Evening star., 1921-07-26
new TRUST Co. IS
BEING ORGANIZED
Capital, 100000; Site
Lower Floors of Remodeled
Hotel BeIvidere.
BY l. A. FLEMING.

pany that have been current IN
, Washington for the last few weeks
seem to be gradually centralizing,
and plans are approaching compile
tion for the organization of such a
corporation to be housed in the re-
modelled building now occupied by
the Hotel Belvidere, on the northeast
corner of 18th and 1 streets north
west. The lower stories of the hotel
are to be changed to accommodate
the new corporation.
The F. H. Smith Company has re-
Gently obtained control of the Belvl-
dere property. This company does
an investment. real estate ana IN
surance business and is said to be
back of the proposed new trust COM
pany.
S. J. Henry of the F. H. Smith Com
pany, in charge of financial matters.
when questioned, declared that he was
not at liberty to discuss the project,
but it is known that efforts are being
made with considerable promise of
success to secure additional capita!
from New York interests. Some New
York cash has already been received
in subscriptions.
Ezra Gould, president of the Wash
ington Mechanics Bank and one
time president of the Dupont National
Bank, is said to be slated for the
presidency of the new corporation.
The F. H. Smith Company has a
large real estate. renting and insur-
ance business and also a large invest
ment clientele, its patronage alone
assuring considerable exclusive busi-
ness to the new trust company.
The new trust company will be an
mortgage bond business of the Dis
trict
Calls for Cash.
Another call for 10 per cent of the bal
ance to the credit of the Treasury, aris-
ing from the June Is sale of notes and
certificates, was made on banks holding
these funds. payable on Thursday of this
week.
This credit balance is being very rapid
ly reduced, and local bankers confidently
look for another issue of Treasury GER
tiffcates by the first of August.
The Secretary of the Treasury set
aside sufficient sum from the June Is
sale to provide for July and August
maturities of Treasury certificates.
Personal Mention.
W. B. Hibbs has returned from At
lantic City.
Joshua Evans. jr.. vice president of the
Riggs National Bank. is at Cape May.
Delegates to the American Institute of
Banking convention will return to the
city on Friday.
Harmony Among Directors.
Here is a new one. 1t is no new
thing for directors to dine together
at the expense of the bank or it's
president; but when bunch of di-
rectors and officials agree to take
week off and go fishing way down
in the lower bay near Norfolk, then
it is an innovation.
The Bank of Commerce and Saw
rrrs1v =
working force next week-automo-
biles to Baltimore, steamer TO Clai-
bourne and autos the rest of the
way. In the party are John NJ. Rior-
dan, Frank Owings, A. S. Galley, o.
B: Zantzinger, Irving Owings. r. L.
Elliott, W. R. Adams, Nick Dennis, ].
Allen Riordan and T. Howard Duck
ett.
All preparations have been made
for the slaughter of the hardheads
and for the shipment in carloads to
Washington.
Local Securities.
Potomac Electric general mortgage
6s furnished the only business on to-
days session of the local stock ex-
change. $1,000 selling at 95a and
$4,000 at 95A.
The best bid for call money was
5h per cent
Bid for Real Estate Title.
Shareholders in the Real Estate
Title Company have received a COM
munication from G. A. Garrett. man.
ager of the local office of Houseman
& Co. of New York, making a tender
of $50 a share for the stock of that
corporation, provided the bidder
could secure 1000 shares.
The last sale of the stock was made
some time ago. on the local stock
exchange, at II a share, but there
have been only three shares sold dur
ing the current year.
This morning the bid price jumped
to par, 100 share.
The Real Estate Title Company at
once notified it's shareholders, by let
ter, that its holdings in the corpora
tion possessed value considerably
above par.
Back to Business.
Eugene E. Thompson, one of the
governors of the Investment Bank
ers' Association, has returned to the
city.