The Washington herald., 1921-03-19
PRUDENTIAL BANK
sORCaNlzED WITH
ssl0Oy00O CAPITAL
New Colored Institution
May Start Functioning
In Two Months Time.
OTHER LOCAL NOTES
d. C. Securities Slow-Divi-
dends Deelared-Riggs to
Expand-Bankers Meet.

Another new ana strong banking
institution to be conducted by men
prominently Identified with the
financial and commercial element of
the colored population Of Washing
ton has been organized, and will be
permanently located at 717-71s Flor
ida avenue northwest
The authorised capitalization of
the new bank. is 100000. stock of
which 10 rapidly being subscribed
John r.! Hawkins. financial secre-
tary OF the A. NJ. Z. Church, has
been elected to head the new insti-
tuition Henry p. Slaughter has
been named vice president; R. H.
Rutherford. president of the Ma
tional BENEFIT Insurance Company,
haz-been elected treasurer. while c.
-W-Banton is secretary.
Site for the permanent location
Eas already been purchased. and offi-
cials are planning for the construc-
tion Of a modern building to cost in
4 the neighborhood of $4,000 to $780,
/ 600. Completion of the building is
expected to be accomplished in about
4 two months time. The new institu-
tion will specialize in commercial
ind savings accounts.
The directorate for the Prudential
Bxnk represents the financial and
commercial powers of the district
in question
Local Securities.
Trading on the Washington Stock
Exchange lost much Of its week IS
actfrity yesterday morning when
only a few choice issues were
deemed purchasable by traders
Capital Traction stock pleased its
afoalewers by advancing a full point.
this issue opening at S6k and clos
ing At 81. Thirty-five shares were
traded in. Lanston Monotype sold
-4es the extent OF seven shares at
10; Mergenthaler. FIVE shares at
14eik, and thirty-five shares of
Washington Gas light stock at 421a
.esswashington Gas ia per cent
notes to the extent of $1,000
changed hands at 1O0Lz. while Wash
ington Railway general IS sold to
the same amount at 81.
Dividends Declared.
At the regular meeting of the
board of directors of the Security
Sayings and Commercial Bank. the
regular quarterly dividend of per
ssRt-payable March 81 to stockhold-
ers of record March % was declared
zCities Service Company has de-
:. elared the regular monthly divi-
dends of y of 1 per cent in cash
on preferred stock. the preferred
B stock and the common stock,
and also the regular monthly divi-
dend OF IL per cent in common
stock at par on the common stock,
all being payable May 1 to stock
holders of record April Is.
Directors of the Commercial Ma
tional Bank have declared the reg
uiar quarterly dividend of 2h per
cent payable to stockholders of rec
ord March z3 on April 1.
Alexandria Chamber to Meet.
The annual meeting of the Cham
Der OF Commerce of Alexandria will
be held in the auditorium on Mon
day evening next. at o'clock. The
membership at this time will elect
four directors and the officers will
make their reports.
IS RiEgs Plans Extensions.
The old Arlington Insurance Build
tng-now the property of Riggs Ma
tional Bank, will shortly be rebuilt
end~ occupied by the savings de-
partment Of the institution. The
Necessity for more office space, ow-
hgSto the rapid growth of the in
etit9tion, is responsible for the i'm
pending extensions.
Il n. c. Bankers Meet.
The dinner committee of the Dis
rict Of Columbia Bankers Associa-
dons headed by Col. r. N Harper.
pet in the latter's office yesterday
efternoon and untangled a few mi
Tor details still in process of COM
Melton.