The Washington herald., 1909-05-18

Substantial progress was made toward
the organization Of tire new bank, which
will probably occupy a room in the Ar
cade Building, near Fourteenth street and
Park road. at a meeting OF the sub
scribers 20 the stock held al the Savoy
Hotel last night
The committee Of fifteen appointed at
previous meeting made a report. recon-
mending that the location OF the bank
be in the Arcade Building, according 70
the terms offered by the company con
trolling It. and that special committee
be appointed by the chair 20 incorporate
the bank, choose a suitable name. and
attend 10 such other preliminsries Of the
organization as may pertain to the com
nittee
The committee recommended IN its re-
port that the name be chosen by the
subscribers TO the stock, but when those
present attempted 10 do 50 II became cyl
dent AZ once that no agreement could
be reached one wanted the name
Arcade another wanted Columbia
Heights" a third wanted Mount Pleas
ant" and another suggested the union
OF the two titles last mentioned.
Report Il Amended.
The report Of the committee. therefore.
was amended. giving the committee au-
thority TO choose the name. with the in
corporation and location OF the institu-
ton.
At the opening o. the meeting Il was
announced that about $4,000 OF the stock
/ had been subscribed At the last meeting
Last night about $4,000 more was record
ed as subscribed. with enough pledged,
/ IL vas said. 10 make sure OF Sl0,N00 which
would be sufficient io warrant the incor-
/ poration OF the institution. Among the
subscriptions made last night was one Of
10 shares by H W COfin. The capital
/ stock VIII be s500oo
I Much enthusiasm developed at the meet
ing. and several short talks were made
| expressing confidence in the plan and
| giving reasons why a bank on the 'HUT'
/ would iii void IN that locality These
! expressions were started by the letter
| sent in by Mr. coffin with the subscrip-
/ ton OF his LOO shares. IN which he said
/ that Fourteenth street and Park road
I would some day be nearer the center Of
/ population in Washington than any other
] point that can be named. and that g
| center Of business. already begun. would
! grow up about that point which already
/ needs the facilities afforded By a bank
Spinal Column of Washington.
Judge Charles 8. Bunay. president OF the
Columbia Heights Citizens Association
| expressed his firm belief that the bank
/ should have been started long ago; that
I the raising of the money was a foregore
! conclusion. and that the bank would be
a success. Judge Bundy brought out a
I round OF applause when he said that
Fourteenth street was the backbone OF
Greater Washington, and the crossing al
Park road its solar plexus
George Q. Watson, cashier of the Ma
tioEal Metropolitan Bank. talked briefly
upon the easy possibility OF getting good
/ officers and an inside working force for
the proposed bank He described the
president as a man OF experiences in bust
ness. and the cashier as a man well ac-
ouainted with the detail OF running sue
ieessfully a small financial institution. NJ
Watson eounseled the organization Of III,
bank on a capitalization Of S0,0oo, and
after few years success, with a large
deposit fund, an increase a the stock
whea the institution could be placed on q
dividend basis with the larger capitalize
ton
Would Keep shares at SO.
". F. Andrews. Of the Treasury De-
partment, spoke along q similar line. Civ
ling It as his opinion that the orgsniza-
ton OF the bank on the lines suggested
was safe undertaking. Mr., Andrews
specially emphasized keeping the price O
the shares al SO each, 50 hat the fsmi
lies Of Mount Pleasant and Columbis
Heights could afford 10 own some Of INT
shares.
The committee appointed last night 4
take I'd the p-eliminaries Of organizing
the bank IS composed as follows: P. n
Brown. chairman. ". 3. Todd. George o
Watson. Charles B. Fonda. Dr. Wade X
Atkinson. J. Edward Chapman, Lewis II
Stabler. ". J. Newton. ". H. Klopfer
Lewis n. Breuninger. Joseph " Cox
n George F. Walker, Owen Owen, anC
. Nod r-ffzei-uu7nuc