The Washington herald., 1907-08-11
new BANK PROJECT GROWS
Federal American Corporation VIII
Increase Capital.
stock Subscriptions for First One
Hundred Thousand VIII Have
Been Completed shortly.

The incorporates Of the Federal Amer
lean Banking Corporation report that
they have the larger portion Of the stock
already subscribed, and that they have
sufficient business In sight 10 be able to
close the books In a very short time TO
the first Issue Of S100,oO0.
Il Is their intention TO Increase the
stock to $500 600. or more, SO that the
bank Will have sufficient standing TO take
care Of whatever business that may
come its way They believe that there is
a wide field for a bank such as they are
promoting. The charter is being pre-
pared, and will be ready in a few DAYS
for approval by the proper officers. They
expect that the directors will number
about twenty. and Will be taken from the
subscribers
A large number Of offers have been
made to them by banks and financial in
stitutions in New York. Richmond. and
the Southern points. 10 take large blocks
Of the stock. but up 10 the present time
they have declined these offers as Il is
their intention TO dispose Of the first
$4,000 in Washington among local in
VestorS, and to distribute a portion of the
remaining stock, that they will dispose of
in small blocks, in sections outside of
Washington that viii tend to do good to
the bank and increase its business.
They have haG already a large number
Eli
enth. Twelfth. Thirteenth and G streets
in the vicinity Of the bank, encouraging
them in their new project, and rendering
them subscriptions to the stock. and offers
of large deposits as soon as the bank
opens for business.
1t is the intention to open the doors OF
the bank for business in September. at
date to be hereafter announced.
Mr.. Huddles0n, in speaking Of the loca-
ton for the new bank. is very enthusiast
tic about its situation on g street. The
nearest bank is almost three squares from
this point. and he regards this as very
significant in the opening Of a new insti-
tuition. particularly as business places in
large numbers have been opened up in the
section surrounding the banks location.
In speaking of the proposition. Cornelius
Eckhardt stated to a Washington Herald
reporter that he was very much surprised
at the interest his friends had taken in
this new banking proposition. and that he
considered the success in the organization
OF the company beyond his expectations
Rignald w. Beall, who has had large
experience ia the sale OF bank stock IN
Washington. having been the principal
promoter Of the United States Trust
Company and the original organizer Of
the Citizens Savings Bank. regards the
success of the new Federal American
Bank as being something phenomenal
He believes in the future OF Washington.
and says that If Washington were to re-
main with the same number Of people
for the next five years as are al present
located here. there would be nc. demand
for any extensive increase in the number
Of banks: but he believes from the effort
being put forth by the general govern
ment. and the work done by the various
citizens associate together with the
great work undertaken by the Chamber OF
Commerce and the Board of Trade that
this city is fast becoming a great finan-
ciai center and will soon be great
money center for the South.
The other incorpoTators or the new in
stitution are much elated over the pros
poets for the early opening of their
venture.