The Washington herald., 1922-06-09
r IN A CIAL.
RIGGS NATIONAL
BANK ABSORBS
HAMILTON BRANCH
Directors of Both Banks
Ratify Consolidation.
Dividend Declared.

At a special meeting Of stock
holders of the Riggs National Bank
. held yesterday a resolution was
the action of the board of directors
OF Riggs in entering into an agree
ment with the board Of directors Of
the Hamilton National Bank pro-
viding for a consolidation Of those
two institutions under the charter
and title of The Riggs National
Bank OF Washington.
Preceding this meeting. stock
holders of the Hamilton Institution
met and unanimously approved the
consolidation proceedings
Money In Circulation.
Total money supply In circulation
in the United States on June1. ac-,
cording to Official Treasury state-
.rnent released yesterday. totaled
ss.34s.s32.4s7. in contrast with ss,-
o64.50s.s55 on the corresponding
date of last year. This latter figure
includes adjustments on account Of
inclusion in monetary stock OF gold
bullion and foreign gold coin by
Federal Reserve banks and agents.
The general stock of money in
amounted to Ss.I26.5Oo.sszthe state
ment shows. compared with ss.144.-
ss7.sl5 on the corresponding date
of last year.
The total amount held In the
Treasury as assets OF the govern
ment totaled s4174s2.s6l. as against
s4ss .236.9S7 on the same date last
year. while total money held by
Federal Reserve banks and Federal
Reserye agents against issues OF
Federal Reserve notes aggregated
sz362,205,624. as against si.5s1.241
s13 on the same date of last year.
The per capita circulation for the
year shows a huge drop on June l.
1892. being s4s.7s. as against $500
for the same period last year.
The general stock is apportioned
as follows: Gold coin and bullion,
s3.774.47o.231: standard silver dol
lars. s37s37l.s51: subsidiary silver.
s2Ti.s5s.s22; United States notes,
s34s, s,ss1.015: Federal Reserve notes.
s2.511.s1o.s $50: Federal Reserve Bank
notes. ss7. .IoO.and National bank
notes. 755.soo.7o23.
Bank OF Commerce Dividend.
Directors of the Bank of Com
merce and Savings have declared a
semi-annual dividend of 4 per cent.
payable to stockholders of record
rs OF June 90 on July I.
Evidence OF the healthy condition
OF this institution is seen In the
above declaration. inasmuch as the
bank was formerly on a per cent
basis. with a per cent extra dis
bursement.
Announces Death of Member.
The Washington stock Exchange
yesterday announced the death OF
I r. G. wilkins. a member Of the
exchange, who died on Wednesday
last
New Per Cent Issue.
A-banking group headed by Cold
man. Sachs and Company, Lehman
Brothers, Charles D. Barney and
Company, and Hallgarten and Com
pany. announced yesterday an Of
fering to investors Of $4,000, 900
Z per cent cumulative preferred
stock. 800 par value. Of the Ameri-
can Metal Company. Limited, at q
price Of 500 and accrued dividends.
A block OF common stock is also
being offered at a price OF s44.50.
Proceeds Of the new financing will
be used to liquidate current indebt-
edness and will provide additional
working capital for development
and expansion.
Upon completion OF present
financing the American Metal Com
pany, Ltd, will have s5,0O0.000 Of
preferred stock authorized and out
standing. and 55s.000 shares of no
par value common stock outstand-
Ing of an authorized issue of 1,O00.-
900 shares. New preferred stock is
convertible into common stock at
holder option at any time before
June 1, 1927, at rate Of two shares
common for one share preferred
Preferred is redeemable in whole
or in part at option Of company
at sil0 and accrued diviend: Divi-
dends on preferre are cumulative,
beginning June l, 1922. The COM
pany has international reputation
In the metal trade.