Evening star. [volume] (Washington, D.C.) 1854-1972, 1924-12-09
AMERICAN SECURITY
NOW 81 YEARS OLD
Trust Company Has Enjoyed
Unusual GroWth--Bought
Home Savings Bank.

Just 35 years ago today the American
Security and Trust Co. opened its doors
to the public in Washington. The first
office Of this institution was located at
1919 G street northwest, and later
new and permanent quarters at 1405 G
street northwest were completed to
house the bank, which in its first year
of operation had over $260,o00 in de-
posits and s770,937 SO OF its s1.250,0
capitalization paid up.
Beginning with 1872 depositors in its
first year of existence. by the start of
the twentieth century the number totaled
over $500. Following the policy of
building up to surplus as a protection
to its customers this item reached the
100000 mark in 1901, and the dividend
rate at 6 per cent reached z per, cent
beginning, January, 1902.
On Historic Site.
Because of steady and constant
gains after Is years the capital was
increased to 100000 and the surplus
$1,500,000. This necessitated consid-
GRAFTON being given to more ample
quarters and a piece of property at
the northwest corner of Fifteenth
street and Pennsylvania avenue was
acquired
The new banking quarters, its pres
ent site, were erected on ground of
historical interest AS far as could
be learned this particular site had
no associations that were not of a
financial nature since the first build
ing erected on it in 1S23-24, that
structure being built by the Govern
ment to be used as branch in this
city of the United States Bank.
The American Security and Trust
Co. moved into it's new building De-
cember Is, 1905, giving TO the city a
new bank purely classical in nature
harmoniZing with the building of the
United States Treasury on the op-
posite corner having its Ionic col
umns, 40 feet in height, identical with
those of the Treasury.
Pension Fund Established.
Upon the close of the company's
twentieth year the dividend rate had
reached 10 per cent, and in 1910 the
combined capital and surplus was
100000 From it's twentieth year
on prosperous years followed. Due
to the increase in the number of the
staff a lunchroom was put in opera
ton and a clerks pension fund of
$4,000 in 1912 was laid aside.
A very large addition to the list of
financial services was made when, on
April l. 1918. a savings department
was installed. With the war over,
the company at the beginning of the
year 1919 had resources of 1885,
274.53.
On March Is of that year the COM
pany entered into an agreement for
the purchase of the assets and busi-
ness of the Home Savings Bank. an
institution with four banking offices
and over s1o,000,o00 in resources. On
April IA the agreement of this pur
chase had been ratified by the stock
holders of both banks and on the
18th the merger was complete.
Steady Gain I'm Resources.
The banking houses of the Home
Savings Bank because the American
Security's central, northeast and
southwest branches, while their
Fourteenth street branch business
was transferred to the main ONCE.
Today the American Security, with
capital, surplus and undivided
profits of over $4,000, 900, has deposits
totaling over s2S,00o.000 and resourc-
es of over sS5, 100000. With an official
staff and board of directors consist
ing of persons we'll known in this
city, it is the largest trust company,
maintaining five banking offices and
offering to the public every banking
service. For the past three years 1t
has been paying a regular IL per cent
dividend with per cent extra each
year.
Howard Moran and B. F. Saul. who
were president and vice president,
respectively, OF the Home Savings
Bank, were with that institution
from it's formation in 1899, prior to
the merger with the American Sc
curity.