The Washington herald., 1913-02-16
Washington TO
HAVE new BANK
It will Be Located at Ninth
and G Streets, Chartered
by West Virginia.
NEWY0RK MARKET DROPS
Several Changes Mentioned in E1eeu-
tive officials Of Various
Railroads.
By I. A. FLEMING.

BY I. A. FLEMING.
IT is a cold day in Washington when
n new bank or financial institution IS
not either lauNrhed or at least projected
nv a coterie of bankers or near-hankers.
During the past week rumors have been
chasing one another about town with
reference to new bank to bS Iormeo
and to c.o into business at Ninth and &
Streets On the site formerly occupied py
the Provident Savings Bank.
These rumorS Pointed only TO one
source but up to yesterday none OF tne
interested parties would disclose the m
rentions of the promoters of the enter
;,rise. and then in Il guarded manner. IL
row transpires that several OF the direc-
tors and officers of the Merchants ana
Mechanics Savings Bank, who held once
there prior to the time the insututlon
was absorbed by the United States trust
Comrany. have gotten together with
other financiers and expect TO start
bank. organized under the laws OF the
State OF West Virginia. which Will go
into business at Ninth and g streets
Northwest as soon as suitable banking
room has been provided and other pre-
Iiminaries to the organization of the
bank have been completed.
At a meeting held last night some ot
these prelimirarieS were dlsposeu VI. IL
was decided that the bank should nave
capital of 100000. with surplus OF
$1,000 and its charter will euSble It to
enter upon a general banking business
and to make loans upon real estate rs
collateral.
julius Pcyser Leading Spirit.
Among the men at the meeting iast
night and Intimately connected with the
organization Of the institution were
Julius ~ Peyscr. A. ID. Prince, Charles
". Darr George X. Linkins. and FRED
H. Mckee. OF course. nothing deIilil'e
can he predicateC with reference to the
executive officers Of the new BANK put
il is understood that NJ. G. Mccormick
will ASSUME the presidency OF the new
hank. and that he will he surrounded
with about the same official family that
he. had at the Merchants and Mechanics
Bank in former years.
Nothing new developed yesterday in
connection with the recent deal IN Sec
nnd National Bank stock. except con-
i!rmatiun of the observation in these col
umns yesterday that the guilty party
would bc found within the directory OF
the bank itself 1t was disclosed ycstcr-
day that the buyer of the stock. or the
takcr of it, was Samuel j. Prescott. one
of the longtime directors of the BANK
Who may or may not divide the hIoch
his associates III tllitI SNti's
The stock has gone to the inside con-
troll Of the bank. and that is all that
need bc said about the transaction. as It
means further fertilization of the inter-
rSts in control and tn" compete IAN
r:r,. of the effort to get control Of the
institution by the syndicate VINO SOFA
. thc stock
4 Mysterious Syndicate.
An.ut this syndicate. the story has
been rcpeatcd many times in the last
year that formidable combination OF
capitalists had been formed to buy up
several old and conservative banks in
Washington and to convert them into a
strong and aggressive combination that
would make its presence felt in local
financial circles 1t has been said that
the purchase and control OF the Inloh
Savings Bank one step in the pro-
,..-ss OF amalSamatiOn. IL has also peeh
said that the buying up i'll the open mar
k.r and in other ways Of the stock of
the Second National was intended as an
other step in the same directloh' IL mas
also been said that the same syndicate.
which has been described as composed
nl about twenty rich men. had lts hoohs
out Tor other financial institutions IL
this is all true. and nobody has denied H.
The plans nf the rich corporation appear
ia have received a serious setback IN lts
whisprrrd now that it will not prove
suCh an easy task to corral some ol
these old and well established banks at
il NAV have looked to he on the sur
face wh"n the big capitalists were TAX
in- il over with terrapin and cham'
TaSnc. ,,:,,,
stock of the Second National. when
was uuor,d l5e on the local exchange
Friday. opened with a bid of lo' yes
terday the bid going to l56 e-2. with l'l
asked.
Tbc bank is to extend and strengthen
its connections, il Was stated authori'
tativcly last night
Opcrations IN the local stock marke'
,csterdav were almost negligible, ii be-
ms, SATURDAY in "A dull period. near in
aucur.tion. and with war and rumors oi
war in the air.
New York Market Weak.
-rno Now York market yesterday openet
uuite strong and weakened on bad new
from Mexico and the Balkans. The de
,isi,n of the firemen on the Easter
railroads also had depressing eHec'
The market sold off from the Seneraii:
good business in the first hall hour am
,.Iosed weak near the lowest for tn
dav. The losses amounted to ABOUT
point down.
Haven and Hartford Railroad Compan,
and of the Central New England Rail
way Company to succeed B. r. POLLOCK
resigned. ,
Mr. Bardo has been connected with IN
I.ehigh Valley Railroad Company for tn
past three years as assistant genera
manager Prior to that he was con
nected with the New York. New Have
and Hartford Railroad Company and Tn
New York Central and Hudson Rive
Railroad Company in various capacities
among them being that of superinten
Dent of the Grand Central Terminal an,
the electrical division.
Mr.. Bardo's Office will be in New Ha
ven. Conn.
John A. Shepherd, former general man
acer of the Western Maryland Railwa
Company and one of the best know
railroad men in the East, has gone Wit
the Missouri Pacific Railroad, of whic
+. F. Bush is president. as superinten
dent of the compahy's Kansas City ter
minals. with headquarters at that point
He succeeds J. A. Somerville. who ha
been assigned to other duties.
Ever since Mr.. Shepherd rendered hi
resignation as general manager of tn
Western Maryland his friends freely pre-
dicted that he would finally go with tn