Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-02-24
NEGOTIATING PURCHASE
OF 7TH land GST. BANK
Security Savings and Commercial
May Acquire Trust Com
pany Branch.
Plan for Sale to Be Submitted to
Three Directorates
Tomorrow.

Negotiations are expected to be con-
cluded tomorrow for the purchase by the
Security Savings and Commercial Bank
at 9th and G streets northwest, of the 7th
and G street branch of the United States
Trust Company. which was absorbed sew
eral months ago by the Munsey Trust
Company.
1t is said the plan for the acquisition of
the bank has been approved by the Treas
ury Department and the officers of the
three institutions involved in the trans
action. 1t is said the purchase of the
bank cannot be consummated, however.
until the proposition has been approved
by the directorates Of the three banks.
Special meetings of the three boards have
been called for tomorrow afternoon for
this purpose.
No announcement was made today con-
corning the consideration involved in the
purchase or any of the details connected
dent of the Security Savings and Com
mercial Bank, said he was not in a posi-
ton to outline any Of the future plans
Of the bank until after the transaction
had been entirely consummated
The Security Savings and Commercial
Bank will purchase the It'll and G street
branch jointly from the United States
Trust Company and the Munsey Trust
company, ana therefore the TRANSACTION
must be approved by the directorates of
both institutions.
Several of the directors of the Security
Savings and Commercial Bank were
memuers of the directorate of the old
Merchants and Mechanics Bank, which
formerly conducted the It'll and G streets
branch before it was taken over by the
United States Trust Company, which
was in turn absorbed by the Munsey
Trust Company. They are julius l..
Peyser, Charles w. Darr George r. LIN
kins and A. D. Prince.
The officers and directors Of the Secur-
ity Savings and Commercial Bank are
julius l. Peyser, president: George R.
Linkins, vice president; Fred Mckee. vice
president; John H. Baltz, cashier; Will
W. Darr, general counsel. Directors
John II. Carter, Charles W. Darr, Louis
A. Dent, >. A. Edwards. ]. Thilman
Hendrick. George H. Judd, James A.
Flynn. julius l. Feyser. A. D. Prince,
George R. Linkins, Charles ]. Langmead,
Townley A. Mckee.
Business was unusually light on the
local stock exchange today. The only
bonds and sixtythree shares of stock.
Washington Gas 5s sold $1,000 at
107A
Railway and Electric preferred sod
price Of Saturday, when the lowest
sale price was s7k. The closing quota
tons today were s7h bid and SO asked.
Twenty-Five shares Of Washington
Gas stock sold at S3h. and thirteen
shares Of Lanston stock brought 81.
A contract to erect an eight-story
hotel at the northwest corner of North
Capitol and e streets for the Cap toll
Park Hotel Company was awarded to-
day to the P. r. Gormley Company The
contract price is, said to have been
about s223.000. Plans for the structure
have been prepared by A. 3. Mullett
and Company. architects of this city.
days. and an effort will be made to
have the building completed and ready
for occupancy about October l next
Bank clearings last week at the more
important cities in the United States
cording to .Dun's Review, the total
amounting to 5000. 1891 decrease of
a.3 per cent. as compared with the
$500, 1875 5S4 of the same week q year
ago. The comparison with the 81, 3S5, $40 :
92S reported for the corresponding week
in 1912. shows gain of 26.6 per cent,
but this is mainly due to the fact that the
week in that year contained holiday.
AT New York city bank clearings are
1913 per cent smaller than last year, but
$50 per cent in excess of those two years
ago, while the outside cities report loss
of SIS per cent and gain of III per
cent. respectively. as contrasted with the
same weeks in the two preceding years.
Philadelphia, Chicago. Louisville and San
Francisco are the only cities where i'm
provement is shown over 1913, while Bos-
ton and Louisville are the only centers re-
porting contraction as compared with
1912.