Evening star., 1933-09-25
BANKING EXPANDED.
HERE BY OPENING
New Hamilton National Adds
Substantially to City's
Facilities.
BY EDWARD C. STONE.


March, was expanded materially today
by the opening of eight banking Offices
in various parts of the city.
AS noted in detail elsewhere in to-
days Star, the Hamilton National Bank
threw open its doors for 100 per cent
banking business this morning, the new
institution being merger of seven
banks which have been operating on
restricted basis ever since the bank
holiday last Spring
The consolidation gives citizens ac-
cess to so per cent of the funds that
were tied up in II different banking Of
fees. The new bank has a main Office
and seven branches. While the District
Nationals building and that of the
Washington Savings Bank are not being
used by the new institution, yet these
banks are in the merger and half
the funds in these two banks were
made available today to their old de-
positors who opened accounts in the
Hamilton. The branch of the Federal
American at Fifteenth and H streets
northwest was not reopened.
The Hamilton's main Office is located
at Fourteenth and G streets, in the for
mer Federal American National Bank &
Trust Co. Building. The seven branches
are the Potomac, at Wisconsin avenue
and M street in Georgetown; Wood
ridge-Langdon, at 2027 Rhode Island
avenue northeast; Northeast, formerly
Northeast Savings Bank, 800 H street
northeast; Seventh Street, Seventh and
N streets northwest; Brookland, at
Twelfth and Newton streets northeast;
Dupont Circle, Connecticut avenue at
Dupont Circle, and Pennsylvania Ave-
nue.. at Twentieth street northwest.
All eight Offices did rushing busi-
ness today. Some depositors put in
money, others took some out New ac-
counts were opened. After banks have
been closed several months. there is
banking business of every kind to be
transacted Tellers had to hustle. Of
ficers were rushed attending to import
ant matters for customers
All day bank officials were showered
with congratulations and best wishes
by other bankers, business men, old and
new depositors and personal friends.
Each banking office was literally buried
with flowers, the gifts of business
friends and admirers. "A blessed event"
said one visiting banker. by far the
most important local financial develop
ment in the past six months" said
another.
Daylight Savings Time Ends.
Tickers in the brokerage Offices here
started off at 10 o'clock this morning,
an hour later than usual, because of the
conclusion of daylight savings time in
New York
Local Offices were we'll filled with Gus
toners as the new schedule went into
effect Clocks in many of the Offices
which have been running on daylight
time all Summer. were set back on
standard
The market opening was irregular
and somewhat lower in the majority of
stocks. It is generally believed among
traders that there is to be no imitation
Of currency The President is under
stood to favor imitation of credit. This
means that Spectators will have a
hard time forcing stocks up with wild
imitation talk.
Some brokers here think that the
price of wheat, cotton and other COM
modities and the price Of the dollar
abroad, may be the leading market
factors for time.
Now Comes Kidnapping Insurance.
So far as known, Washington resi-
dents are about to be offered kidnapping
insurance for the first time. Old-tlme
life insurance, accident insurance and
every other kind, including insurance
against hurricanes, has been offered
here for years.
M. Leroy Golf, in the Woodward
Building, says that insurance against
kidnaping was first started in London.
Risks have been taken on both adults
and children.
The insurance companies in England
have been unwilling to take any risks
on people who have been threatened by
kidnapers Up to this time there has
been quite a variation in rates. 1t was
understood today that definite rates
have not been established in Wash
ington.
Rates in England have been based
partially on the prominence of the
people insured and the amount OF
wealth which they are supposed to
have.
Security Storage Dividend.
The board of directors of the Secur-
fly Storage Co. have declared the reg
ular quarterly dividend of SIPS per
share on the stock of this company,
payable on october 10, to the stock
holders of record at the close of busi-
ness October 6, the books to be closed
between said dates respectively.
The first sale on the Washington
Stock Exchange today was $1,000
transfer in Washington Railway q
Electric IS at IS. Washington Gas S.
1860, came out at 103A on $1,000 sale.
Washington Gas IS. series B, moved IN
q $1,000 sale at 1895.
Capital Traction IS appeared on the
board twice, both $1,000 sales, one at
81 and the other at 5312 The closing
bond sale was a $500 transaction in
Washington Gas SIS, 1858. at IS.
Trading in the stock division was
confined to Railway & Electric pre-
another small lot advancing to 81.
Heard in Financial District.
Tomorrow is the date announced for
the payment by the Commercial Ma
tional Bank of more than S1,030,000 to
depositors in this institution which Is
now in receivership. This will be the
first payment since the bank was closed
last February and is about 20 per cent,
according to Receiver Baldwin.
National Power g. Light Co. has de-
clared the regular quarterly dividend
OF $1.50 on the 6 per cent preferred
stock, payable November l to stock of
record October 6.
One hopeful sign for the utility COM
panies comes from Philip Lieber, presi-
dent of the United States League Of
Building and Loan. Associations. Mr..
Lieber declares, according to the Wall
Street journal, that re-employment
will enable 100000 families to leave
the homes Of relatives and set up their
own homes, within a year. If Mr..
Lieber's prognostication proves correct,
the change would mean a substantial
pickup in domestic business for utility
companies The doubling up" process
was one of the important factors in cut
ting down utility companies domestic
load.