The Washington times., 1914-03-15
BANK ORGANIZATION
ACTIVE IN CAPITAL
Formation of New Institutions
interests Financial Circles.
Local CIearings Increase.
BY GEORGE H. GALL.

The week in loca' financial circles has
seen the organization of new ma
tional bank, practical completion of
the organization of another bank, and
the announcement of the opening of a
savings department in one of the old
est national banks in the city.
The coming week now seems likely to
| witness the organization of another
new bank, and the combination of two
| others.
Subscriptions to the capital stock oil
the Franklin National Bank, which has
taken over the Tenth street branch
of the Munsey Trust Company, Will
close with the close of business Tues
day. 1t is announced that the stock
is being subscribed and that large
number Of small subscriptions have been
made.
Subscriptions to the stock of the Ex-
change Bank Of washington are SO
said to be largely made UP before puo-
| lie offering The men interested in the
| organization of this bank, Victor j.
Evans, Col. r. L. Montague, and others,
have nearly completed negotiations Tor
taking over the Twentieth street
street branch of the Munsey Trust Com
pany for the purpose of the new bank.
Negotiations for the absorption of the
| Fourteenth and u street branch of the
Nunsey Company by another bank, ana
for the acquisition of the Dupont Circle
branch for a new bank are progressing,
| it Is reported.
The Second National Bank. as an
nounced in the Times yesterday, VIII
open a savings department next Wed
nesday morning.
As to plans for the Reorganization Oh
q new trust company by the stockhold-
ers OF the United States Trust COMPANY
there Is little basis for such an an
nouncement at this time. accorolng 70
one of the most influential alreclois VA
| that company.
THE affairs Of the United States
Trust Company are being worked out
| in the happiest sort of way, TINS d.
rector said today, but there is.no @ Wat ,st
rant for the assertion that new trust
company will result"
The regular quarterly dividend of 1!5
4 per cent has been declared by the d.
rectors of the Union Trust Company,
payable April Is. TO stock OF record
April /.
Bank clearings N Washington for the
week ended March Il showed an M
crease OF u per do SOhhPoA
the previous week and as compared with
a decrease of Ia for the whole country
for the same period, according 10 BRAD
streets compilation.
Washington bank clearings amounted
to SS,3i7 coo for the last week, as against
IS, ,109, 600 for the preceding week. This
increase is more significant when COM
pared to the record for other Eastern
cites. Baltimore clearings decreased 10
per cent; Richmond showed decrease
| nf A philalalphia deCrea Sa
of 81 per cent, and New York clearings
decreased 3.3 per cent.
The week in the local stock exchange
showed more activity, as illustrated b.
the comparative sales. Bonds amount
I ing to $36, 500, par value. were sold, COM
pairing with 800 in the previous week,
and stock sales totaled $50 shares,
against 657 shares the week before.
There was no important change in
prices.
The managing committee Of the
voting trust of the Washington, Bal
timore and Annapolis Electric Rail-
Bishop. president; F. II. CHM. vice
president, and George X. Sheldon, a
director, has asked stockholders to
continue the trust for two years from
April /. the date upon which it eX-
pires, upon the ground that the best
interests of stockholders Will be
I served
For February gross operating rev.
enue increased S4,393 and for the
first two months of the year. s10.20l.
! Net operating revenue increased
S1,4s9 for February and S4,24S for
| the two months.
The national banks will make an
other payment to the Treasury De-
partment tomorrow on account of
| crop moving and District tax money
! deposits.
Henry 3. F. Macfarland, as a pri-
vate citizens and out of his experience
| of ten years as Commissioner of the
| District, has written a strong argu-
ment to the organization committee
| of the Federal reserve system in be-
| half of Washington's claim for Sc
! lection as the site of one of the re-
| gional reserve banks
Batter Up!
| Breathes there a man with soul so dead
| He never to himself hath said: