The Washington times., 1914-02-26
BANK DIRECTORS
COMPLETE MERGER
Three Boards Ratify Transfer of
Seventh Street Branch to
Security Bank.
By GEORGE H. GALL.

The merger of the Security Savings
and Commercial Bank with the Seventh
and q street branch of the MunseF
Trust Company has been completed ana
the directors of the former institution
will meet within q few days to outline
a policy of management.
At meetings of the directors Of the
Security Bank and the Munsey Trust
company late yesterday afternoon tie
transaction whereby the Security should
take over the branch bank were Tau-
lied. Earlier in the day similar action
was taken by the directors OF the
United States Trust Company. .
While Julius l. Peyser. president OF
the Security Savings and Commercial
Bank. today would make no statement
in advance of the meeting Of the direc-
tors to determine upon the policy OF
the combined institution. he indicated
that one of the present banking houses.
either that at Ninth. or the other at
Seventh and G streets, would shortly
be discontinued and the business of the
bank continued in the home of one.
Business on the local stock exchange
was further improved today. Wash
ington Gas bonds were active. After a
$500 bond had sold at 1914 s10,5oo more
sold at los. The stock also was firm,
one share selling at 81 and full quota
tlOn IOt at S3ts. w dSnlllS
and Electric As were firm. $1,000 selling
on call at S2ss and another $1,000 after
call at S212.
Washingto Virginia Railway common
and preferred stock came out for the
first time. Twenty-Five shares f the
common sold at ~ and a like lot of the
preferred at 20.
There was sale of twenty shares of
Washington Railway common at SIN
and another of a quotation lot at sIs.
one share of the preferred sold at IS.
Capital Traction sold again at 1l9 for
fourteen shares, but single share sold
after call at 1891. Mergenthaler shared
IN the activity TO extent of thirty shares
1T e15sl, after seven shares had sold at
2lsl4. There was also . sale of 1000
OF Anacostia and Potomac Railroad SIS
at par.
The first OF series Of lectures on the
law Of negotiable instruments will be
delivered by Alexander Wolf. general
counsel for the Bank of Commerce and
Savings, before the Washington Chap
ter, American Institute of Bauking, at
the chapter rooms. 1914 F street FORTH
west, tonight at Sis O'Clock. The lee
lures will be continued weekly.
Little change in the steel Industry is
reported today by the IrCn Age, which
SAYS in its weekly review, in part, as
follows:
Reports from the large steel compa-
MES emphasize the good rate of speci-
fcetions more than that of strictly new
orders. Chicago notes an apprecia ole
lull in new business in steel products.
as well a. pig iron: at Pittsburgh re-
cent conditions are practically un-
changed. both as 20 mill operations and
new bookings.
The extent TO which manufacturing
consumers have caught step with the
rolling mills is a matter on which steel
makers are seeking light in determin-
ing how far the restocking movement
Of recent weeks will have the backing
o. expanding industry. The coming
month may make this clearer Found
les have shown practically no increase
IN their melt of iron and in machinery
lines there has been no real movement
thus far.
steel companies have been using up
accumulated pig iron and a few more
nlast furnaces are going in. including
Two at Spa-gOws Point and three Of
ne Carnegie Steel Company stocks
--sst week the Steel Cooperation blew in
our furnaces. Its active steel ingot
"aracity this week - " Der cent The
average o. independent companies is be-
To-" this. For the month considerable
increase in the Steel Corporations un-
0Led orders is said TO be indicated.
Late additions to the Illinois Cen
fEal rail orders bring the total up to
"','J tons. divided between the Ensley
anG Chicago district mills. The Great
Northern has placed a total Of 5000
.uns with three companies and the
bufalo, Rochester and Pittsburgh has
b"u%ht 300 tons at Pittsburgh, besides
n!acing similar contracts with two other
companies. A sale Of 1870 tons has
cen made for shipment to the east
coast Of South America.
Structural contracts let in the week
amount 10 1000 tons, OF which about
.9,"9 tons went to the leading COM
'any. At Philadelphia the Widener
'tl!dlng will require about 900 tons
and the Great Northern office building,
IL 81. Paul. 500 tons
DeVeiopmen Ia most finished lines
nave been meager. The mills are quite
well sod for March, Dut here and
there an order comes ~, that is eager
y competed for as is t. be expected
with existing slack In carracItv.'
Gross earnings for Jau ar, or the
Washi' gton. BHltin0re ana ANNAPOLIS
Electric Railroad GuiGTany .5hovr an in
"rease % ia Dc C".!t as co-npared Win
the corr cSron4i'..r rN"nrh Z, year ago.
and February "sI n!ugs are equal. en-
Cour2cing. according to President
George T. Bishop. NJ. Bishop alrnOunc-
% that the company has doubled its
freight terminals in Baltimore. and
bought three Steel passenger and Two
new ex0rc2ss ears TO meet the increased