Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-05-20
The New Deal Was a Surprise in
Financial Circles.
PRICES PAID FOR STOCK
Possible Shifting Around Of OFF,
cials Discussed.
COLUMBIA DIRECTORS MEET

1t has been a long time since the business
people of Washington have had such a sur
prise as they had yesterday when they read
In The Star news that controlling interest
in the National Metropolitan Bank had
passed into the hands of the same small
circle that so recently purchased the con-
trolling interest in the National Bank of
the Republic.
IL is literally true that many of the most
influential and best posted financial men in
the city received the first news of this lat
est change among the local banks from The
Star yesterday. for all the transactions
leading up to the final purchase were car
r.e,l on so quietly that only the men di-
rectiy interested had any inkling of what
was going on.
The capital stock of the National Metro
poiitan Bank is $sOO.OOO. divided into 1908
ss;ares of 500 each. 1t is not known to the
general public just how much of the stock
res passed into the hands of Messrs. s. W.
Woodward and E. S. Parker, but it was GER
tainly more, and considerably more, thar
Oue-haif. In fact the new owners will hold
d very large majority of all the stock For
scnlc tine past the stock has been quoted
the local stock exchange at $50 bid 300
asked. Yesterday 2S2 was bid.
Il is generally understood that Mr..
Thompson and Mr.. Willard, the heaviest
individual holders of the stock. received
iIgs-
Business Men Interested.
Along street today the sale was the
general subject of discussion, and many
men who are usually slow to admit ignor-
ance owned up that they were all at sea
as to what the real meaning of the dea.
might be. The transfer is of a great dea
of interest. especially In view of the fact
that i; brings into such close relations four
of the best known financial institutions in
the city. the Columbia, the Washington
Lean and Trust. the Bank of the Republic
ami the Metropolitan. 1t may mean some
thing of a shifting around of bank officials
and may bring some new faces prominently
forward in the banking world.
a very large sum of money is neces-
sari;y involved, but all banks have plenty
OF cash on hand just now, and large loans
can be made without difficulty, provided
the security Is satisfactory.
Election of President.
The question of SURPRISING interest just
now is the Iaming Of the successor to
Mr.. John W. Thompson. who has for SC
many years been Identified with the
Metropolitan Bank. Several names have
been rlelticaed in this correction, though
It is but natural that most of the talk
should hover about Mr.. Woodward ana
Ir. Parker. The suggestion has beer
made that Mr.. Woodward might retire
frcm the head of the Bark Of the Re
public. to which position he was elected
when that bank changed hands, and be
ccale the president of the Metropolitan
1t can be stated upon the best of author
ity, however, that whoever may be elected
to the presidency Of the Metropolitan wheL
the ney stockholders organize on June l.,
1t viii not be Mr.. Woodw ard. 1t Is be-
lieved that the position is open to Mr..
Parker who Is now the president of the
Columbia No other name Is prominently
Ineatic1ed as yet. A meeting Of the direct
ore os the Columbia Bank was held this
morning, and the general situation was
discussed at some length. Mr. Parker was
not asked nor did he volunteer the in
rev position If 1t was rendered to him.
The meeting was a satisfactory one IL
every way. though the only decision ar
rived at, as one of the directors stated
afterWard. was that things would re-
main as they are for the time being"
TO Better the Financial Situation.
TIE president OF orc of the leading bank
ins iEztitutio-s IN the city. who is not
himself directly interested In the new
oesl, said to a Star reporter this after
nom: THE situation Is naturally an in
terc5ting one. All care to say is that /
kew this latest move was made only af-
VITA ample capital. Of that / am certain.
and an positive that it will work toward
a genera! hettcrIaent of the financial con-
diE On of tlts city. 1t is good time for
Jr--t sIt.h a thing to occur. and i am great
ly mistaken if there is not a marked i'm
proseH.cnt all along tee line in this city
in ;Ae very near future"