The Washington herald., 1913-08-26
union SAVINGS
ISSTRENGTHENED
Purchase by Commercial Ma
tionaI Gives Oldest Savings
Bank Fine Backing.
WON'TMERGE AT PRESENT
Wall Street List Strong but on Light
Trading-Same True of
Locals.
WON'TMERGE ATPRESENT
By /. A. FLEMING.

National Bank, is the oldest savings
bank in Washington, having been organ
lied in 1891. Its original capital was but
$4,000. which was increased in lSO5 to
10000 the new stock going out at Sl7j
a share. March 4, 1907 the capital was
Increased to 100000, stock being put out
at SOS per share. 1t has had a market
value of 246 bid, with control heretofore
largely in the hands of few prominent
men.
Its deposits August 9 were S2,OlS0Ss.4 AZ;
capital and undivided profits, $S2S O62, and
tota. resources, S2,4I2 04S.36. 1t has been
almost exclusively a savings bank up 10
about fifteen months ago, when Z.
Southland Parker was chosen president,
when it undertook commercial business
as well, having at that time absorbed the
Mercantile Bank.
The Commercial National Bank, owner
Of the Union Savings Bank by the new
arrangement just consummated, has to-
tai resources Of s., Sc, SASS and is one Of
the strongest Of the twelve national
banks OF the District. Its ownership
adds greatly to the solidity of the Union
Savings Bank. The bank building of the
Union Savings Bank is especially desir-
able property to the Commercial Ma
tional Bank on account of the business
block that will one day rise on the cor
ner OF Fourteenth and G Streets, now
occupied by the Commercial National
Building. The Union Savings has but re-
Gently completed the modern nine-story
fireproof structure, which will. when the
Commercial National officials decide to
build a new home, be the model for the
Improvement
OF the directors Of the Commercial Ma
tional who are also directors Of the
Union Savings Bank are Ashton G. Clap
ham, James - Cahill, r Golden Dom
sldson, Frank P. Harmon, Arthur Peter,
Arthur E. Randle, and Tucker K. Sands.
A G. Clapham is president, James a
CahiI and Tucker K Sands vice presi-
dents. and C. L Bowman cashier.
Details to Be Worked Out.
The final details of the purchase of
the Union Savings Bank have not been
worked out. The banks will, for the
present at least, be operated as two in
stitutions. and may eventually be SO
conducted, as the real estate lending
privileges and business of the savings
bank are important
a. G. Clapham has succeeded E. South
ard Parker as president and with Cashier
Bowman looked after the Union Savings
business yesterday.
For the present there will be no union
Of the banks, nor yet any change in the
banking rooms of the two institutions.
Would Reorganize.
It IS understood that at least ninety
per cent Of the stockholders and de-
positors Of the closed First-Second Ma
tional Bank, Of Pittsburgh, have signifed
their intention to cooperate in the re-
organization and reopening Of the in
stitution. Committees TO direct the at
tempt at rehabilitation have been ap-
pointed from the old First and Second
National Banks, and they will unite TO
form a joint committee. Failure TO get
an authoritative report on the present
financial condition of the closed bank IS
the chief difficulty thus far met Those in
{ terested in the movement believe they
possess fairly accurate information, but
hesitate to take decided action while any
element of uncertainty remains.
Pending the receipt of exact data there
Is much that those interested can do,
it is said, and Immediately upon receipt
Of the detailed information now being
Bought the campaign for reorganization
will be brought out into the open.
Personal Service.
Customers Of banking institutions are
depending more and more on the ad-
vice given by their bankers in invest
ment matters, and on other affairs as
we'll. The banker OF today should be
prepared to give good advice on securi-
ties, on real estate investments and on
many other matters, while the trust COM
panies add to their sources OF informa-
ton at the disposal of customers, will
making and a modicum OF legal advice.
The fact that the leaders in security
Tnarts understand the influence Of the
banker is evidenced by the following
comment by a New York Stock Exchange
broker:
Il am going TO distribute my cash
among several banks and trust compa-
nies and some of it will be in New York
institutions. These people are getting a
lot of the business We have lost, and
depositors are adopting the French
method Of going to their bankers Tor ad-
vice and the purchase of their securi-
,fes As a member of the Exchange l
want to get some Of these institutions
business in the future, and I will he in
a rosition TO make a bid for IT, with
fair-sized cash balance in many of them.
/ don't believe the situation is going to
change, either, and in the future l feel
certain that the trust companies and
hanks will be in a position TO give us
more and more business, owing to the
growing tendency on the part OF invest
ors to go to the banker instead OF the
broker for advice"
Fact.
Stocks Slow, Strong.
Yesterdays New York stock market
was slow from start to finish but rather
strong and especially firm in spots. The
best strength of the day in the leaders
was shown in American-Canadian pre-
ferred, which advanced TO 81, as COM
pared with 81 the closing on Saturday.
The common shares were 3-4 higher.
The rise in the preferred was on the re-
port that with the next dividend there
would be & payment in full of back divi- |
dends on the preferred.
In the other industrials Steel common |
led in point of activity and strength. !
The story is that the business of the |
CORPORATION is picking up and that it is |
now operating to the IS per cent ca
pacIty; that orders have been well |
executed and the corporation is ready |
10 book new business at higher prices |
and that the railroads because of easier |
money would be more liberal in equip |
ment and track orders. 1t is stated, |
also, that the price cutting movement is |
over and will not be resumed. On the
strength of these reports Steel common
advanced to GALS, point and the pre-
ferred TO los Il, 1-2 point.
Most Of the rails remained about where
they were at the close on Friday with
no activity in anything. Great North
ern was an exception, being strong while
quiet with ia rise TO l27 1-2. Nipper
was 3-S better and Union Pacific held
rather firmly. Some small gains were