Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-08-26
NEW SAVINGS BANK
IS Being FORMED
Capital 100000 invest
ment of Banking Funds
F in Local Institutions.
nv I. A. FLEMING.


work on the organization of the
Terminal Commercial and Savings
Bank, capital 100000. to be located
At 18th street and New York avenue
is progressing rapidly.
The stock is being sold at s12 a
share. the added 81 a share to furnish
the surplus for the institution.
John Brosnan. jr., is at the head OF
probably be the first president of the
, new bank.
Mr.. Brosnan is one Of the bes,
Known young business men of the
nay ana IT'S is head OF an insur rance com
Pans. me success that he has had in
placing the stock would seem to in
dicate that the new institution will
nave an suspicious opening.
Investing Bank Capital.
omcials of the International Bank
winch has been in process. of forma-
.ion In this city for some time past,
nave evidently decided that the pres
ent Is not, an opportune time to start
Dig banking venture. and they have
apparently adopted the plan of in
Vestlng the funds that they have OBJ
famed through sales of stock in go
ing banks and banking corporations.
as profitable means of employing
the capital and also of obtaining in
come with which to pay dividends to
shareholders.
John r. Waller, secretary of the
International Bank. announces the
purchase of considerable block of
stock in the Merchants Bank of
which Peter A. Drury is president.
while 1t is probable that Mr. Waller
VIII be elected a director of the Mer-
chants' at the next meeting of the
BOARD, the purchase will not affect the
control Of the institution, nor result
In any change in officials.
a large investment in the Interna-
tionai Finance Corporation was also
maoe, with the. result that Mr.. Waller
was elected a director of this company
at the last meeting Of the board Of
directors The officials of the Inter-
NATIONAL Finance Corporation are, j. A.
NJ Adair. president: w. Bernard Duke,
vice president; Ben L. Prince, vice
PRESIDENT and general manager; Arthur
=. Lampe. secretary, and W. L. Batche-
Ter, treasurer.
1t is also known that offers have been
made to other banking institutions by
the International Bank officials for the
purchase of large blocks of stocks, but
so far as known the two specific in
stances named are the only confirmed
transactions.
1t is also claimed that the Interna-
tional Bank participated in an under
writing syndicate with the Guaranty
Trust Company of New York.
! In circular to shareholders the In
terna tional Bank says: Negotiations
leading to the control and eventual con-
trob Of several Washington banks are
. progressing favorably.'
1t is also announced that the fully
paid stock Of the bank is receiving 8
per cent dividend.
A Granger Prize.
The Chicago Board Of Trade has Of
fered prize Of $4,000 for the best
exhibit of hay. grain and seeds at the
international live stock exhibition to
be held at the Union stock yards No
.vember 81 to December 8.
A desire to aid in improving quail
ity and quantity of grain yields
prompted the voting of the big pre-
MUM.
Local Securities.
Washington Gas was the leader in
activity on today's session of the local
stock exchange. Early sales were at
42x and later transaction was made
at 42H. This was a slight decline
from carly in the week prices.
Capital Traction sold in . small way
at ssh to ssh. A few shares Of Mer-
senthAler brought 123h. Bid prices
were generally or small fraction.