Evening star., 1925-06-10
MERGER OF BANKS
IN FINAL STAGE
Northwest National and
Riggs to Be United at
Special Meeting.
BY CHAS. p. SHAEFFER

S1ftS. SHAEFFER
Inc Northwest National Bank viii
cease to exist this afternoon when III
| shareholders and stockholders of tht
rAess National Bank write its obit
uary at special meeting called fol
.he purpose of ratifying and confirm
ing an agreement of consolidation be
tween the two institutions. Thii
actlon Will complete the merger of thu
NSorthWest National. formerly the
MI rIhWest Savings, with the Riggs
and will result in the elimination ot
tne Washington Heights Office OF
riggs. the business of that Office beins
transferred to the ba hiking house al
the corner of Eighteenth street and
Columbia road. This office, formerIy
occupied by the Northwest Savings
BANK, will henceforth be known AZ
the Northwest Office of the Riggs Ma,
tional Bank
Remodeiing of the new office will
be undertaken at once. and when com.
pieted will offer increased facilities
70 the residents and merchants of the
Mount Pleasant vicinity.
The Washington Heights Office OF
Riggs. which has been operated al
2477 Eighteenth street. for the last
two years, was an Office operated
under the Millspaugh act and operat.
ed as a 'tellers' window" branch.
By acquiring the Northwest Savings
and consolidating it after nationaliza.
ton with Riggs, the latter has secured
a statutory branch with full powers
instead OF an Office with certain
The Riggs National now has five
off1ces-the main institution and four
statutory branches with full powers.
The newest branch will be under the
management of Vice President Gregg
Z. Burns, with Charles G. Hubbard,
assistant
acting assistant manager of outside
ofhces, will remain with 1t until old
depositors gain a thorough acquaint.
anceship with the changed personnel.
Gas Stock Again Strong.
Stock of the Washington Gas Light
Co. was again the bright spot on the
local board this morning, $50 shares
selling at SO. new high level on the
present movement of the security. It
closed firmly, being held at a frac.
tional premium on the days sales
figure.
Railway preferred stock broke
slightly to 82A on sales of 45 shares,
but Lanston was unchanged at 49,
Mergenthaler Linotype was quiet at
176, and Capital Traction strength.
ened to 96 on sales of Is shares. Ma
tional Mortgage and Investment pre-
ferred was firm at 9ss, as was Riggs
at 345 and Commercial National at
18Th.
Savings Bank 19 Years Old.
The Washington Mechanics Savings
Bank has just celebrated its nine
teenth birthday. Figures made pub.
lie this morning by Ezra Gould, presi-
dent of the institution, show that on
June 9, 1906. date of establishment,
deposits totaled the insignificant sum
of $1,474. Nineteen years later, or at
the close of business yesterday, this
item climbed to the prepossessing
figure of 719,67246.
1t has been under the administra.
ton OF its present head, who orga nized
1t, since inception. Inthe last year 1t
has acquired the Peoples Commercial
and Savings Bank, giving it three
offices, the parent institution at
Eighth and street. southeast, and
two branches, one at 360S Georgia
avenue northwest and one at Ninth
and East Capiol streets.
Officers. directors and the clerical
personnel of the Security Savings and
Commercial Bank, together with their
families, will be the guests of the in
stitution at the Congressional Country
Club this afternoon and evening in
commemoatrion of the scaling of
$5,000,000 in deposits.
Semi Annual Dividend Voted.
Directors of the Citizens Saving
Bank have approved the regular
semi dividend on capital
stock. payable on June so.
This institution has been on an an
nual dividend basis of per cent for
the last three years. Fernand Petit
is its active head.
Bond Offerings Made.
A syndicate composed of Stone &
Webster, Inc, Blodget & Co. and
Blair & Co., Inc, are offering today
$780, 900 of Virginia Railway and
Power Co. first and refunding mort
gage per cent gold bonds, due
July 1, 1884, and S4S6,000 Virginia
Railway and Power Co.-Norfolk and
Portsmouth Traction Co. first mort
l, 1886, both at 981a and interest.
These offerings are part of the issues
already outstanding and do not repre-
sent new financing.
Both issues are the direct obligation
OF the Virginia Railway and Power
Co., which does the entire electric
light and power and traction business
in Richmond, Norfolk, Portsmouth,
Petersburg and surrounding terri
tories, and, through stock ownership
and control, the gas business in Nor
folk serving a total population in ex-
cess of 100000.
The first and refunding mortgage
per cent bonds are a first closed
mortgage on the entire light and pow
er, traction and Office building prop
erty in Richmond and Petersburg,
conservatively valued at more than
S29 ,000, 900. These bonds have been
issued in the amount of 5000 900.
including 81 ,921 900 held alive in the
sinking fund. There are but S12.614,-
900 bonds of this issue outstanding
with the public and s465,000 held by
the company.
The Norfolk and Portsmouth Trac-
ton Co. first mortgage per cent
bonds are a first closed mortgage
on the electric light, power and trac-
ton properties in the Norfolk district,
conservatively valued at $14.000,000.
They are, in addition, a direct mort
gage on property valued at 81 100000,
subject to $47S,000 underlying liens.
There are s7.240,0o0 of these bonds
with the public, S211000 held by the
company and $549 900 held alive in
the sinking fund.