The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-07-23

Plans were announced yesterday con-
templating the establishment Of a new
bank in Washington, TO be known as the
Federal American Banking Corporation.
Incorporation IS proposed under the Dis
trict of Columbia statutes, and the new
institution VIII be subject TO the law or
1896 which provides that all banking con-
Germs in Washington must place them
selves under the supervision Of the Comp
troIler Of the Currency and make reports
10 that official when called for
The intention is that the proposed bank
shall start with a paid-up capital Of $780,
600, divided into 1000 shares with par
value of $40 each. It Is understood that
the papers for incorporation will name
minimum capital OF 10000 and a maxi
mum capital of 100000, giving the stock
holders and directors the right 10 increase
the capital stock TO the latter amount in
the near future, If that course should be
deemed advisable.
Those Behind the Plan.
The incorporators Of the bank viii be
Philip G. Affleck, the well-known drug
gist and vice president of the Citizens
Savings Bank: Harry p. Huddleston, law
clerk, Public Health and Marine HospitaI
Service. and secretary Of the Citizens
Savings Bank; Charles W. Darr. attorney.
and director in the National City and
Merchants and Mechanics Savings banks:
Rignald w Beall. vice president Moore
* Hill. United States Trust Company, and
the Citizens Savings Bank; William T.
Griffith. of Beansvine, Nd, director in the
Montgomery County National Bank. of
Rockville, Md, and vice president of the
Poolesville, Md, National Bank: Gustave
BENDER, secretary United German So
ccties, District Of Columbia; John w
Holcombe. appointment clerk Department
Of the Interior. and Cornelius Eckhardt
GuCI-JT evening star Company.
The committee in charge of subscrip-
tons 10 the stock is composed of Rignald
W. Beall. Philip g. Affieck. and Harry p,
Huddleston. II is understood that about
one half of the capital stock Is already
subscribed. and it is hoped that the nee
essary amount will be taken before Sep
TENDER !. ami that the bank Will be able
20 start about that time
As set forth I'm a prospectus prepared
for subscription purposes, the new cor
poration viii do "a general banking bust
ness In all branches; conduct a safe de-
post, loan. mortgage. and storage bust
ness conduct a general underwriting bus
mess. conduct banking by mall and pay
special rates of interest on long time de
posts, and buy and sell mortgages and
trust notes"
1t is also stated that the directory viii
consist Of not less than seven members
nor more than fifteen. The directors fol
the first year viii be selected from thu
actual subscribers, and will be conserva.
tive and representative business men OF
Washington"
BeaH the Moving Spirit.
Reginald W. BeaH is the original pro
m0ter of the proposed bank. and has tn,
plans of organization IN charge. Within
about one year Mr.. Beall has been IN
strumental in starting the Citizens saw
Ing Bank, which Is capitalized at $4,000
and reports $225,0O0 in deposits. Mr.. Beal
was also the chief promoter of the United
States Trust Company. soliciting and St
curing most OF the early subscriptions t,
the suck in person. The trust company
is capitalized at 100000 and recently
opened its doors for business.
IN speaking Of the new institution yes
terday. Mr. Beall said it was the inten
ton OF the incorpOrators 10 enter upol
a general banking business. with n,
thought Of intruding upon the field o
any existing institution. He though
there was opportunity TO develop a ney
field not now occupied, and after look
ing over the possibilities Of the situa
ton, he said It seemed best TO him an,
his associates TO start the bank, in tn
hope Of creating a new field Of useful
ness without disturbing existing condi
lions in the financial circles of tn
Capital
1t is expected that the new bank, whe
opened for business, will occupy tn
building at the northwest corner Of
and Twelfth streets northwest, formerl
occupied by the Washington Saving
Bank