The Washington herald., 1907-03-29

Inc stGcknp4QefS OF the Ltutfd3 Nd
tional Bank and the Bank of Washington
held meetings yesterday and ratified the
action OF the directors OF each bank.
merging the two institutions. In the
plan Of the merger the Central National
Bank ceases to exist, its stock. business,
and good viii being taken up by the
Bank of Washington. The stock Of the
new bank rs enlarged from 10000 to $780,
600, a sum equal 10 the combined capital
stock Of the two merged institutions.
The stock OF the Bank OF Washington
was recently reduced in parity to that Of
the Central National Bank. by the pay
ment of S245 share dividend. Each stock
holder of the Central receives an equal
number Of shares Of the new bank, Of
equal value, and the stock Of the Central
Bank will be Cancelled. The total number
Of shares Of both banks is not increased.
The new Bank Of Washington viii oc-
cupy the offices OF the old bank, those OF
the Central Bank to be vacated and used
for other purposes. This change viii in
no wise discommode the patrons of the
Central Bank. as the buildings are ON op-
posite corners of c and Seventh streets.
Officers Are Elected.
After the separate meetings Of the
stockholders yesterday. they held a joint
meeting and the following were elected
directors Of the new Bank Of Wash
ington. Milton Z. allies. i. c. Branden-
burg, J. o. Carter, John Caliaghan. f B.
Evans, W. J. Flather, Daniel Fraser, Ed
ward Graves J. W. Lee, f. P. May.
George p. Sacks, W. X. MendenhaH. H.
Norment, George w. Moss. OdeI F.
Smith. Levi Woodbury.. C. F. Norment.
Charles f. White. J. T. Hendrick. George
L. starkey, Albert B. Run. S. s. Adams.
c. ". Howard, and W. F. Mattingly.
The directors subsequently elected the
following board of officers.
President. Clarence Z. Norment; first
vice president, Daniel Fraser; second vice
president, Clement W. Howard: cashier,
A. B. Run; assistant cashiers. Walter W
Nairn and George L. starkey.
The merger Of the two institutions was
foreshadowed in the elections of directors
Of the banks last January Prior 20 that
time Clarence 4. Norment and others ac-
quired a controlling share OF the stock of
the Bank Of Washington, and Mr. Nor
ment was made a director and elected
president of the institution. supplantlng
Mr.. James. who had been at the head Of
the bank for many years Immediately
afterwaFd the work Of uniting the banks
was begun. a committee Of appraisen.ent
was appointed to place a value upon the
assets of the two banks. and work out a
MA
the equities Of the stockholders would not
suffer IN the merger. This committee re-
ported that by paying dividend of {2E
a share on the outstanding stock OF the
Bank Of Washington the remaining
equity in the stock would equal. share for
share. that of ne Central Bank This
dividend was declared and paid during the
present month.
List New stock Monday.
During the present week the stock Of
the Bank Of Washington-ex-dl dividend
has been quoted on the local stock ex-
change at $50 a share. and the stoc' of
the Central Bank at S3S5 a share. Prob
ably the stock Of the new bank will be
listed next Monday. and the quotation is
expected TO start about equal with the
Central Bank shares.
The policy OF the new bank will an
doubtedly resemble that of the Central
Bank in recent years, since Mr.. Norment
has been at the head Of it. The president
of the new bank is connected with the
Norfolk and Washington Steamboat Com
pany, and Is a financier Of excellent abili-
ties With some OF his financial asso-
ciates he felt that the banking facilities
at Seventh street and the Avenue could
be just as we'll served by one strong in
stitutiOn as by two, and last year. when
the opportunity came to acquire a large
block Of the stock at a fair price, this
was done, and the plans of the merger
worked out with great care.
The bank will start or continue with
the name and good viii Of the oldest
financial institution in Washington. hav-
ing had continuous life since 1911. It will
also have the hearty cooperation and
support Of the business interests Of the
city.