The Washington herald., 1921-11-05
RIGGS INTERESTS
ACQUIRE CONTROL
OF HAMILTON BANK
Stock Majority Bought
For s12.75 Per. Share,
Understanding.
OTHER LOCAL NOTES
Treasury Announces d. c.
:5statisticS-Washington
Bonds Active.

4 Eoodly majority Of the capital
stock Of the Hamilton Savings
Bank. operating two institutions.
the main bank at Fourteepth street
and Park Road, and a central
Branch at Seventh and Eye streets
northwest. has been purchased by
interests In the Riggs National
Bank. according to announcement
made yesterday. Negotiations for
the purchase of the stock have been
going on for the past thirty days,
z. W. Bradford. president of the in
stitution. representing the present
control, paying 50 a share for the
stock plus an assessment OF 1915
a share. ordered by the Comptroller
of the Currency to restore credit
facilities.
Statement by Mr. Allies.
NJ, E. Allies, president of the Riggs
National Bank, said: The move has
long been in contemplation, first, in
order that the strength and service
Of the Riggs National Bank may be
carried to outlying districts, 1t be-
ing fully realized that the growth
of the City of Washington is such
What the great central downtown
institutions can no longer Gde-
quately serve business communities
that have developed at a distance
from the center.
We purpose, therefore, to carry
our service to our customers, rather
than that they should be incon-
venienced by the necessitv OF max
ing daily long trips to US Sec
ondly, we earnestly desire to offer
a cure for a gradually developing
bad banking situation in Washing
ton.
Move for Sounder Banking.
The multiplication of. minor
banks under State charters without
adequate business reasons there
for is becoming matter of some
concern. The move we have made
is in the general interest of
strengthening the general banking
situation. and we trust others Of the
larger and stronger institutions
will follow the lead we hS.ye taken
t0ubring about safer and sounder
banking In Washington
In all this. Mr.. Glover has given
his earnest and enthusiastic sup
port
ID. c. Bank Statistics
National banks in the District o.
Columbia. at the close of business
on September s. last. had resources
Of S110.92O, 900. according to a state
ment made by Comptroller of the
Currency Crissinger; loans and dis
counts. S55,9so, 900; sash in banks.
$3446,000: on reserve with Rich
mond Reserve Bank. $6,364.oo0. The
savings banks and
six trust companies had resources
OF S1O6.592. 900, loans and discounts
OF s60.745. 900 and $2,4s9.Ooo in ac-
tGal cash.
Capital stock of national banks.
SR677,oO0; surplus and profits. ST.
s57, 900. and S7s.ooO.ooo Individual
deposits
The six trust companies and
twenty-seven savings banks have
SIs,369, 900 capital stock, S9.s4S,eoO
surplus and undivided profits and
;s1, 900. 900 Individual deposits
Local Securities
Bonds were in good demand In
Yesterdays session of the local
stock exchange
Capital Traction IS moved up TO
aoL. the 7 per cent refunding Is
~ the Potomac Electric, put out a
Few days ago at Ssh, sold to 1ooA.
and the general 6s OF the Washing
ton Railway and Electric Company
at s41s.
proved and q larger volume Of bust
ness was transacted
Large sales OF Capital Traction
were recorded at Ss, Railway pre-
ferred changed hands at bs, and
Union Trust shares at lls1s.