The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-05-24
Majority of ContinentaI's Stock
holders viii Accept Bank OF
Commences Proposition.
CAPITAL WILL Be INCREASED,
President Marshall Says Only lie
gal Formalities Remain to Com
plelc Merger-Corwin Ii.
SpenCers Statement.


| Of the National Bank OF Commerce and the
! Continental National Bank. as exclusively
! announced in yesterday's Republic was
| given late yesterday afternoon in state
ment issued by Finis +. Marshall. president
of the latter institution. MIR MarshaiTs
| statement was as follows:
More than two thirds of the stockholders
! of the Continental National Bank. have de-
ci5cd TO accept the proposition of the Ma
tional Bank of Commerce. for taking over
the assets Of the Continental National
Bank. ana assuming its liabilities.
The merging of the two banks will take
place as soon as necessary formal action
can be taken. probably within the next
week.
The active officers and the clerical force
OF the Continental National Bank will go To
the National Bank of Commerce. SO that
the customers will receive the same cour-
tesy and attention and deal with the same
persons they have heretofore met in the
old bank.
1T is understood the large capital OF the
National Bank of Commerce will be in
creased Immediately. and they will occupy
their new Office. now under construction,
within the next twenty days. where they
will have most abundant facilities for the
transaction OF their increased business.
Meantime. business will be conducted as
heretofore at both offices, as neither is
large enough TO take care OF the business
Of the consolidated institution
Probable officials of Company.
1t WAS stated by directors of both iustitu-
ttons that the actual merger would be made
as soon as the legal formalities could be
conformed with. Mr.. Marshall. it is said,
viii be second vice president of the merged
banks William II. Thompson viii be presi-
dent and ]. c. Van Blarcom first vice presi-
dent. J. C. Lewis cashier of the Con-
tinental ana one of the most popular young
financiers Of St. Louis will occupy promi-
nent position in the merged institution.
The present quarters of the Continental
National Bank, on the northwest corner of
Fourth and Olive streets, on which lease
for number Of years is held, are being con-
q future home Among the concerns desir-
Gus OF Obtaining the bankinS-rooms are the
Gerrnania Trust Company, and the Title
Guaranty Company. The probabilities are,
II iS said. that the former institution will
obtain them.
1t is stated on good authority that the
Board of Directors will readily ratfy the
transfer OF assets of that bank to the Bank
OF Commerce. A director SAID to The Re
public that the board was the servant of
the stockholders and would unanimously
carry out their wishes. No opposition TO
the merger Is looked for among the d.
rectors.
The capital stock of the Bank of Com
merce will be raised by s3,ooo,ooc at once to
handle its purchase
been decided upon relative to the name of
the new institution An increase in the
clerical force Of the Bank OF Commerce, II
was stated yesterday, has been deferred
pending the completion of consolidation ne
gotiations. All the clerical force and OFF,
clals of the Continental Bank Will be taken |
q a merged
Bank Stocks Go Upward.
Stock of the Continental Bank yesterday |
sold up to sSOl, but later eased off TO 500 |
The shares of the Boatmens S, State Nation !
al and Merchants-LaClede sustained sharp !
raises. The State sold up to s22s, an ad- |
vance Of So s229 being offered for the stock, !
with no sales. Boatmen's sold up to $40 |
which represented an advance of mere than |
So The Fourth National was also excep- !
uonally strong. selling up from $500 TO |
s32S.50. The remarkable advances in the |
three former bank stocks served to revive !
rumors that consolidation between those .
institutions was under consideration. Flat f,
denials that any such negotiations were on ,
We're made by officials of the banks con-
Published Statements Denied.
Corwin Il. Spencer, First Vice President |
of the Worlds Fair and director IN the .
Continental National Bank. was prominent
in the negotiations with AIessrs Thompson
and Van Blarcom for the consolidation OF
the two financial institutions. Mr.. Spencer
says the negotiations have been pending for
several months and have no bearing what
ever upon recent Investigations by the
Grand Jury, published In yesterdays
Star. Plans for the consolidation. he said,
had been under way long before the investi-
cations We're made.
The Star article said Mr.. Spencer. 'Is
unjust TO MIR. Tebbetts who
took no active part in the transaction, and.
in fact, has been withdrawing from active
business for q long time past That the in
stitution and the business community have
confidence in Mr.. Marshall is fully dem
onstrated by the fact that he win be second |
'iSs pith'uehe pH on tIte hieIeea pahh'
been absolutely no dispute IN the Board of
Directors Of the Continental Bank. The
stockholders received high price for their
shares and are more than pleased with the
deal. The object Of those Immediately con-
cerned was to form, Il possible. the great
est financial institution In the West
THE negotiations Were on" said Mr.
Spencer, long before the Grand Jury took
up the bribery cases and the transaction has
been considered throughout as purely
matter of business on both sides