The Washington herald., 1913-01-19
TOO MANY BANKS
FOR Washington
Federal National, to Open on
Monday Morning, Will
Be a Success.
GEN. DU POINT ELECTED
Railway DISTINGUISHING Banks Pro-
test-The New Niekle-Gas OH
cials Want Proxies.
Nv i. A. FLEMING.

Yesterday closed one of the busiest ana
most interesting weeks that Washihs'oh
has known for some time. All interests
were stirred into more or less ACTIVITY pS
the formation of another bank In CITY
burdened with fiscal institutions. tne
speed with which the beginning anu 'no
ending of the movement was earned "
a successful conclusion would nave peeh
possible in no other city.
Started on Tuesday and pracucaiIy
ended on Friday, ready to open the ooors
on Monday is pace that VIII o
beaten. save in cut and dried movements.
washington has a suficiency Of banks
trust companies, savings and nationai-
II is to be hoped that there will be no
more family jars, as all banks suhei'
more or less. every time a new pahs
opens its doors. Personal friendships VI
men in business exert drawing power
in cutting out deposits here ana tnere,
but the records to date do not SNOW
wholesale depletion of any one ins'i'u-
ton.
washington really needs a few mergers
in the interest of a good. strong insu-
tuition or two instead Of four or nVe
smaller banks, restricted In operations
by lack of facilities for broadness IN OPP
erations.
with the opening of the Federal Ma
tionaI Washington will again have thirty
three banks, one for every 1000 people,
and of these, two banks have at least fo,oVo
depositors between them. Estimating
heads OF families in the usual way there
would be one bank for every 1000 male
population.
VIII BE Successful.
1t is generally conceded that the Fed
eraI National Bank. to be launched on
the sea of business Tomorrow morning
will be a success.
The history of the Commercial Ma
tional, the District National, the Wash
ington and Southern, and the Continental
Trust Company, and of the United States
Trust Company, all of comparatively re-
cent organization, together with the
character of the men back of the Fed
eral, would indicate success.
Bids of S130 a share were made for the
stock on change yesterday when issued,
but none was offered under Sl4
Amid flowers. complimentary deposits
OF wads of real money. and much hand
shaking. the Federal National Bank will
take its place among Washington banks
with the arrival of the opening hour
Monday. That the launching will be Sue
cessful and well attended goes without
saying.
Gen. Du POnt Elected.
Directors OF the Commercial National
Bank yesterday added the name of Gen.
T. Coleman du Pont to the list of direc
tors. Gen. du Pont. who is associated
with Mr. Jordan and others on the board
Of directors of the Arlington Hotel Com
pany. will qualify Immediately. He is
the head of the Du Pont Powder Com
pany and one of the wealthy men of the
nation.
At the meeting of the directors of the
Arlington Hotel Company, held in New
York on Friday, reports of the progress
Of tine work on the hotel site were heard, |
the contracts for construction were re-
viewed and given official sanction, and
plans made for the future.
The original plans will be closely fol- |
lowed to completion. The open winter is |
favorable for the operations of the COM |
pany.
Hallway Company Meeting. |
The Washington Railway and Elec- !
-ric Company held its annual meeting |
but as stated in yesterdays |
Herald, no report of the years earn |
ngs was presented Announcement |
was made that the report with that |
1f the American Audit Company would |
De ready for publication within a week |
The following were elected directors |
1f the main corporation and of all |
William 3. Hibbs, william Loeb, jr.,
Charles J. Bell. William F. Ham.
'larence P, King, Clarence F. Norment,
md George Truesdeil
The directors Immediately met and |
organized by electing the following
'fficers and department heads: Clar-
.nce p. King. president: William F.
lam, vice president: c. E. Brown,
reasurer; S. r. Bowen, secretary: W.
T. Clarke, assistant secretary; J. ].
general counsel; George p.
Hoover, attorney: F. J. Whitehead,
claim department.; C. S. kim
'all. engineer of way; ]. T. Moffett.
of transportation; W.
\. Wenner, master mechanic; r. W.
purchasing agent; DR.. L. W.
medical officer; l. E. Sin
lair, general superintendent Potomac
electric Power Company, and z. S.
Harlow, manager commercial depart
nent.
The executive committee was elected
s follows: Charles ]. Bell. chairman;
'larence F. Norment. Woodbury. Blair,
'larence p. King. and Milton Z. Allies.
President King stated to the stock
Iolders that by reason of the American |
Audit Company not having completed
he work of auditing the books a state
nent Of earnings and expenses would |
lot be presented, but he assured the |
arge representation of stockholders
resent that a very substantial increase
ver preceding years would result and
hat the year 1912 would he the ban |
Ter year in so far as earnings were con-
erned. Mr.. King also gave the in
ormatioh that just as soon as the
udit was completed, each stockboIder
rouId receive a copy of the report,
Following the meeting a luncheon L
Tas served to directors and those
tockholders present. the catering
eing in the hands of Raucher. The
uncheon was served in the suite of
fices occupied by Engineer of Way
: S. Eimball, Immediately over the
oard of directors room.
Second Call.
The second call for proxies for the
Washington Gas Company's annual
Meeting was sent out Friday morning.
1ade indicates plainly that majority of
he shareholders have not sent in their
roxies
Between now and the annual election
evelopments of importance are likely to
ccur. The charge that the directors
ave been negligent in not forcing their
fghts to dividends on Georgetown stock 5
as been made by a number OF share
olders and the further statement that u