Evening star., 1925-03-23
RIGGS TO SET TIME
LIMIT ON OLD ISSUE
Affairs in Bank Consolidation
Being Adiusted-Other
Financial Notes.
BY CHAs. p. SHAEFFER

circular letter to stockholders of
the Northwest Savings Bank VIII be-
nalled some time this week b. Riggs
national Bank, which recently pur-
chased the savings institution. setting
a time limit on their privilege to dis
pose OF the minority shares 1T s2G.75
snare, the price paid controlling in
terest
IL is expected these stockholders
VIII unanimously ava II themselves or
the opportunity which, beyond doubt.
rs very generous. The book value or
the stock is only about sl7 "a share
"hleh would entail loss in profit of
no lnconsiderable amount. Il the new
control Is forced to resort to liouIda
ten OF the banks affairs. Failing 10
secure the outstanding stock at the
oid price the only procedure would
be liquidation process the bank. o.
course. remaining open.
Already junior officials OF Riggs are
cooperating with those OF the North
west Savings in the operation Of the
oank' Assistant Cashier O'NeaI. in
charge Of branch Offices under Vice
PRESIDENT Hoskinson, having charge
OF the RIGGS personnel in the acquired
oank. Auditors of the purchasing in
stltutIon have gone over the books
OF the Northwest and have found its
aHalrs IN most excellent shape It T.
remembered that when Mr. Savage as
sumed the presidency some years ago
its condition was none too good.
II was indicated at Riggs TODAY thai
an early meeting of the board will be
held to consider Mr. Savage's urgenr
request that he be released by tho
presidency as soon as possible.
New Land Bnnk Issue.
A new issue OF s8,00o.00o Of Chicaeo
Joint Stock Land Bank AZ per cent
farm loan bonds will be offered this
week at l0li2 and interest, to yield
more than 4.30 per cent to 1894, and
IA per cent thereafter to 1854. This
will involve refunding of part OF the
per cent bonds of the Chicago Joint
stock Land Bank, which are now
callable at par.
The new offering is the first refund
ing operation of any joint stock land
bank into lower coupon rate. Totai
assets of the Federal Farm Loan
system now aggregate more than
$500, 900 600. approximately one-third
Of this amount being represented by
a joint stock land bank system, o
which the Chicago Joint Stock Ian.
Bank is the largest.
Germans Saving Money.
German newspapers point with priG
to the statement Of the WurttembeT.
Provincial Savings Bank as showinG
the return TO the habit OF saving il
Germany since the stabilization of rli
mark. The deposits OF this institution
which at the beginning of l9-
amounted to only 10000 marks, eA-
ceeded 100000 at the end OF the yea.
The giro" deposits increased simu,
taneously from 100000 marks at tn.
beginning Of the year TO more tina
16. 100000 at its end
1t is further estimated that Il,
100000 marks of savings deposlt
of all kinds reported by the instiru
tion at the end of 1924 compars
with 24o,0o0,o00 in 1914.
Lecture on Banking Systems.
Systems of Banking" will be Il
topic of the weeks initial lecture %
the local chapter, American Tnstitut.
of Banking, tonight. F. J. Donohu
viii discuss this topic before tlIr
standard banking class
James c. Dulin, jr.. past presid-u
OF the chapter. has called together Il
Alumni Association for tomor-J,
night at s o'clock.
Trading on Local Board.
Trading on the Washington Stog
Exchange was quiet today, III
paucity of transactions indicating n
pronounced trend
Lanston Monotype sold ct S2la ana
50 Il, and some odd shares of railwa
preferred brought S1A Nationa
Mortgage and Investment preferred
was in good demand at 9l4
Sales of $500 Washington RaiIwss
general 6s at l01bs and like amour
OF Gas 6s It l04 were the only trades
on the investment side OF the marksi