The Washington times., 1913-01-16
LATEST BANK HERE
ARRANGES FOR LEASE
IN SMALL BUILDING
Federal National Is Expected to
Be Ready to Do Business on
Next Monday.

east corner Of Fourteenth and G
streets northwest and it was announced
that the bank will open for business on
Monday morning.
1t was estimated at noon today that
subscriptions to the capital stock and
surplus of the new national bank were
in excess of 100000 and subscriptions
stil are being received al the temporary
office at l4OS G street northwest by
Ralph w. Lee, one of the directors.
While the capital stock has probably
been subscribed more than twice over,
the directors are anxious to give every
one who wishes to be identified with
the organization of the new Institution
every opportunity to do so before the
subscription lists are closed and the al
lotments made.
The lease of the permanent quarters
has a provision for a new lease for
term of years and also an option to
purchase. Preparations are now being
rushed so that all will be in readiness
for the opening Of the bank On Monday
morning.
John Poole was formally elected presi-
dent of the Federal, and n. H. Shea
vice president. 1t was stated today that
great care will be taken in the seiec-
ton Of cashier, and that there is
field of a dozen men being considered
for the position.
At the meeting yesterday, the fol-
lowing board of directors was chosen:
Byron s. Adams, Walter A. Brown.
Ralph W. Lee. John l. Newboid'
John Poole, N H Shea, John H. Clapp,
Myer Cohen, Clarence B. Rheem:
Frank B. Eoyes. Leon Tobiner and
Eidridee = Jordap was again at
the cashiers desk at the Commercial
National Bank. The directors will meet
this afternoon.
Commercial Bank Stock held its own
Stock Exchange. Only flfty-six
shares came out, Of which thirty
brought 200, ten 1895, ten 1894, and six
19s. There was considerable activity
in Washington Gas Stock and in Union
Trust. Gar sold down to Sf11.
All of the officers of the Washington
Loan and Trust Company were re-elect- |
They added $4,000 TO the surplus. max
ing that fund sl,0000oo. an amount
equal to the capital stock Of the COM
pany. The regular dividend was in
authority to declare extra dividends Of
2 per cent, in the discretion of the
board, II the earnings warrant IL, which I
would make the dividend 10 per cent per
annum.
The net earnings for 1872 were Is per
cent. Since its organization the COM |
pany was paid s1,66S,sT.5S in interest to
its depositors. and 8, ,267, 500 in dividends |
to its stockholders.
The annual statement of the National |
Savings and Trust Company shows that |
the gross earnings for the year ended |
the total expenses. s1oS. .S52l5 The !
amount due the cepositors, who num- |
ber 31,190. is s7,411 sO9.2l, as against last |
years record of s6,4s7.s52.A. due TO |
3oeS depositors. an increase of sss3, so. |
all paid in. Is sI,0o0,0Oo.
NJ A Winter has been elected second |
vice president OF the Union Savings |
Bank to take the place of William II. |
Lynn. of New York. All of the other |
officers of the hank have been re-
elected. -. -
H. o. Thompson assistant manager !
of the Tenth street branch OF the uni |
ted states Trust Company, has resigned |
to accept the office Of secretary and |
treasurer of the Cornell Wall Paper !
Company
The new convertible bonds of the /
Baltimore and Ohio Railroad Company
are to be issued in coupon and regis
tered form, the coupon bonds in de-
nominations of 81 900 and $500 each, with |
the privilege of registration as TO prin- /
cipal and exchangeable for fully regis |
tered bonds without coupons.
For the principal sum OF 500 or any
multiple thereof that may be authorized
Z by the board of directors or the execu-
uve committee the registered bonds will
be exchanged for coupon bonds.
All the bonds of this issue outstand-
ing but not any part thereof, may be
called for redemption by the company
on March ], 1923. or on any seEli-annual
day thereafter on ninety days notice at
1924 of the par value and accrued in
terest.
Subscribers who do not pay the sub
scription price Of SS55.25 per Sl.0O0 bond
(Which includes interest actruedl or
N77.63 per 500 bond in full on or before
March 3. may pay in fun following in
On or before March 3, s2ss.50 or
S4325.
On or before April Is. s2s6. 80 or Sl43.25.
On or before May 10, S3S742 or Sl93 II.
The bonds will be dated March ]. 1913.
and mature March !. 1863. When de-
Iivered they will bear coupon for six
months interest due September /, 1913
Benjamin Woodruff. president of the
washington Stock Exchange, has been
made a member OF the firm of Lewis
Johnson & Co. private bankers and
stock brokers' TO take the place Of
a rest of a year or more. Mr.. Williams
has disposed OF his interest TO j. w
Henry and William A. Mearns his
former partners I'm the firm.
The Continental Trust Company earn
ed s40.s2S.6s last year. according to the
special committee of examination COM
posed OF g. w. Huske, G.. T. Scott, and
Owen p. KellaT.
The annual report OF the Chesapeake
and Potomac Telephone Company SUBJ
mItted 10 the House Of Representatives
Yesterday by President Frank X. Beth
ell Is as follows:
Receipts on account of opera
tions in the District Of Column
Expenditures on account of oper-
ations in the District for the
same period:
Operating expenses central, Of
fee operating, pay station
commissions. directories, ad-
vertis.ng, canyassing, and col
lectfngb- -..............--....-...-- 3l35G2
and taxes .....1................... I22.ns
Maintenance expenses ......-..... 514. .I1S
Rental, pole. and roof attach
ments. and Insurance. 1887 |
Dividends and interest, ....... 462. .757
Total .......................... s1,552,e4s
Revenue balance ................. S5.255s 90