Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-14
LOCAL FINANCIAL NEWS.

The controller of the currency today
acted favorably upon the appltcat ton re-
ceived for the charter of a new national
bank to be opened in the building at the
northwest corner of 14th and streets.
The name of the new institution is the
Commercial National Bank and the capital
stock is 100000. Those signing the appli-
cation for charter were R. A, Chester.
frederick c. Stevens, N. H. Shea. H. Brad
| ley Davidson and Beriah Wilkins.
The stock is said to have been subscribed
for twice over, but as yet no allotment has
been made. 1t is probable the bank will
be open for business next week.
The stock of the merged bank. the
Nation II observation-disclosures, has been
listed on the local exchange by the
governing committee, and announcement
was made at todays meeting. When this
stock was called M. E. Southland Parker,
| the president of the Metropolitan Bank,
| made a statement about the affairs of the
| rev institution, which was followed with
| close attention by the members
He stated that in the examination of the
affairs of the two banks the unknown
quantity had been the amount of surplus,
| but that it was now known it would be
| between 50 and 80 per cent of the capital
| of the merged institution. The enlarged
! bank would, therefore, have a capital of
| 100000 and a surplus of about 100000.
! On this basis the book value of the new
| stock would be about 5000 per share. MIR.
| Parker added that in addition to the extra
| dividend of 500 per share recently de-
| clared another extra dividend of the same
| amount would be distributed, So per cent
of which would go as surplus in the
merged institution, and 10 per cent in cash
! to stockholders leaving a balance of about
| 100000 to be set apart in the hands of
| trustees for the benefit of the stockholders
| of the Metropolitan Bank as of the day
! of merger.
! Altogether. Mr.. Parker said, some 100000
would be distributed to the Metropolitan
| nh Sh lr n
metropolitan Bank would receive one share
! in the merged bank for each share of
Metropolitan Bank stock. In closing he
asked to Rave the honor of making the first
| bid in the new stock He thereupon bid go,
and requested the chairman in case of his
absence to add one point a day to. that bid
| for the next thirty days.
One of the brokers said he would save the
| strain the mental facilities of the chair
| man, and at once raised the bid until the
record stood 266 bid, 295 asked. 1t is ex-
pected the actual merger of the two banks
will take place some time next week.
! The announcement was also made that
| the bonds of the Potomac Electric Lighting
Company, with an issue of 81 ,5OO,O0O had
been listed, and also an addition of $685., 900
| to the issue of Washington railway bonds.
There was no dealing in the bank stock
| list and the changes made in the quotations
| were not important. A bid of 261 was made
| after call for Citizens Bank stock without
| result. One hundred shares, or any part,
| of Traders Bank stock were offered at 100.
| The bid for ten shares was 158.
| There was considerable trading in the
| securities of the Washington Railway Com
| pany. The bonds were sold at 839s, and
| after the sale there no offering at less
| than S3A. The bid was 1914.
| The preferred stock sold from 10 to TAX,
| and at the close the bid was "a and the ask
| ing price 74A. One result of the trading
| was to clear the market from ali stock
| that was for sale at "a and less.
| The bidding for the common stock went
as high as 1874 and the best offering Was
90 At the close the bid was 17A.
| Mergenthaler sold on a higher level An
offer was made to buy or sell 100 shares at
| 1S9 At the close the bid was 1S9 and the
| asking price 100.
Lanston Also had an advance, but there
| was no trading. AS high as 99s was bid.
| The asking price was 10.
| Greene Copper sold at 20A. The asking
| price was 2Os. AT the recent meeting OF
1 the directors Mr.. M M Parker was re-
| elected member of the board of directors.
| He is also member of the executive
| committee and is now the only Washing
| ton stakeholder on the board of directors.
| Capital Traction sold at higher figures
| than have prevailed. as the range was from
/ 100 to 1907. In order to get Gas certifi-
| Gates 1t was necessary to pay 120b.