Evening star., 1936-07-05
New Building Erected as
U. S. Takes Over Site
of Former Branch.
70 PER CENT RISE SEEN
IN JUNE BUILDING HERE
Corby, Bank Association Head,
Optimistic on Outlook for
Last Half Year.
BY EDWARD C. STONE.


Southwest branch will be opened to-
morrow for both business and inspec-
tion, between $50 am. and $50 pm.
The banks new branch has just been
constructed and equipped to take the
place of the Office which has been
operated for several years at 80 Four
teenth street southwest, the new quar-
ters being located at the corner of
Twelfth and Maryland avenue.
The building, located on the SOUTH
west corner, is of brick construction
of Colonial design and contains every
modern banking facility. The bank
is situated on a most historic site, as
1t stands upon the exact spot on which
once stood the home of the first Mayor
Of Washington, Robert Brent.
The interior of the banking room is
finished in lead blue and is equipped
with silver indirect lighting fixtures.
Counters and other interior woodwork
are of maple This is the second time
McLachlen bank officials have con-
structed a new home for the South
west branch being obliged to move
from former locations because OF the
Government building program. The
original branch was at 1850 B street
southwest, and was opened to serve
the banks customers in Government
service in that section of the city.
Bank Established in 1891.
The branch has enjoyed steady
growth. The Office to be opened to-
morrow is considered more convenient
for both Government employees and
business men than either of the for
mer banking quarters. The main
Office has been located at Tenth and
G streets northwest ever since the
McLachlen Banking Corp. was found
ed in 1891. The bank is under super
vision of the controller of the cur
Yency, is a member of the Federal De-
post Insurance Corp. and assets on
June 80, 1885, were in excess OF s5,-
100000.
Officers of the bank include L. P.
McLachlen, president; Ftrman r.
Horner and John A. MaSsie, vice presl-
dents: Archibald McLachlen, secretary
and treasurer; Guy D. Cowl, assistant
treasurer and branch manager; E, l..
w. Goldney, auditor, and William M
Mcclure, assistant branch manager.
In addition to the senior officers, the
directors include Thomas r. Harney.
Edwin H. Etz, Lee c. Corbett, George
Miller, E. H. McLachlen and A. H.
Brewood.
20 Per Cent Building Gain.
The building industry in Wash
ington enjoyed unusual activity during
the month of June, with the value of
building permits climbing to a total
of $3067, $50 and gain of 70.3 per
cent, according to the Commerce De-
partment's weekly review. This was
42.2 per cent pickup over the month
OF May.
Department store sales here during
the past week maintained their gain
over 1885 with 2 per cent increase.
but receded from the previous week
clearings jumped Ill per cent over
the previous week and gained 2.5 per
cent over the like 1885 week.
Tourist activities here have not hit
their full Summer stride yet, although
we'll ahead of last year, as indicated
by the $500 registrations at the
Smithsonian Institution.
Spending of bonus money is said
to have helped many branches of busi-
ness all over the fifth Federal Re-
serve district, including Washington.
Merchants state that this money has
prevented any real Summer setback
In trade, which usually occurs at this
time.
Corby Cheerful on Outlook.
Karl w. Corby. president of the Dis
trict Bankers Association, is highly
optimistic on the outlook for Washing
ton during the rest of the year, believ-
ing that business and financial condi-
tions should continue the notable i'm
provement scored in the six months
Just ended.
He cites increased activity in con-
ktruction, demand for automobiles,
electric power output, substantial in
creases every month in retail trade and
constant growth in bank clearings as
some of the reasons for his encouraging
predictions.
A study of national conditions in
the first half of 1886 reveals many i'm
portant gains in industry. Buying
power has held up we'll, stimulating ex-
cellent activity in consumer goods
lines. All these improved conditions
elsewhere are being reflected here,
where recovery has made much more
striking progress than in most other
large cities.
Heard in Financial District.
The Washington branch of the New
York Life wrote 1885 applications for
a total volume of $3,323,000 in the
first six months of 1886, according to
Earl D. Krewson, agency director. This
Is about 5 per cent increase in paid
production over the like period Of 1885.
A remarkable increase in policies pro-
viding old-age income was shown, in
dicating the desire OF the public to
make old age secure.
James M. Lands has been reelected
chairman Of the Securities and Ex-
change Commission for his second
term. This action would seem to end
all rumors that he might resign from
the commission this Fall and return
to the Harvard Law School faculty. He
vas first elected chairman on August
81, last year, taking the place OF
Chairman Joseph P. Kennedy.
The dollar volume Of retail financing
Of new passenger automobiles shows
an increase of 76 per cent for May.
as compared with May, 1885, and an
increase of rs per cent compared with
May, 1894, according to preliminary
estimates by the Department Of Com
n1erce.