Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-03-11
CONTROLLER APPROVES
CHARTER APPLICATION
franklin National Bank to Open
With 100000 of
Deposits.
John B. Cochran Of Staunton, Va,
to Head New Financial
Institution.

|
| approved the application made yester-
day for charter for the new Franklin
National Bank, to be located at 10th
street and Pennsylvania avenue north
west.
The organizers of the bank are r. s.
Turk of stanton, Va: Edward +.
Adams, Thomas p Hickman, James A.
Toomey. Charles II. Weser and j. Fen
dali Cain. cashier of the 10th street
and Pennsylvania avenue branch of the
Munsey Trust Company.
1t is understood John B. Cochran, presi-
dent of the Planters Bank of Staunton,
Va. is to be president of the new insti-
tuition. J. Fendall Cain will be cashier
The authorized capital is s2J0.OOO A
limited amount of the capital stock is
share going to capital and So per share
to surplus =
Having bought out the branch bank of
the Munsey Trust Company, including
building, business and good will, the
new bank will start with more than
sI,0GO.mo Of deposits. it is announced.
The bank will continue as a commercial
and savings institution, with practically
the same organization as at present.
The directors are to be chosen follow
Ing the closing of the stock book next
Tuesday.
It is understood tie Franklin National
will make app ication for membership in
the new federal banking system.
The property to be occupied by the new
bank has been banking corner since
now located at LOS Pennsylvania avenue
northwest, moved into building which
formerly stood on the site of the present
structure.
l. Lewis johnson & Co. hoved to the
opposite side of Pennsylvania avenue
" hon In oil hr,t1l limo
was RACED to make way for the present
structure. which was erected by the
Narnum estate.
After the building was vacated by the
banking firm in 1885,: i: became the home
of the old Traders National Bank, which
later was absorbed by the Merchants
and Mechanics Savings Bank. which was
in turn taken over by the United States
Trust Company, which operated branch
there. A branch of the Munsey Trust
Company has been located there since
that company absorbed the United States
Trust Company several months ago.
Announcement has been made of the
declaration of the regular quarterly
dividend Of SO on the stock Of the Nor
folk and Washington Steamboat Com
pany. payable April l to stockhol
of record March Il.
Crane. Paris & Co. announce the en-
tire issue of 100000 bonds Of the
SucSdpeGhc anu IOtOHldc Ielep0one
Company OF Virginia have been sold.
The banking firm was the exclusive
agents for the sale of the bonds in
this city.
c. r. Crapmer has been appointed
resident manager of the American
Audit Company of New York. and is In
charge of the Washington office in the
Colorado building. Mr.. Cranmer has
been connected with the Washington
office for nine years.
Capital Traction per cent bonds were
the big sellers on the local Stock Ex-
change today. After call 5000 of the
bonds were traded at 1885, Railway and
Electric Is sold 500 at S31z and $1.0G0 at
81. Potomac Electric IS sold 81 900 at 1o7.
An effort was made by one broker to
trade in Metropolitan National Bank
stock. He raised the bid to 200. but was
una Bile to get an offering under EOS.
National Bank of Washington stock
sold ten shares at 30. and American Sc
curity ard Trust. two shares at 295.
Rai.way and Electric common sold at
81. The quotations for both the COM
mon and preferred stiffened up bit.