The Washington times., 1902-10-22
RUNORS OF CHANGES IN
RIGGS NATIONAL. BANK
Thomas. Walsh, of Colorado,
Purchases Stock.
Mr.. JOHNSON WILL RETIRE
While This Is All Officials Authorize,
More Sweeping Order
Is Suggested.
Mr.. JOHNSON WILL RETIRE

Rumored changes in ownership and
management of the Riggs National
| Bank were announced in The Times yes
terday afternoon and created something
of a sensation in financial circles. While
there had been suggestions that such
action would be taken by the directory
| board of the bank 1t was difficult to trace
! them to a reputable source. The most
remarkable of the rumors published is
to the effect that Thomas +. Walsh. the
Colorado mining king, had purchased
| the interests OF two of the partners in
the bank, and. together with the presi-
dent Charles c. Glover, will hereafter
he practically the sole owner.
1t was denied by those interested that
fsuch radical changes were in contempla-
ton, though it was admitted that First
Vice President Thomas Hyde had for
some time taken but passive interest
| in the affairs of the institution and that
within the next month Second Vice
President James NJ Johnson would re-
tire from active service, retaining only
seat on the board of directors. Both
of the gentlemen, ii is said, will retain
their entire holdings in the bank
Stock Has Been Sold.
When asked whether Mr.. Walsh had
become interested financially in the
bank, President Glover answered.: "The
only stock Mr.. Walsh owns was pur-
chased from me-" Mr. Glover explained
that Mr.. Walsh carried heavy deposits
at the bank and that his interest had
yond the stock he had acquired the
Western man was not associated with
the affairs of the institution.
Mr.. Walsh was not as communicative
as Mr.. Glover. He denied having made
any recent purchases, after having ques-
toned what construction should be
placed on the word recent" He fur
Their refused to discuss the situation and
referred all inquiry to Mr. Glover. whom
he stated would give out whatever there
was for publication. The general re-
Spouse at the bank to questions concern
ing the changes was: Most OF the ru-
mors are without foundation
Mr. johnson, the second vice presi-
dent of the institution. who is to retire.
said that he had disposed of none of
his stock and had no intention of doing
so.
Mr. Johnson Retires.
Il shall remain on the board of direc-
tors as heretofore" he said, but feel
that l am now entitled to some relief
from the arduous duties of the bank,
which have occupied my attention for
years. l will probably retire from the
position which | now hold December /,
am equally certain that Mr.. Hyde does
not contemplate parting with any of his
stock, and will retain his connection
with the bank
At other banks yesterday the impress
sion was general that the changes sug-
gested would be made within short
time. Several bankers stated that to
their personal knowledge transfers of
stock in the Riggs Bank had been made
other than those acknowledged by the
interested parties. They even went so
far as to give the names of the parties
involved in the transactions.
Banks Unique Position.
The Riggs Bank has always occupied
unique position in the financial affairs
of the city. A few years after its or
ganization it attained position of ma
tional Importance. Organized in 1854 as
Riggs & Co. 1t withstood for years the
inducements of becoming a national
bank. George W. Riggs. shortly after
opening the bank. associated with him
w. ". Corcoran, at that time said to be
the wealthiest man in Washington.
The bank was more than once iustru-
mental in floating Government bonds at
critical periods in the civil war and
saving the country from disaster, and
several times was the main reliance of
the Secretary of the Treasury and Presi-
dent Lincoln In transacting important
financial missions for the Government.
1t remained n private bank until July
l. 1896, when it was finally reorganized
as the Riggs National Bank. In the
course OF this reorganization e. Francis
Riggs, the last of the Riggs family to
participate in the affairs OF the bank.
severed his connection and his stock
passed into the hands of Charles G.
Glover. James NJ. Johnson and Thomas
Hyde. The two former arose from minor
positions in the bank.
Officers of the. Bank.
Since the reorganization OF the insti-
tuition as national bank. there has
been no change in the high official posi-
lions. Mr. Glover is president, Mr. Hyde
first vice president. and Mr. Johnson
second vice president. The other officers
are Arthur T. Brice, cashier, and VIII
liam j. Flather, assistant cashier. These
gentlemen, together with X. Ross Perry,
the general counsel of the bank. con-
stitlte the board of directors.
Although the capital stock of the
bank is but $500 900, there is surplus
of 100000 and the assets are about
IS 000. 90. Quarterly dividends amounting
TO 20 per cent per annum have been paid
for several years and the stock is quoted |
at 725.
Ran Ten-Penny Nail Through His
Hand