Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-03-06
BANK CONSOLIDATION
BIG INTEREST IN WASHINGTON
SAVINGS ACQUIRED.
Mr.. E. Quincy Smith Of Union Savings
the Purchaser-Under Ono
Management.

controlling interest in the Washington
Savings Bank, located at the northwest
corner of 18th and G streets. has Just been
acquired by Mr.. E. Quincy Smith, the Sec
ond vice president of the Union Savings
Bank which is In the Bond building. New
York avenue and 14th street. In addition to
the control of the 900 shares, par value
500. Mr.. Smith has also secured options on
practically the entire remainder of the
stock. The price paid for the main portion
of the acquired stock is $115 per share.
while the rest was secured at prices ranging
from Sill to s115 per share The transac-
ton was made by Mr.. Smith in conjunction
with Crane. Paris & Co., bankers. 1t is
expected to make a change in the officers
and directors of the Washington Savings
Bank, so as to give representation of the
new control on the board of that bank. Mr..
Smith will become the president OF the
bank. Mr.. S. W. Woodward, one of the
directors of the Union Savings Bank. will
become the vice president, and Mr.. George
Q. Watson, the treasurer of that insttu-
ton, will become the cashier. The new
members of the board of directors of the
Washington Savings Bank who will take
the place of those retiring, will be selected
from among the directors of the Union Saw
ings Bank.
The two institutions will be conducted In
the future as independent organizations, as
Savings Bank as it has been practically
during the entire period of its existence,
which has extended over the past sixteen
years-that is, as a savings institution pure
and simple. Owing to the necessity of ac-
communicating its customers, a line of COM
nercial business has grown up, which In
cludes current deposits, which. however,
represent only about one-SiXth of the entire
deposits. now amounting to a million
and a quarter of dollars. The remaining
tve-sixths are savings deposits. In the case
of the Washington Savings Bank the total
deposits amount to about S4OO,O00. OF which
about s220,CC0 are savings deposits, the
balance being current deposits.
Plans Proposed.
One of the plans proposed for conducting
the two institutions under one man
agement is to separate far as prac-
ticable, and it is thought that it can be
done entirely, the savings feature from
what might be termed the commercial fea-
ture In order to accomplish this the cur
rent deposits of the one may be eventually
transferred to the other. giving at the start
q combined deposit OF that character OF
about $3.50 0Go
1t is said to be within the bounds of a
reasonable business expansion that In the
rear future the Washington Savings Bank
may become a national bank, with naturally
savings department such as is often
found in institutions of that character. 1t
is the expectation that the employees OF the
Washington Savings Bank will be retained
in their present positions, that the
change effected. so far as the personnel of
the institution is concerned will oe prin-
cipally confined to the officers and the
membership of the board of directors.
The Washington Savings Bank was Or
ganiZed several years ago, and was the
outgrowth of the old Ohio National Bank.
In addition to the usual features of a
banking office the building which was
erected by the bank, also contains safe de-
post vaults, which are of large size and
modern construction.
The officers and directors of the Wash
ington Savings Bank are Orren G. Staples,
president; Samuel Ross, p. b. Chase, Scott
Nesbit, Homer Query, vice presidents; z.
II. Davidge. treasurer and cashier; J. F.
b. Goldney, assistant cashier. Directors
p b. Chase, William F. GUIDE. Thomas II.
Hail. Scott Nesbit, Warren w. Bggs Ho-
mer Query, c. H. Davidge, Samuel Knox,
Samuel Ross. S. B. Hege. Orren G. Staples,
Henry NJ. Baker, B. F. Edwards.
Sphere of Influence.
The Union Savings Bank was organized
in the year 1890 and began business on 18th
street Then it moved TO f street between
18th and 18th, and then to its present
quarters In the Bond Building. Its growth
has been a steady one. so that today its
deposits amount to one million and a quar-
ter. In the year 1899 its deposits We're S320,
100; in 1892 they had grown TO STU, All, and
two years later the million mark in de-
posts had been reached and passed.
This extension of the sphere of influence
of the Union Savings Bank is not new de-
parture in the line of its business, as it
has for some years owned a control of the
Newport News National Bank, and also
of the First National Bank at Hyattsville,
Md. In order to facilitate the receipt of
deposits ii has a branch in Anacostia where
a building is being erected for its use. The
capital of the Newport News National
Bank is 100000 the surplus $4,000 and
the deposits about $3.50, coo.
The capital of the Hyattsvile bank IS
$4,000, the surplus $4,000 and the deposits
are about 10000.
The ofttesSs~ and directors of the Union
Savings Bank are follows:
Officers-Francis H Smith president: Al
vim NJ. Lothrop. first vice president; E.
Quincy Smith, second vice president; John
y. Sleman, jr.. secretary; George o. Wal
son. treasurer; Jackson II. Ralston, attor-
ney: /. q. kimball, auditor.
DirectCrs-George H. Harries. l. G.. KIM
ball, William B. King, Wilton ]. Lambert,
Alvin NJ. Lothrop. NJ. NJ. Moffitt, Theodore
w. Noyes, ]. H. Ralston, F. H. Smith. Jno.
r. Sleman, jr., e. Quincy Smith, S. w.
Woodward and +. y. Waters.
REAL, ESTATE TPANSFERc