Evening star., 1928-11-01

laceived by the 40
ciI1cialS of both
hanks so that the George A. Garrett
l,erger is certain
- go through without a hitch. TIL
two meetings are to take place at
am. at the respective banks.
Ratification of the consolidation
rlan will be the last step in unitin
ne largest bank in Washington ant
ne of the oldest. the Georgetown in
stitution having been in existence IL
years. Only the National Bank O.
Tashington and the National Metropo
Ian rival this bank in age.
The plan of consolidation calls fo
~ increase of the capital stock of tn
iggs National to $3,000,000. Part o
lie 5000 shares of the new stock vii
:, used to acquire the Farmers & Me
lanicS and $500 shares will be Offered
} the stockholders in the consolidated
Institution at $3.50 share.
President Robert V. Fleming Of Riggs
las already announced that the present
7ersonnel of the Farmers and Mechan
,cs', in Georgetown, and of the bank:
lranch in Friendship would be retained
under the merger The officials of botf
banks believe that the important merg-
or will prove highly beneficial to each
institution, and are enthusiastically
awaiting tomorrow'S action by the stock.
holders. BY the beginning of the new
wear Riggs National plans to have cap
i;al and surplus evenly balanced at $3,-
100000 each.
S2,5OO,OOO Wardman Bonds Offered.
An offering was made in Washington
and the other financial markets of the
country today of an issue of $2,500 00C
Wardman Realty g. Construction Co
6l2 per cent debentures, due Septem-
Der l, 1888. The debentures are being
about 634 per cent, by HalSey, Stuart &
Co., Hambleton & Co, A. B. Leach &
Co., Inc; Rogers, Caldwell & Co., Inc.
and William r. Compton Co. The first
offering for the organization was made
late in September when an issue of SILL
10000 Wardfnan Real Estate Proper.
ties, Inc, 61s per cent bonds were sue
cesSfully placed by the same group
The Wardman organization, since it:
inception in 1908, has constructed many
outstanding buildings in Washington
The Wardman Realty g. Construction
Co. is actively engaged in all phases oi
the real estate business, having a con.
struction, engineering and architectural
division, as well as a realty brokerage
management, insurance, appraisal ano
-'ental business. The company, in addi-
ton, owns all of the stock of Wardmar
Real Estate Properties, Inc, which or
-aniZation owns and operates five apart
nent houses, four apartment hotels, in
Guiding the Wardman Park Hotel, the
Wardman Park addition now under con-
Struction, the Carlton Hotel and ar
Office building leased to the United
States Department of Justice
The proceeds from the sale of the
debentures will be applied toward the
ncquisition of the stock of the proper
lies company, to the acquisition of other
property and as working capital for
ne company, according to today's an
-ouncement.
Washington Stocks Firm Today.
The local Stock Exchange opened to-
ay with 50-share transfer of Capital
raction stock at 10534. The next sale
IS 100 shares of Chestnut Farms Dairy
r-cferred at 109. Potomac Electric 5h
7r cent came out at 109 and the per
( ut issue at 1879.
Thirty-f1ve shares of Riggs National
Id at $40 and 10 more at 572. Five
Union Trust moved at 337. Wash
SWIM \Oo OOAA az 4OS "a dAAO 4U1 "a OIl
nall lot transfers. Firemen's Insurance
}. registered 38A, Federal-American
}. common, SIS, and Security Storage
D., 1875.
Mergenthaler Linotype was quiet,
osning at 100B and closing at 10034.
end trading was confined to Capital
Taction, Potomac Power & Gas issues
recent levels. So many dividends
ere paid today that not stock on the
st was quoted ex-dividend.
Member of Seven Exchanges.
George A. Garrett, resident partner
Messrs. F. B. Keech & Co., started
s banking career with Lee Higginson
: Co. of Boston. He came to Wash
lgton in 1914 as vice president anc
lrector of the Dupont National Bank
Il held this position until the United
tates entered the World War, when
g resigned and was commissioned as
eutenant in the air service.
In July, 1919, Mr.. Garrett entered
ne brokerage business in Washington
nd became a. partner of his firm ir
925. He is member of the Wash
'lgton Stock Exchange, the New York
jotton Exchange, New York Sugar anc
foffee Exchange, Rubber Exchange oi
lew York, New Orleans Cotton Elk.
"hange and an associate member o.
he Liverpool and Bremen Cotton Ex-
changes.
Land Bank Bonds on Sale.
Public offering is being made today
of new issue of S15,000,000 1890 veal
Federal Land Bank Al per cent bondi
at a price of 100 per cent and interest
The bonds are being offered to tht
public by a countrywide group, com.
posed of the II Federal Land Banks, in
vestment houses, institutions and up
wards of l 900 dealers. The banking
group is headed by Alex. Brown & Som
of Baltimore, Harris, Forbes & Co.
Brown Brothers & Co., Lee. HigginsoI
& Co., The National City Co., and th'
Guaranty Co of New York.
Heard in Financial District.
Frank W. Stone, vice president of tn
National Savings & Trust Co., has re
turned to his desk from a three-weel
vacation, much of which he passed mo
tori1g in the Adirondacks.
j. William Harrington of w. B. Hibb
& &C is confined to his home with i'll
ness.
George E. Fleming, vice president o
the Union Trust Co, is expected hom
from Europe next week.
William B. Buruss, for 19 years il
the insurance business, is giving
series of lectures for local insuranc
men at the auditorium of the Acaci;
Mutual Life Insurance Co. The lee
lures are sponsored by the District Lif
Underwriters Association and al
arousing wide interest.
West Virginia Concern Reports.
The West Virginia Water Service Co
a subsidiary of Federal Water Servic
Corporation, reports gross revenues @
S769, ,564 for the year ended Septembe
30, 1923, as compared with $739,775 70
the preceding II months. Operatin
expenses, maintenance and taxes, othe
than Federal income tax, totaled $423
910, as against S436,210. Gross incom
t..l e c2An 1Itiai oh