Evening star., 1937-10-26
BR|GHTWOODA AREA
SUPPORTING PLAN
|. FOR NEW. BANK
Subscriptions to 1000 of
5000 Shares Said to
Have Been Made.
NEED OF FACILITIES
CITED AT MEETING
R. I. Myers, Leader of Proposal,
Says Controller Must Pass
on officer Nominees.

Subscriptions to stock in the pro-
posed new Northwest National Bank
were increased to 1000 out of the
5000 shares offered. according to re-
ports at an enthusiastic meeting of
citizens last night at the old Bank
of Brightwood Building.
Robert /. Myers. druggist, who
heads a group of Brightwood business
men, applying to the Office of the
Controller of the Currency for a
charter for the new bank, presided
and outlined the need for a new in
stitution to take the place of the old
Bank of Brightwood, which closed in
1892.
Many subscriptions for shares OF
stock in the bank we're obtained from
business men Of the community.
When asked for names of those
who are being recommended to the
Treasury as probable officials Of the
new institution. Mr.. Myers explained
that the names could not be made
public as vet, because they had not
been submitted officially to the Con-
troller of the Currency. Two Of the
men had been out of the city. This
list is tentative, Mr.. Myers explained.
and the officials of the bank would be
selected by vote. First the stock
holders would elect directors. and the
directors then would choose officers.
100 Shares Largest Holding.
11oir for
the largest single holding by an in
dividual is 100 shares, and the
smallest one share.
William S. De Lashmutt. former
official of the United States Savings
Bank, now in the insurance business,
and one of the prime movers for the
new bank, explained the proposed
financial structure of the new institu-
| ton. Five thousand shares of stock
would be issued to sell at SIS each,
he explained, of which $50 would go
to capital stock, s4 to surplus and 81
to undivided profits. This would pro-
vide a total capital structure of S125,-
900, including 100000 in stock. s20.-
900 surplus and $1,000 undivided sur
plus. He predicted the bank would
prosper in the community.
Joseph Ashi, attorney. emphasized
that it is intended to make the insti-
tuition a community bank. vita every
one in Brightwood a potential stock
holder.
John D. Wischhusen. architect for
the Bank of Brightwood Building, told
the meeting the structure was we'll
built, and in good condition. including
a modern bank vault, costing origi-
nally $1,000
Would Purchase Building.
Mr.. Myers explained the new insti-
tuition plans to purchase the building,
which is now in the hands of the
receiver of the Bank of Brightwood.
But, he said, the new institution would
have no connection with the old bank.
whose assets are in the hands Of the
receiver for liquidation.
This is to be a new bank" he said,
with new names, new personnel, new
capital" Depositors of the old Bank
of Brightwood would benefit, however,
from the organization of the new insti-
tuition, he explained. because the
money paid for the old building would
go to the receiver, for distribution tn
the depositors of the Bank of
Brightwood.
Milton r. Vollmer, secretary Of the
Georgia Avenue Business Mems Asso~
ciation, who is also secretary of the
Federation of Business Mems Associa-
tions, expressed great faith in progress
of the community, and declared the
proposal for a new bank was 'very
worthy" In answer to his question
as to whether such a new institution
would make money, Mr. De Lashmutt
and Mr.. Myers expressed confidence
it would prosper, pointing to the pros
porous growing community, oppor-
J tunity for banking service there ana
the rental from offices over the bank.
Two Miles From Bank.
Estimating the community is only
} about 40 per cent developed at the
present time, with great opportunity
for the future, Mr.. Myers said that in
the sixth police precinct there were
65 ,000 to 10000 persons without bank
ing facilities, that it was miles from
Brightwood to the nearest branch
bank In the five years since the
old bank closed, Mr.. Myers said, sale
of stamps at the postal station in
Brightwood had increased from $22,-
600 year to $4,000, and postal car
riers had been increased from 81 to 38.
If the Controller of the Currency
grants a charter for the new North
west National Bank, the group was
told, the new institution would open
under all regulations of national banks,
under supervision of the Treasury
Department, and with each account
insured up to $4,000 by the Federal
Deposit Insurance Corp.
II Sales Await on Charter.
Subscriptions are being solicited for
stock in the proposed bank, but stock
cannot actually be sold until after
the charter is granted.
The committee in charge of the
movement includes Mr.. Myers, Marcus
Cohen of the Sidney Hechinger Co.,
Mr.. deLashmutt, Sam Fig, liquor
dealer, and E. E. Adamson. plumber.
Mr.. Myers emphasized that persons
in all walks of life had expressed
approval of the project; no one had
objected to it, and that the need for
banking service in the community was
great. The community, he said, had
every modern business, fire and police
protection, with postal station, every
thing but bank.