Evening star., 1942-08-19
Big Richmond Bank
To Open Office
In Pentagon
Restricted Services
To Be Provided in
Arlington Building
BY HAROLD b. ROGERS.


In order to provide opportunity
for thousands of employees of the
new Pentagon Building of the War
Department in Arlington County to
cash their checks and get certain
other financial services there is be-
ing established in the Pentagon
Building an office of the First and
Merchants National Bank of Rich
mond, Va.
The Office will definitely not be
a regular branch bank as such, it
was learned in official sources, but
will be known as a Treasury ia
cility," since it is being established
by the Richmond bank at the re-
quest and under authority of the
United States Treasury Department.
No loans will be made. But the
Office will provide at its tellers' win
doWs facilities for both paying and
receiving funds.
Early Opening Expected.
The Office is expected to open
within a very short time, maybe
within a day or two, according to
indications in official circles today.
The bank Office will serve the
Is 900 persons who are now working
in the big War Department Build
ing and will be equipped to help the
total number of 10000 who are ex-
pected to be housed in office space
there when the enormous Pentagon
Building is completed. AT the pres
ent time it is not designed to serve
the general public.
The bank office Is being housed
in Government t-oWned property as a
war service to provide much-needed
help to the big group of people en-
gagged in long hours of work for
prosecution of the war. They have
been working such long hours that
| it had been difficult for them to
get to any bank before closing hours,
even though washington banks keep
open late on all paydays.
The bank Office, it was explained
in Treasury quarters, is intended
as temporary" proposition, al
! though nothing definite has been
decided as to what its future may
be after the war.
| Irleu at GraVelly Point.
The new Treasury facility" has
been authorized following a try
out of similar plan at Gravelly
Point by the Citizens National Bank
of Alexandria, which, according to
Treasury officials, has proved very
satisfactory and successful.
The First and Merchants National
Bank of Richmond, Va. is one Of
the outstanding financial institu-
tions of the State. 1t has capital
stock of 100000, surplus of S3,0OO,-
600 and undivided profits bringing
its capital funds up to 5000 SOC.
Its deposits, according to its June
80 report to the controller of the
currency, were $102 ,24O,427
Although branch banking has
been developed in the District. no
Washington bank could extend it's
chain of branches into either the
nearby Virginia or Maryland area
to help serve the increasing war
worker population, because of laws,
rules and regulations, which pre-
vent branch banking from crossing
State lines.
There are now % banks in the
District and 30 branches, making
a total of So banking houses. The
leaders in branch banking, accord
ing to figures from the District
Bankers Association are: Riggs
National Bank, with seven branches:
American Security & Trust Co.,
four; Hamilton National Bank,
seven, and City Bank of Washing
ton, five.
Insurance Sales Decline.
| Sales of ordinary life insurance
in the District of Columbia fell off
IA per cent in July compared with
the same month in 1941, according
| to the Life Insurance Sales Re-
search Bureau, Hartford. Conn.
Total sales in July this year were
$4407 900, as compared with S5,023,-
$50 in July, 1941. June sales this
year were $4,336,0O0
The average policy sold in the
District showed an increase from
$2,501 in 1941 to S2,591 in the first
six months of 1912.
Nationally ordinary life insurance
sales dropped off 81 per cent from
July last year, while in nearby
Maryland the decrease for the same
period was 10 per cent, and in Vir-
ginia it was q per cent.
Employment Plan Approved.
The Washington Board of Trades
recommendation regarding the merit
plan for unemployment compensa-
ton was approved unanimously
yesterday by the executive council
OF the District Building and Loan
League at its meeting at the Raleigh
Hotel. The hope was expressed that
an aggressive effort" be made to
have legislation enacted.
A resolution to this effect was
presented by Chaplin B. Bauman to
Wilfred H. Blanz, president of the
league
Several committee appointments
were announced, including Rudolph
w. Santelmann, secretary of the
Metropolis Building Association, to
be member of the Uniform Prac-
tice Committee.
Donald Newton Cole, who formerly
was with the investment research
department of the National Savings
& Trust Co., has been commissioned
a second lieutenant in the Quarter
master Corps at Camp Lee, Va, 1t
was learned today.
1t. Cole entered the Army in
January as a private and received
his commission on completion of
courses at the Officers Training
School. He had been with the trust
company since 1887. He is a gradu-
ate of Bowdoin College.
The only transaction on the
Washington Stock Exchange todav