Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-12-09
LOCAL FINANCIAL NEWS.

\ jump was made today at the meet
ing Of the stock exchange in the bid for
tie stock OF the Lincoln Bank of : points
over the bid of yesterday. Today the
figures were no, but the rise did not
bring out any offers of stock. The chang
in the figures was looked upon as fore
s,ladowing increase in the capital stock
of the bank for the purpose of making
extensive alterations and improvements
IN the banking building at the southwest
corner of 9TH and D streets northwest.
The capital at the present time is 500
COZ. and 1t Is intended to increase 1t to
100000 and offer the new issue to stock
holders at $50.
In addition to making the improve
mentS, 1t Will be possible to bring up
the surplus of the bank to between
eighty and ninety thousand dollars.
Franklin Fire Insurance stock was of
fered again today at the selling price of
yesterday. which Is the figure that has
been offered for a control of the stock,
namely. 61la, but there were no sales and
the bid did not advance higher than 80.
An advance OF nearly two points over
Yesterday was made In the bid for the
stock of the National Union Fire Insur-
ance Company. But there was no offering
of the stock. The advance today stopped
at ~, while yesterdays bid was 6.
1t is said that the only significance OF
the advance at this time is to bring the
figures more nearly to the value of the
stock as shown by the earnings of the
company.
Coin H. Livingstone, the second vice
president of the American National Bank,
who. with w. T. Galliher, the first vice
president. Is acting az president of the
bank during the vacancy caused by the
death of Mr.. Lynn, said today there
the annual meeting of the stockholders
next month.
AS result of circular mailed to the
stockholders of the Franklin Fire Insur-
ance Company last Monday and signed
by W. Tayior Birch, director ct tn.
company, but acting in this particular
entirely in an individual capacity. Mr..
Birch stated today that a sufficient num-
1er OF the stockholders had responded
favorably to assure IL change in the con-
.ra of the company.
The proposition made by Mr.. Birch was
that several men who are largely engaged
in the fire insurance business In this coun-
try were willing to take d controlling
amount of the stock of the company and
would pay for 1t $3.50 per share. The
business of the company is to be con-
tinued, as usual but enlarged so as to
include the writing OF risks on property
throughout the country.
The stockholders were asked to deposit
their stock under the terms of the cir
cular at the Merchants and Mechanics
Savings Bank. and Mr.. Birch stated this
morning that already the holders of a
controlling interest had brought in their
stock. In the event of anything happen
ing to prevent the plan from being car
ried out. enough money has been depos-
tied with the bank to pay each stock
holder as a forfeit $3.50 per share II the
stock Is returned.
ho f4l CT ~ ho lie
S125,OOO and the par value of the shares
sos 1t Is estimated that the present
book value of the stock is In the neigh
bOrhood of S7b per share, but Mr.. Birch
is of the opinion that the cost OF liquida-
ton, counting the delay and the loss of
interest. would bring the actual return to
the stockholders down to about the fig
ure which Is now offered.
There is 10 intention. according to Mr..
Birch. to make any change in the officers
with the exception of the presidency, now
held by James l.. Norris and the board
of directors. These positions will be filed
by men representing the new interests.
The company, chartered in 1915 has had
a. successful career for nearly q CEN
fury.
The other officers OF the company are
BENJAMIN w. Guy. vice president; Charles
s. Bradley. treasurer: W. P. Young, Sec
Rotary Directors. w. Taylor Birch.
Ralph L. Calf. George Ryneal, jr.,
Charles S. Bradley. Benjamin S. Graves,
James J.. Norris, Corcoran Thorn, Ru-
dolph Kaufman BENJAMIN W. Guy,
James f. Oyster and George Wright.