The Washington herald., 1911-04-12
FINANCE AND REALTY

L
tionaI and the City National banks was
assured at meeting of committees from
the two organizations with the two direc-
torates yesterday afternoon. The plan
agreed upon Involves the increasing of
City National stock from $500 200 to $50,
| 600. the $4,000 increase to be exchanged
for stock of the National City Bank on
the basis of six shares of National City
for five shares of Commercial The slight
difference in book values of the stock will
| be made up in cash. The consolidation
| will be consummated as soon as the de-
| tails can be worked out and legal steps
| taken by attorneys. Business will be
conducted in the Commercial National
Bank Building. to which a large space
recently has been added. The combined
| reports of the two banks will be in the
neighborhood Of s60Oo,Ooo.
The committees that arranged the mer-
ger, and whose report was unanimously
adopted yesterday afternoon by the di-
| rectorates of the two banks, were: Com
mercial-A. G. Clapham, president; Brad
ley Davidson. Eldridge Jordon, j. A. Ca
hill, and John Poole. National City-E
A Smith, A. E. L. Leckie and Wilton j.
Lambert
Washington Gas touched another high
mark at 81 IA at yesterdays session of
the stock exchange. At that price rs
shares were disposed of after call.
1t was generally believed the announce
mcnt. read by the secretary of the ex-
change, that the company was about to
pay its regular quarterly dividend of
N0 per share had something to do with
the renewed strength of this much dis
cussed security.
Consolidated is were offered at a reces-
sion from the 100 mark steadfastly main
tanned for weeks. One broker wanted to
sell $1,000 worth at 80 rs. There were
no takers.
The session was listless. though no
general recession in price was manifest
Gas IS were strong, advancing to 10 is
with 500 selling at 1101-4 Numerous 10
bids were disresarded. but the Is ad-
vance stirred up fair activity.
On the eve of trip to Cuba, Colin H.
Livingstone, first vice president of the
American National Bank. was enter
tanned al luncheon by William T. Gal
liner, president of the institution, yes
terday afternoon at I o'clock at the Hotel
Continental. to which the directors of
the bank were invited guests. The affair
came as a complete surprise to Mr.. Liv-
ingstone, he being escorted to the hotel
by Mr.. Galliher, where he found the
directors already assembled. Mr.. CALI |
her extended to Mr.. Livingstone the best
wishes of himself and the other directors
and wished him a pleasant journey and !
safe return. handsome leather travel |
ing bag. with complete outfit in silver. |
was presented by Mr.. Collins to Mr. Liv- |
who accepted it with appro-
pirate remarks. Mr.. Livingstone leaves |
to-day. with his family. for a trip to
Cuba, to be gone until the last of the |
month.
There were a few sales in Capital Trac-
ion at 136 Ii. Railway preferred eased |
1own in the course of the day. a few
ales ranging at So and s. IS. Mergen-
haler brought 217.
William A. Mearns, of Lewis. Johnson
Z Co, a member of the New York Stock
exchange, and one OF the best informed
securities men. will address the Bank
Jerks Chapter tomorrow night on
Stocks and bonds" Mr.. Mearns has
his subject we'll in hand at all times
I is said that the Richmond clearing
louse will soon install its own bank
xaminer.
Architects MiIburn, Hester & Co, of
his city, have been notified that the
cunty commissioners met yesterday and
elected that firm to prepare plans and
pecifcations for the new courthouse and
all buildings to be erected at Raeford.
:. c. the county seat of the new county
f Hoke. which was created by the last ,
gisature.
Justice Charles E. Hughes. Of the | ;
nited States Supreme Court, was grant
1 permit yesterday for the erection of 2
is new residence at Sixteenth and V
trects northwest The structure will be | 8
four-story brick dwelling costing about
5000 George Oakley Totten is the ar
infect, and John H. Nolan, the builder
Another gauge on the value of down
OWN property was offered when Mrs
larry A. Velati bought from Hugh B.
,owland, trustee, the property at 609 B
he purchase was made at auction, :
dam Weschler conducting the sale. The s
rorerty has a frontage of twenty-one
eet and runs back 100 feet, establish !,
e a price per square foot of about S33 r
The property is now improved by a
Vo-story brick business building. 1t is
rs. Velati's intention to tear down the
resent structure shortly and begin the
-ection of handsome business and r
nee building, the lower floor of which ,
L. IL.