The Washington times., 1911-04-16
IN LOCAL FINANCIAL CIRCLES
BY I. A. FLEMING.

Gossip in financial circles during the
past week has centered largely around
| the so-called merger of the Commercial
| National and National City Banks. in
no sense an actual merger, but rather
sale of the latter to the former in
stitution. At no time was there the
! slightest thought given to changing the
| name of the Commercial National.
This Is the first movement toward re-
ducing the number of banks in the city,
| and there should be others in the
| interest 2of strengthening institutions
and eliminating, to certain extent, the
fierce fight for deposits, and the many
"favors" that are daily granted in the
interest of holding deposits-often when
the account itself is not worthy of con-
sideration
The passing of the National City
Bank will, when accomplished, reduce
the number of banks organized under
the national banking act to eleven,
counting the Farmers and Mechanics
National. of Georgetown, which is al
ways accredited by the Comptroller s
office to the District of Columbia.
BY the combination and the increase
OF capital to $4,000 the Commercial
National will take fourth rank in point
Only the Riggs Bank of washington
and National Metropolitan will have
larger capital. In point of total de-
able to hold the deposits of the absorbed
National.
Washington has fifteen savings banks,
but only three, the Union Savings,
Home, and Merchants and Mechanics,
having a million m danncita and
the two Home Savings has nearly
&, ,000, 900 and the Merchants and Me-
chanics s2.454. 54.0o0-figures being taken
from the latest report to the Comp
tainly opportunity for mergers among
the smaller institutions. not only in the
creating of stronger fiscal institutions,
but In reducing expenses that the share
holders may the sooner receive returns.
The Citizens Savings Bank is on the
market for a new location; not as a
renter, but as a buyer, desiring to own
its own building The modest bank in
It's little quarters now stands forth
among the savings banks in the matter
of deposits with so, ,i96, as of March Z,
1911. II finds its home In the Bond
building entirely inadequate for its
business. 1t has recently priced the
present home Of the United States
Trust Company, but found it rather ex-
pensive, s155,00o, and is now looking
elsewhere, some near its present quar-
tiers Is held to be essential.
Another matter of gossip in finan-
cial and security circles is the de-
cision of Lewis Johnson & Co, to
move from their present f street To-
cation to the Arlington Insurance
building. after the changes
in that structure are
The plans call for front
entirely in keeping with the archi-
lecture of the Riggs National build
ing. 1t is said to be the intention of
the Government to follow the same
design in the erection of a building
west of the Arlington's building ex-
tending to Madison place. A larger
than a two-story building would
much OF the latter is below street
level.
When Lewis Johnson & Co leave F
street, they will be the last of the
many New York Stock Exchange
houses to leave the block between
Thirteenth and Fourteenth streets and
also the street itself.
Hutton & Co.. Miller & Co. Post &
Flagg. and Chapman & Co. and
ed their offices and gone out of
business in Washington. Post & Flag
are correspondents of Lewis Johnson
G. Co, but the latter firm. through |
the membership of W. A Mearns. Is
Itself a New York Stock Exchange |
house.
The local Stock Exchange still has
Its quarters on F street, and 1t is |
indeed a central location for II.