Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-14
PLANS Of BANK
MORE Definite
7. B. laWIer Manager of Or
ganization Committee.
Probably a Trust Co.
LOCAL. STOCK MARKET
BY I. A. FLEMING.

In all probability the International
Bank. now in process of organization,
will finally emerge as a full-fiedged
trust company. It is stated with
positiveness by well Informed people
that there is no law under which a
bank chartered by the District Of CO.
lumbia can do a trust company BUSH
ness and a commercial business at the
same time.
The national bank act was amend
ed SO as to permit a national bank to
function as a trust company when not
in contravention to local laws.
The only law in the matter was a
requirement of 100000 capital.
However. the men in charge Of the
organization work in this city are
prepared to change their plans, if
they find it necessary.
T. B. Lawler, a western man, is
manager of the local Office in the Nc
Lahien building. and Capt. J. R.
Waller, who has not as yet been mus
tered out of the Army. is secretary Of
the organization committee.
The prospectus Of the bank is de-
voted largely to the opportunities for
and the record of successful banking
in Washington. The records Of the
banks, population, Importance ma
tionally and internationally and other
facts that would naturally be pre-
pared in compilation of this charac-
ter complete the work.
The men back of the bank or trust
company are prepared to go the route;
they are from the far and interme-
date west; have placed half of their
stock and are ready to take the bal
ance if necessary, but desire to dis
tribute it where it will be the most
good.
When organized tho bank will be-
gin business with important western
connections.
Because the District code requires
that 81 per cent of the directors shall
be District residents, local men will
have to be represented.
The capital Of the bank will be as
originally stated. $1,100.000, par value
$3.50, which win give a surplus Of
$4,000
The men connected with the propo-
sition have successfully organized sew
eral western banks.
Spells Good Record.
The nth federal reserve district
spoiled Its long record Of quota SUBJ
scriptions in connection with the
August offering of Treasury certifi-
and the public. The quota Of the
district was $17.3o0.000 and the sub
scriptions but $9.79O.000.
Heretofore the district has always
gone over on all offerings, bonds
notes and certificates. The Richmond
federal reserve bank expresses dis
appointment over the failure and ex-
presses 1t in the query. ''Where viii
Richmond stand on the next an
nouncement?'
Local banks took $1.ss1.ooo Of the
August certificates and sundry
subscriptions were for 100000. a total
for this District Of $1.721.000.
West Virginia and +Vireinia. with The
Carolinas. furnished their allotted
quota.
Gold Movement.
Since the lifting Of the embargo on
gold exports Japan has taken $780,
$4,000 Of our stock and China $780,
$4,000. Silver to the amount Of 49,
Frisco for China. London has drawn
100000 for shipment by first steamer
for use fndustrially. German gold
will fill up the gold reserve fund.
Some Loan Refusal.
Chile is said to have refused an
American loan of SIS. zoo, 900, believ-
ing that the rate of interest was not
advantageous. The funds were to be
advanced by the United States for
the upbuilding of railroads.
Local Market Weak.
The condition of the WASHINGTON
Railway and Electric Company is ex.
erting a depressing influence on the
general market for local securities
This morning the preferred shares OF
the corporation mentioned sold at 4s
the low point. and then 100 shares
sold at 40. with little steadier clos
ing.
The common stock of the same COM
pany was entirely nominal, with IL
bid and 80 asked, a new low willing
to-sel1 price,
Capital Traction sold at 81 and more
was offered at the same price. Lans-
ton sold at So and Graphophone COM
mon. new. when issued, at ~.
Capital Traction bonds were weak,
Three $500 lots sold at IS, "a and So
the closing bid being 81 with the
bonds offered at 92A. Potomac Cen
eral 6S sold at 02X