The Washington times., 1913-08-25
BANK DEAL SENDS
STOCKS SOARING
Commercials Bid Price Rises
From 1873 to 1877. With
None Offered for Sale.

Announcement that Commercial Ma
tional Bank interests had obtained
controlling interest in the Union
Savings Bank. drove the stock OF
the former to a record height today.
While none of the stock changed hands
at the session of the Washington
Stock Exchange, big demand Tor Il
made an appearance early in the DAY
and continued throughout the meeting.
That large blocks Of Com'leTc,2! ere
held by the brokers represented on the
EXCHANGE was admitted They are GO
/ ing to hold II, it was explained penn
| ing the actual absorption OF the saw
ings institution b. the natonal bank
At the opening of the session, Com
merciaTs bid price was lS3, while thc
asked price was 10. The former rose
t. Iq7. while the holders of the stock
half heartedly offered 1t at ~. NO
recC rded transfers were MADE.
While the session was an active cne
all along the line. there was but
little disposition to sell, and the
records show but few trades made
during the day. The number. how
ever is no indication of the amount
OF interest ccntering on many OF the
securities.
Railway stocks and bonds, and Po-
tomac Consolidated SIS Were the fea-
lures. A $1,000 Potomac Consoli-
dited brought 99k or Is point bet
1
| tIgure was aered for other bonds,
but failed to induce trades.
While there were but two sales OF
Capital Traction, both at 113T,. much
/ sparring resulted when call on this
stock was made.
I cf $1,000. sold for 1881 on the after
! call after an effort had been made
! throughout the session to purcF ase
! them at l0S. which met with no suc-
! cess
Gas was firm. e5 shares bringing
! Gii4.
Three shares of hallway preferred
! solu for 81.
! The deau in which the Commercial
Notion al and the Union Savings Bank
arc interested had no effect on the stock
: OF the latter. which attracted practic-
ally 10 attention. No sales were mad.
and nc bidding engaged in on the call
or this stock.
". J. RorIand. son of W. P. Borland.
! Of the Interstate Commerce Commission.
has been appointed director of safety
OF the Western Maryland Railroad Com
pany. He VIII assume hi snew posi-
ton October !. His headquarters will
be in Baltimore.
The Union Savings Bank. a controlling
interest In which has been purchased by
officers and stockholders of the Com
mercial National Bank, will not
pass out of existence for two or three
months yet While the savings Institu-
ton this morning passed into the hands
and under control of the Commercial
National Bank IL will be operated as a
! separate bank until the actual absorp-
ton occurs. Officers of the Commercial
| will not vouchsafe an answer as TO
| when this will be. but ii is understood
that it will be at least three months be
| fore the merger is brought about, II
| at all The directors VIII decide soon
as to whether the savings bank shall be
merged with the national one.
The capital Of the Union Savings
| Bank Is S200,0OO, with a surplus Of
$4,000 and a deposit list of $2.OOo,oOO.
The two banks have adjOined each other
in Fourteenth street for years. Nego-
tiations for the consolidation have been
under way for weeks.
| The new officers of the bank are
| Ashton G. Clapham, president; Jamsc
A. Cahill and Tucker X. Sands, Eics
| presidents: c. L. Bowman, ca5hier;
Ellis & Donaldson, general counsel.
| Following the announcement of the
consolidation. the officers issued the
| following statement:
| Ashton G. Clapham. president: James
tional Bank has been growing SO rap
!dl1 during the last few years. that Il
has been compelled to look around lor
convenient quarters In which TO eX-
pand The Union Savings Bank, 10
cated next door to the Commercial
seemed TO furnish the natural space
I for This growth. The amalSamation Of
the two banks now makes II possible
Ia nrovide adequate modern banking
facilities for all the customers OF both
barks The combined assets OF both
institutions exceed Nc0h.0W.
REGARDING the financial condition of
| WashI gton. Duns has this to say:
.'This is. strictly speaking, retail
| CITY and business in that line here has
hem very quiet for some months past
The hanks report loans heavy and re-
seT-yes are low, put deposits COmpaI
f;.yo-ably with a year ago. Trust com
| uanies say that there has been a good
Grmand for real estat" loans at pei
! cent. though building has be"n quiet.
| II seems to br the general impression
an Cng financial institutions that under
lying conditions are good.
There appears to be a greater dispo-
sitiou 10 invest in stocks and bonds al
this time. but hesitancy about max
ing building loans. The wholesale lum-
Der trade reports a decreaS" In v0!uH"
of sales of about % per cent. hut the
hardware and paper jobbing trades have
had a good year. COLLECTIONS are e$-
| tremcly slow. ,,.
Crops in the Immediate Vicinity oil
! WASHINGTON have not been good. Gar
den and truck products are poor. OWL.
I, tn. drought, and prices are hiEh
while reports are that wheat viii raa k'
Only ;.hout half a crop. Present pros
poets for corn appear good