Evening star., 1922-03-29
announce MERGER
OF LOCAL BANKS
Business, Directors and Per-
sonnet of Union Savings
Go to Continental.
BY 1. A. FLEMING,

At special meeting Of the share
holders of the Union Savings Bank,
one Of the oldest savings institutions
in this city, practically the entire rep
resentation of shareholders voted to
accept a proposition of the Conti-
mental crust Company and will, at a
latsr date, merge with the latter.
Wade H. Cooper. who is president
of both institutions, will remain with
the consolidated institution as it's ex-
ecutive head.
All the personnel OF the Union Saw
ings Bank goes to the trust company
in the merger. the directors also be-
coming, in due time, directors of the
Continental Trust Company.
No comment has been made as to
the method of financing the merger.
save that the capital stock of the
Continental Trust Company will not
be increased. but will remain as at
present.
The merger will be effective as of
In taking over all the assets and
liabilities of the Union Savings Bank
the resources of the Continental Trust
Company will be increased to about
$6,000,000.
The Union Savings Bank was Or
ganized in 1891, and many of the lead
ing bankers of the city have at some
time been connected in Official ca
pacity with the institution. 1t num-
bered among its presidents E. Quincy
Smith, E. Southard Parker, A. q.
Clapham and Wade H. Cooper. the
incumbent.
Its capital is 100000. surplus and
undivided profits $4,000 and deposits
s1.500,000.
TT win be the policy of the man.
agement." said Wade H. Cooper. to
build up a large surplus and thereby
make the Continental Trust Company
stronger and more useful fnstltu-
ticn."
The Union Savings Bank owns its
own building, while the Continental
Trust is in rented home.
Wade H. Cooper is also the pres1-
dent of the United States Savings
Bank, but no merger of this property
is contemplated. at least at this time.
VIII Move $3,sO7.12O.s7.
On Saturday at high noon the work
chants Bank from its present loca-
ton, Alb G street, to the big banking
room at the northeast corner OF II
and 18th streets northwest, In the
by the United States Trust Company,
the Munsey Trust Company and the
city post office, will begin.
On Monday morning at the opening
of banking hours the successor of the
Merchants Bank, the Merchants
Bank and Trust Company. will open
for business. with enlarged capital.
enlarged resources and prepared to
take it's place among the trust COM
panies of the city, making seven OF
these corporations operating in the
city.
Peter A. Drury, president and
Ernest E. Herrell, active vice presi-
dent, believe the transfer will be
made smoothly and safely, all needed
plans for safety having been COM
pleted.
Columbia GraphOphone C9.
The list of new directors of the Co
lumbia Graphophone Company, made
public in this column yesterday, ap-
pears in the Wall Street Journal this
morning. 1t develops that the new
board includes representatives of
will probably assure conservative and
careful management, with economies
instead of waste.
President Wilson, commenting on
the policy of the management, said:
1T will be the policy of Columbia
Graphophone Manufacturing Company
to establish itself firmly with the
dealer, through superior products,
sound merchandising policies and ex-
tended advertising activity with a
view to further creating public de-
mand for phonograph music general
ly, but through the medium of CO.
lumbia instruments and records spe-
cifically. 1t will be the company's
particular aim to further establish
its good will with the dealers through
perfect service and intimate ,co-opera-
ton.
"Close contact with the dealer and
sympathetic knowledge of his prob
lens are of prime Importance at this
time, in view of the many companies
which sprang into existence during
the imitation period which have placed
in competition with high-grade ma
tionalIy advertised products inferior
merchandise. The management recog-
nizes the necessity of strictest econ
omy in every department of the Or
ganization. Much has been accom-
plished in this direction in the past
thirty days through reduction of
overhead and in factory and sales
activity"
More confidence was shown in the
preferred shares on the New York
exchange.
Local Securities Firm.
The fresh bull movement in the New
York stock market was reflected by
increased operations in bonds and
stocks in the local market.
Prices were invariably firm and
tending toward higher levels.
Washington Gas sold at 55, Capital
Traction at s51S, Railway common
at 3SN, and the preferred at 69k.
The typesetters were slow at 147H
to 1471s for Mergenthaler, and IS
for a small lot Of Lanston.
Bonds were firmer, with sales at
1863 for the Is of the Potomac Elec-
trio Company, 921s and 92H for con-
solidated 5s of the same company