial Investors Shares. series "A"
Baltimore, will pay l6 cents of share
on August Is, the corporation an
nounced today.
Restoration of banking facilities
through reopening of closed banks pro-
ceeded further in June, the monthly
Federal Reserve Bulletin states. The
number of member banks licensed by
the Treasury to open on an unrestricted
basis increased between May 81 and
June % by 66 to total Of 5,602. These
figures reflect in part. however, the adj
mission of additional State banks to the
Reserve System.
In the same period the number OF
member banks not licensed decreased
from 1,163 to 1,104, rejecting botn the
granting of additional licenses and the
placing of institutions in receiversh1p
or liquidation.
At the same time licensed State banks
also increased in number