The Washington times., 1913-02-16

The week has been fairly full Of in
terest in Washington financial circles.
The disclosure OF the plans Of the
Washington Gas directors by The Times;
the exclusive account OF Washington s
newest financial institution in yester-
days Times and the transfer OF q defin-
ite control IN the Second National Bank
to Samuel J. Prescott, putting an end
to the, uncertainty az to who's who In
that institution, have combined TO keep
bankers, brokers, and investors inter-
ested
The deal in Second National Bank
stock recalls a similar incident a few
years ago when Col. o. G. Staples owned
q full controlling share in the Columbia
National Bank and was intent upon
making himself president OF that insti-
tuition by virtue of his power SO to do.
The story has been fairly well guarded
and will be news to some even at this
late day.
According to the relator Of the Incl
dent, Colonel Staples seriously consid-
cred having himself elected president of
the Columbia National Bank, and 1t
was for that purpose mainly that he
however. he disclosed his intentions to
the gentlemen who held the offices OF
the bank, and their friends on the board
OF directors, there was a very vigorous
protest This protest was accompanied
With the threat that II the proposed
program were put into effect the the
Official list, would organize another
bank across the street. They made their
threat look like business by going 70
the length OF purchasing a piece s Q,
National Bank, on r street. which was
TO be ready for the new institution.
whether or not they would have ac-
trally done as threatened, Of course
never will be known, but. In any event.
Colonel Staples sold his stock to the
proposed seceders. and the danger OF a
split and the formation Of new bank
was obviated. The property was later
sold at a profit Of $4,000.
A practical repetition Of this pro-
the woodward Parker stock in the Sec
ond National to Mr.. Prescott.
1t should be said In both cases. to the
credit Of the men involved, that, while
Il lay In their power to carry out their
own financial plans. they ware wise
the institutions which they sought to
dominate through arbitrary exercise Of
power.
It lie believed, now that the affairs Of
the Second National have been put into
a state highly satisfactory to the pres
ent regime. that the dividend rate,
which was cut some time since, will be
restored to its former figure.
The addition Of the 77S shares Of Sec
end National Bank stock to Mr.. Pres
colts account gives him now about !, 900
shares, or a fifth of the capital stock
of the bank.
The projectors Of the new bank to
be located at the northeast corner Of
Ninth and G streets met last night at
the office OF Julius /. Peyser. and
completed q number of the details Of
journed until Tuesday night when 1t
is expected to complete arrangements.
As exclusively announced in The
Times yesterday, the new banking
house plans have been completed.
They call for an attractive building
Of one story, q remodeltng OF the
present two structures on the site.
The design has been worked out by
Mccormick. of the Bank Of Commerce
and Savings, is not to be president Of
the new bank and probably will not
be interested In ii. contrary to q re-
pert printed this morning.
The young Washington bankers who
attended the eleventh annual banquet
OF the Baltimore chapter. American
Institute of Banking. In Baltimore