Evening star. [volume] (Washington, D.C.) 1854-1972, 1904-10-19
Grain, Provisions and Cotton Markets.
LOCAL FINANCIAL NEWS.

The rather singular coincidence was COM
mented upon today that this date marks
the closing OF a national bank building. not
the bank itself. and the opening of a new
national bank for business. The building
On 10Th street opposite the Treasury De-
partment. which has been the home for so
many years of the National Metropolitan
Bank, the successor of the oid-time Bank
of the Metropolis, was not open for bust
ness. as that institution has been merged
with its neghbor the Citizens National
Bank. and the two banks under the name
of the National Metropolitan Citizens Bank
began business this morning in the Citizens
Bank building.
At the close of business yesterday the
work of removal began, and today the
united banks were In operation without a
hitch. When 1t is considered that Mr.. +.
Southland Parker. the chairman of the
board of directors, states that three mil
lions in deposits were brought over TO the
enlarged bank from the Metropolitan some
idea of the magnitude of the transaction
can be had as well as the multitude OF de-
tails which We're worked out In order to
accomplish this result without loss of time
or delay TO the customers of the bank.
Mr.. Parker, although somewhat tired.
was present as usual during the business
hours, and. assisted by some of the direct
ors. received the numerous callers.
The officers of the enlarged bank. as Sc
lected by the directors. are follows:
President. George b. Appleton: president Of
board of directors and chairman of execu-
tive committee E Southland Parker: first
vice president. John II. Moore; second vice
president, S. w. Woodward; cashier. J.
Gales Moore. and assistant cashier. William
w. w. Parker.
The capital of the bank is $500 600 and the
surplus 100000. 1t will be some time be-
fore all the effects of the Metropolitan
Bank are removed from the old building,
m han h1f is 1fGl hos af.t
been determined. according to Mr.. Parker.
what disposition will be made of the prop
erty. although he says several propositions
to buy it have been made.
The doors of the recently organized Com
mercial National Bank were opened for
the first time this morning in the building
at the northwest corner of 18th and
streets, which has been purchased by that
institution. The entire first floor is used as
the banking room, and affords ample space
for the purposes of such an institution.
The counters are merely temporary, and
a large safe has been brought in until
vault and the permanent fixtures can be
put in place. week ago Thursday, when
Mr.. Frederick c. Stevens came TO the city
from his country place in New York state,
he had no idea of starting new bank. He
had just parted with his interest in the
Citizens Bank, of which he was president.
He found, however. that there was de-
cded sentiment in favor of organizing
new bank. He decided to head the move
ment, and a week ago Mond iy he bought
the property now occupied by the bank.
and that night he had q safe moved into the
new quarters. and the next day workmen
were engaged in preparing the room for Its
new uses.
In the meantime subscriptions to the stock
began to pour in. The amount of the capital
stock was fixed at s-SD.ee'. and this MORN
ing Mr. Stevens said that If 1t was desired
to organize a millon-dollar bank he could
have Just as easily opened today on that
basis as he has done or capitalization OF
oue-third less. Mr.. Stevens states that the
stock is being assigned only to those who
deposit with the bank and intend to con-
tribute to building up the business.
Today a force of tellers and clerks was
busily engaged in receiving deposits. ana
Mr. Stevens and other officers of the bank
welcomed visitors and attended to the other
details which mark the opening of new
bank A great number of people came to
the bank during the day.
The securities of the Washington Railway
Company attracted the main portion of the
trading at todays meeting of the stock eN-
change, although on account of the general
interest that is now manifested in banks
the bank stock list was not without In
terest
In this latter particular however, there
were no new developments and in general
the quotations We're not materially changed.
The principal exception was the stock OF
the Citizens Bank, which is soon to be ex-
changed for the capital stock of the en-
larged institution.
Some forty-fve shares of Citizens Bank
stock were traded in and at prices which
went ahead Of those secured at recent sales
on the exchange. Yesterday the bid was
212 and the asking price 2S4. Today the
sales Were made from 21s to 219 At the
close the bid was 2IS and the asking price
2S5.
For Metropolitan Bank stock 800 was bid
and there was no stock offered for sale.
advance made In the hid
American National Bank stock from l57.
which was yesterdays bid. to Los. The
stock was offered at 160.
For Metropolitan Citizens Bank stock 2IS
was bid, an advance of six points over
that of yesterday. The asking price of 2S1
remained unchanged.
The real lively trading of the day In
the preferred stock of the Washington Rail-
way Company. All the bonds for sale at
sly were taken. and the bid remained on
that level at the c,ose
Yesterday 151s was bid for the preferred
stock, while today quotation lot was sold
for TN an advance of 2iA points. Frac-
tional lots were bought at prices ranging
from 76k to IT'S while quotation lots
brought from IN to I13s. bid of IA
was made for 500 shares or for 100 shares.
but there was no stock for sale at less than
TN The bid at the close was ia.
An advance was made in the bid for the
common stock to 2DA. but there was no
than y.
An effort was made to buy some American
and Trust Company stock. and the
bid advanced from 216. which was yester-
days bid. An offer of ten shares at ID was
made. and was taken. There was no further
offering at less than 225. except by broker
who offered to buy or sell at 221. This offer
was not taken. AT the close the bid was
POI.
Mergenthaler was sold at 1851 and 100
shares were offered on the same level, and
at the close the stock was offered at 1SSR,
with 1855 bid.
The buying in Lanston was quite ami
mated for a brief period, while the stock
was offered at 81. Some five hundred
shares changed hands at that price and
then two lots at an advance of one-eighth.
The bid was then 9N and the asking price
9A.
Greene Copper sold at 205s. an advance
Of an eighth over yesterdays closing bid.
Today's Government Receipts.
National bank notes received today for
s677, 514; government receipts
from internal revenue. $500, 675: customs.
81. 0e0. $50; miscellaneous, $J03s7: expendi-
lures. s.. 350eG0.
Available cash balance. sl47. 479. 1924.