Evening star., 1939-09-04
Bank Of Washington
Starts 131st Year
Of Business Today
National Leaders
Aided Institution
In Early Growth
By EDWARD C. STONE.

washington OlQeSu financial IN
stitution. the National Bank Of
Washington. started Its 131st year
today.
The bank was 130 years old yes
terday but the Labor Day holiday
made this very quiet event. The
doors were first thrown open for
business on September 4, 1909.
While the first location was on
Capitol Hill, the institution has
been at Seventh street and Indiana
avenue since 1881, or 1O8 years.
Several Presidents and other dis
tinguished national leaders were
actively interested in the bank In
its earlier years. In September,
1914. the Bank of Washington sub
scribed 20 per cent of the quarter
million needed to restore the Capt.
tol after it had been damaged by
the British. The bank officials
played vital roles at other times In
the early development of Washing
ton, all of which makes its long his
tory fascinating reading.
The present officers are J. Frank
White, president: John Alden and
Edmund H. Graham. vice presi-
dents: Rutherford j. Dooley CASH
ier; William E. Howard, Everett H.
Parsley and Ralph G.. Wilson, assist
ant cashiers; Louis M. Denit, coun-
sci and trust officer. and Odell S
Smith, secretary of the board.
The bank opens its 13lst year
with the following board Of direc-
tors: John Alden Edgar N. Brawner,
Wrisley Brown, Louis M. Denit.
Rutherford J, Dooley. George N
Everett, Maurice F. Flynn. G. w.
Forsberg, Hiram A. Goetz, Frank R.
Jelleff, Michael A. Keane, Mark
Lansburgh, Morris E. NARROW, Ar
thur j. May, w. Clarence Miller,
Clarence F. Norment, ir.; Harry
Norment, George P. Sacks, Charles
Schafer. John Scrivener, Odell S.
Smith and J. Frank White.
Deposits on June 30, 1899. totaled
SO 029 1863 S4, and resources, S10936,-
74630.
Gas Stock Tightly Held.
The recently distributed Washing
ton Gas Light common stock is be-
ing tightly held by the purchasers.
This is evident from the fact that
there are no sales on the Washing
ton Stock Exchange and no impor-
tant over-the-counter sales have
been reported.
When the stock went on sale,
dealers offered 1862 ,6S8 shares to the
public. 1t is estimated in the finan-
cial district that about $4,000 shares
were bought in Washington, a very
generous amount. 1t will be recalled
that the stock was placed on sale
In midsummer when many large
investors were away on vacations.
About that time the New York Stock
Market took tumble, a move which
was not helpful to the sale of any
securities.
While there is more Gas common
available, the distribution has been
highly satisfactory, dealers assert.
One of the chief reasons for the
success of the offering is the fact
that the present dividend rate, $1.50
year, means yield of slightly over
per cent And in these days such
ICluI dIC llluCCu
Drugstore Sales Increase.
Average daily sales of chain drug
stores in July, 1899, were / per cent
higher than in July, 1888, according
to estimates of the Marketing Re-
search Division of the Bureau of
Foreign and Domestic Commerce
1t is estimated that sales for the
first seven months we're 2 per cent
higher in 1889 than in 1893.
The most marked gain from last
July was that Of per cent reported
by the East North Central region.
Sales in the South Atlantic region,
which have been running ahead of
1887 for most of the year, were above
the level of July, 1888, but slightly
below the same month of 1887.
Sales of independent drugstores
In % States, based on 3265 reports
collected by the Bureau of the Gen.
sus, increased 2 per cent in July
as compared with July, 1888, with
the greatest increase being known
by the South Atlantic region. 1t is
estimated that sales of independent
drugstores in these States increased
az per cent during the first seven
months of 1899 as compared with
the same period of 1888.
Dollar sales of Independent retail
stores in July were per cent higher
than in the same month of last year,
but 125 per cent below June this
year. the Department of Commerce
reported.
Bankers Conclude Vacations.
Robert V. Fleming, president of
the Riggs National Bank. has re-
turned to Washington from an ex-
tended vacation at his summer home
at Rehoboth Beach, Del.
Floyd E. Davis. president of the
Lincoln National Bank. was recently
visitor at Atlantic City for a few
days vacation
Luther E. Schreiner and j. Frank
Harmon, Hamilton National Bank
officials, are two other bankers con-
cluding their annual vacations.
John R. Waller. president of the
International Bank, Jackson place,
will leave the Capital shortly for
vacation at Atlantic City,