The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-01-03
Big MERGER WANTED
Bank Of Washington and
Central May Unite.
PROJECT UP NEXT TUESDAY
New Interests Acquire Control of
Stock and Are Expected to DOmi-
mite the Election of Directors.
Plans Have Been Formulated for
the Transfer of shares.

Washington fnalciers are much inter-
ested in the annual election Of directors for
the Bank of Washington, to be held next
Tuesday, This election. it is understood,
will pave the way for the merging of that
institution with the Central National
Bank, as soon thereafter as the details
can be worked out.
The project for merging the two institu-
tons has been discussed by the stock
holders Of the Bank of Washington for
more than year and a majority Of them
are known 70 be in favor Of the PROPOSE
ton Moreover within the past six months
several well-known financiers of the city
have acquired control Of d large part
Of the stock OF the bank. and il is these
large stockholders who are expected 10
dominate the election next week The
ticket Of directors to be put forward for
approval Of the stockholders contains the
following names: Charles A. James, Glenn
ent W. Howard. W. F. Mattingly. CIar-
ence F. Norment. W J. Father. and Dan
lei Frazier.
The first three named on this ticket
represent the Old stockholders of the in
sutuuon. and the other three represent
the interests centered in the Central Ma
tional Bank. II elected, they will super
sede J. Blake Kendall. Charles r. White,
and James L. Norris. Of the present
board or directors The election Of this
ticket, 1t is supposed. will be followed the
next day by a reorganization Of the board
looking 10 the proposed merger.
President James Resigns.
Il is known that the resignation OF
Charles A. James. president Of the Bank
Of Washington. is now in the hands Of
the directors, and il is expected that in
the reorganization he will be superseded
by Clarence f. Norment now president
Of the Central National Bank.
The plan for the merger. as stated yes
teTday by a dnancier familiar with the af-
fairs Of both Institutions, is briefly as fol-
lows: The capital stock Of the Bank OF
Washington, now $4,000. will be Increased
10 100000. To accomplish this the sur
plus fund Of the Bank Of Washington.
amounting 10 $4,000. win be converted
into capital stock on the basis of 800 a
share, which. added TO the outstanding
shares ~ the institution, viii raise the
capital stock 90 10000 The capital Of
the Central National Bank viii then be
taken over into that OF the Bank OF
Washington, amounting 10 $4,000. which
VIII give the consolidated bank 81 GJ09GO
capital The Bank Of Washington has
assets amounting 10 $2S5000. made up Of
undivided profits and property held By
The bank
This will be merged with the surplus
/ Il
amounting TO S2g6.U00 In the merger tho
Bank Of Washington corporation will alb
s0rb the Central National Bank. and as
"a separate institution it will 80 cut Of
existence. The consolidated bank win
take the name and assume the place Of
business Of the older institution
Oldest of ITS Kind.
The Bank Of Washington is the Oldest
institution Of its kind in the city. Il
started in business in 1911 and has con
tinUed since that date. For many years
Charles A James has been its president.
than whom no other Washington banker
is more esteemed and respected. His
management of the institution has been
able. conservative. and sound. He has
had the unfiagging confidence Of the bust
ness community for fifty years. and he
Will retire from the active control of the
bank with the good wishes Of all Wash
ington.
At the present time the stock Of the
Bank of Washington is worth above $500
a share and Is looked upon as d gilt
edged investment, though il has never
paid more than 6 per cent per annum.
that being the limit allowed by the man
ar-ary7auf in, b. division Of the r,raEfs of
the institution. The new issue of stock.
when made, will probably be largely
taken by present stockholders OF the two
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