Evening star., 1954-04-29
Special Cash Offer
10 Hamilton Holders
Aids Merger Chances
BY Donald B. HodIey

BY Donald B. Hodley
A special provision for Hamil.
ton National Bank stockholders
in the proposed merger with
American Security & Trust Co.
is believed to have greatly en-
hanced the chances for their
approval of the merger by a
necessary two-thirds majority.
incidentally, it also may keep
the recent purchaser of a large
block of Hamilton National Bank
from suffering any loss from the
merger.
The reported price for $4,000
shares was $50 a share and the
reported recent purchaser was a
Washington brokerage house said
to be acting in the interest of
the United Mine Workers-con-
troled National Bank of WASH
ington.
After Hamilton Bank holders
receive two shares of the merged
institution for each of their
shares, the special merger pro-
vision would allow them to de-
mand and receive, if they so
elect, SAL share in cash for
each new share, in effect $82 a
share on their present stock.
This offer does not apply to
holders of American Security e.
Trust Co., who will receive one
share in the combined institu-
ton for each of their shares.
Bid Raised to SIS
After the official announce
ment of the merger yesterday,
the Hamilton stock on the over
the-counter market was quoted
nominally at SIS bid with none
offered. Previously the bid had
been $64.
However, the financial district
had been pretty we'll covered
with the $50 report and only a
few odd lots were offered previ-
ously at around $82. No takers
at that price. The book value
of the stock on April is was
around 500 share.
Talk of the purchase of the
large block of Hamilton nearly
two months ago gave rise to
printed reports that merger
was impending between the Ma
tional Bank of Washington. and
the Hamilton. They were denied
by officials of the Hamilton and
officials of the National Bank of
Washington had no comment.
1t was Speculated in the A.
nancial district that the special
provisions guaranteeing $82
share for Hamilton holders, if
they elect to sell, may have
eliminated a strong reason for
opposition from at least $4,000
shares or Is per cent of the
/ total.
Insurance Day Tomorrow
About 200 fire and casualty
insurance men and members of
their Office stats are expected
to attend Washington's first In
surance Day" tomorrow at the
Mayflower.
Sponsored by the District AS
sociation of Insurance Agents,
Il" Day is expected to become
an annual event for the airing
Of problems common to all
phases of the insurance industry.
This years program, which
opens with a luncheon, will in
clude three discussion panels,
on fire, casualty and sales prob
lens, and will close with re-
ception.
Principal speakers will be w.
Hugh Hunter, of the American
Fore Insurance Group, special
iSt in business interruption in
surance; and William H. Brews-
ter. manager of the automobile
division of the, National Bureau
of Casualty Underwriters
Opens Washington Office
Northeast Airlines will open a
Washington sales Office, it was
announced today by George E.
Gardner, president.
Baden r. Peters, who has
served in various capacities in
the traffic department and more
recently was assistant manager
at the Boston station, has been
named Washington sales repre-
sentative.
The office which will open for
business May ! in the Shoreham
Building.
18th Office to Open
Suburban Trust Co. will open
its 18th Office in the Viers Mill
Shopping Center on Viers Mill
road, Montgomery County. Md.
next Monday, it was announced
today by Board Chairman T.
Howard Duckett
The new Office will provide a
complete banking service at this
location with free parking. Daily
n