The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1927-01-22
100000 OFFER
Of SHARES
By RICHARD HATTON

Directors of the Commercial Ma.
tional Company have authorized the
Issue Of 100000 per cent cumula-
tive preferred stock. par value 500
This stock is now being offered to
shareholders of the Commercial Ma.
tional Bank on the basis Of one
share Of the new preferred stock
Tor each two shares of the stock
OF the bank owned.
According to a communication
sent to the stockholders Of the Com
mercial National Bank and the Com
mercial National Company. signed
by President r. Golden Donaldson,
the Commercial National Securities
Company Incorporated. received it's
charter on March 20. 1925, and be-
gan doing business about June of
the same year.
After several months it was do,
cided that the name was two long
and the name was changed to The
commercial National Company. Inc.
The company has now been in
operation about seven months and
the net profits to date are stated
to be over $4,000.
In order to carry out the plan
contemplated at the time the com.
pany was organized, the new stock
issue was authorized.
The preferred shares, it is an.
nounced, win be subject to redemp.
0on by the company of any divi.
dend period after three years at the
price of $fO7 per share.
At the first meeting Of the newly
elected board OF directors Of the In.
ternational Exchange Bank the fol.
loving OFFICERS were elected: Presi-
dent, Joseph Sahiavone: vice presi.
Dent and counsellor, Francis L. Neu.
beck; cashier, Frank j. Kaufman.
r., and assistant cashier, Miss Julia
Kraus.
At q meeting of the newly elected
directors of the Departmental Bank
the following officers were reelected
to serve during the coming wear:
President, ]. T. Exnicios, vice nresi.
dents, Marshall o. Exnicios, q. w.
Libby and Clyde Reed; secretary.
Louis A. Rosafy, and assistant
cashier, John L. Copelan.
The following officers we're re.
elected at the first meeting Of the
newly elected board of directors of
the Northeast Savings Bank: Presi-
dent, L. 2. Steuart; vice presidents,
Charles r. Talbert and George r.
Hoover; cashier, w. Reginald Lewis:
general counsel, James B. Flynn.
The dollar volume of trade during
the second week of January, al
though smaller than in the previous
week, was greater than a year ago,
as measured by check payments, &C.
cording to the weekly statement Of
the Department of Commerce. The
volume OF new building contracts
awarded during that week was
smaller than in either comparative
period. The production of crude
petroleum continued to increase.
both as compared with the previous
week and the same week of last
year.
The Commercial National Bank
had % members of it's staff enrolled
In the classes of the Washington
Chapter, American Institute of
Banking. during the first semester,
according to the Commercial
National News, which states that
only one other bank had a larger
number enrolled.
The American Bankers Associa.
ton has published some interesting
data in regard to the McFadden
bill. which has been furnished to
members Of the association. The
information prepared under the
auspices of Edmund S. Waite, chair.
man of the committee on Federal
legislation. and approved by Presi-
dent Melvin A. Traylor. who is now
in Washington on business con.
nected with the proposed legisla.
lation.
According to the January Index
of the New York Trust Company
the sale of 4,4S0, 600 motor cars and
trucks in 1925 brought more than
four billion dollars in retail value
to the automotive industry Of the
country.