Evening star., 1950-06-12
lO-for-1 Stock Split
Voted for National
Bank Of Washington
By Edward c. Stone

Stockholders of the National
Bank of Washington today ap-
proved the proposal of a 10-to-1
stock split-up and 100 per cent
increase in the banks capital.
The plan to double the capital
was announced recently by Bar
mum L. Cotton, president. because
of the substantial growth of the
institution in the past year and q
half.
Deposits. he pointed out, have
increased from $22.610,346 on
January /, 1949, to $86, ,o55 ,831, as
Of April "a, the date of the last
condition call by the Controller
Of the Currency.
The huge increase, although not
officially stated. is believed to be
partially due to funds placed in
the bank by the United Mine
Workers of America.
The plan calls for the chang
ing of the present par value of
the stock from 500 a share to
$40 share, with 10 shares being
issued for each outstanding share
The outstanding stock, accord
ing to the plan, will be increased
100 per cent by giving each share
holder the right to subscribe on
a share for share basis at $40 a
share. The bank will have 100000
shares outstanding at a par value
of $40.
Bankers End Convention.
Members of the District Bank
ers' Association and their guests
to the number of 347, were back
in the financial district today, ar
irving from the Greenbrier Hotel
at White Sulphur Springs aboard
a Chesapeake & Ohio special last
night.
One Of the big features of the
Family Dinner" Saturday night
was announcement by Daniel j.
Callahan. jr.. of the sports win
ners, after three days of lively
contests. The results:
Hatton Cup, Richard A. Weaver; !;
Pop" Fleming Cup, ]. Robert
Sherwood Wright Cup, Barnum
L. Cotton: Carroll Morgan Ten
mis- Cup, Albert E. Yeatman; Hibbs
Cup, ]. Wesley Clampitt, and Karl
Corby Cup, Robert w. Fleming.
Gruver Horseshoe Pitching Cup,
Eldridge D. Kendrick; Eleanor
Patterson Ladies Golf Cup, Mrs,
Karl w. Corby; Ladies Putting,
Mrs. Clifford Bangs; Shannon
Cup. H. 10y Anderson; McLach-
len Cup, Arthur C. Keefer.
General Bradley won a second
prize. He is as fine a golf player
as soldier. His brief talk also
impressed the convention.
Echoes of Bank Meeting.
Francis G.. Addison, jr., and
Ernest E. Herrell were introduced
Saturday as the only persons who
have attended all of the 80 con-
ventiens. Albert S. Galley has
missed only one.
Mrs. Georgia Neese Clark has
Just concluded her first year as
Treasurer of the United States.
She told the banks she thoroughly
enjoyed the duties involved in the
position.
Hugh. Leach, president of the
Federal Reserve Bank Of Rich
mond. was most optimistic over
the business outlook for Washing
ton for the rest of the year.
Robert v. Fleming paid H. T.
Bisselle very fine tribute when
he nominated him to head the
association this year.
George M. Fisher, retiring pres
ident. was presented a silver serv-
ice for his leadership during the
past year.
Bond Prices Again Rise.
The Amott-Baker bond aver
ages made a gain of 0.6To during
May, marking the 18th consecu-
tive month in which these prices
have moved upward.
Signing of a contract for manu-
facture of a new type of insect
spray device was announced
jointly today by Charles C. Seah,
president of Air-O-Spray Corp. of
Washington and the Power Prod
ucts Corp. of Grafton. Wis.
Capital Transit moved into new
high ground again today when the
stock sold at SO, a fractional gain
over the week end. Potomac
Electric Power common opened
the week at 15N.-