Evening star., 1954-01-12
By Donald B. HodIey

tional Bank approved q pro-
posal to increase capital stock
from IS million to So million at
their annual meeting today.
Their authorization cleared
the way for the anticipated dec
laration of a 81 million stock
dividend by the board Of direc-
tors later in the day. The boards
action will be the subject to
final clearance from the Con-
troller of the Currency.
AnacoStia National Bank
stockholders approved an in
crease in capital from $400. 900 to
$500, 900. with 100000 of addi-
tional stock to be offered pres
ent holders at not less than 500
. share.
Five New Directors.
These were leading features of
annual meetings of IL WASH
in9ton banks. but four new di-
rectors also were elected by three
institutions. The new directors:
Union Trust COG. Calvert
Bowie, head of q large real estate
and mortgage loan flrm here.
and Arch N. Booth. executive
vice president of the United
States Chamber of Commerce.
National Bank Of Washington
w. Carlton Evans, president Of
the Washington Tobacco Co.
McLachlen Banking Corp
Emory L. Croft, prominent
Washington patent attorney.
Unchanged boards were re-
elected at eight institutions.
Riggs Distribution Due.
The Riggs National plan for
a stock increase and dividend
proposes distribution of the new
shares Friday at the rate of one
new share for each five held.
They would be issued to stock
holders of record as of the close
today following clearance by the
controller.
In lieu of fractional shares,
trustees certificates Of participa-
ton have been planned so shat
shareholders will be able to sell
certificates or round out their
holdings by purchase of more of
them.
It was previously announced
that in the absence of changed
conditions, the bank expects to
maintain the current dividend
rate of So quarterly and So extra
on the increased shares.
On a when-iSsued basis the
certificates today were quoted at
20 bid and 80 asked. Riggs
shares have been selling around
$415 a share.
AnacOstia Increase Voted.
President A. Scott Offutt an
nounced approval Of the $780,
900 stock increase at the Ana
costa National and said the
additional stock will be offered
to present holders at the rate of
one new share for each four
held.
Stockholders approved an
amendment to the institutions
articles of association to permit
the increase and issuance Of
purchase rights.
Mr.. Offutt reviewed the con-
tinued growth of the bank in
the last year. Assets reached a
new peak in excess of $40 mil
lion on December 81.
Elected at Union Trust.
Both of the new directors at
Union Trust Co. are well known
In business circles here.
Mr.. Bowie. who heads his own
real estate and mortgage loan
firm with Offices in the Washing
ton Building, has been active in
real estate here for many years.
He also is board chairman of
the Metropolitan Mortgage Co.
and is mortgage loan represent
ative for the Mutual Life Insur-
ance Co. of New York and the
Western and Southern Life In
surance Co. of Cincinnati. He is a
member Of the Chevy Chase Club
and the Rotary Club.
Mr.. Booth has been executive
vice president of the Chamber of
Commerce since 1850. After IA
years with the Wichita CKan.)
Chamber of Commerce. he joined
the national chambers stad in
l943.
He has been a lecturer on
business administration at sew
eral universities and is a mem
Der Of he~Senior Staff Assistants
Panel, Public Advisory Board,
Foreign Operations Administra-
ton. He is a member of the Met
ropolitan Club.
Those reelected directors of
the Union Trust include: Thomas
c. Boushall. Justin d. Bower
sock, w. Cameron Burton, j.
Wesley Clampitt, jr., Daniel B.
Devore, r. Roy Dunn, Newell w.
Ellison. William Sharon Farr,
Everett Flood, Frederick j. Haas,
George E. Hamilton, jr., Linwood
P. Harrell, Page Huftey, God
frey w. Kaufman, Milton w.
King. s. Williom Miller, Daniel
w. O'Donoghue, jr.. Gordon A.
O'Neill. John H. Small, III, and
Frederick Stohlman.
Board Increases to 22.
Election of Mr.. Evans to the
board Of the National Bank of
Washington, the Capitals oldest
bank. increased the directorate
to %.
Mr.. Evans has been president
and principal owner Of the
tobacco firm for many years and
has had long career in the
tobacco business.
The company has expanded to
an important national position.
MIR. Evans currently is president
of the Columbia Country Cub.
Stockholders also reelected
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