Evening star., 1930-06-25
ADDISON ELECTED
PRESIDENT OF BANK
Succeeds Julius |. PeySer at
Security SavingS-0ther
important Changes.

dent of the Security Savings & Com
mercial Bank, at Ninth and q streets
was elected president at q meeting OF
the board of directors held this morn
ing, and Julius ]. Peyser. who has been
president of the bank for II years and
organized the institution, retired at
his own request and was immediately
elected chairman of the board. The
change takes effect July /.
Maj. Peyser told the members Of the
board that he wished to retire to de-
vote more time to his law practice
although he plans to remain In close
touch with the bank He is senior
member of the firm of Peyser, Edelin, &,
Peyser and general counsel for many
financial and business concerns in the
District.
Today's action by the Security Say
ings & Commercial directors came on
the heels Of the retirement of August
H. Plugge as president Of the Seventh
Street Savings Bank and the election
of John D. Howard to take his place
while he because chairman of the
board; the election of Robert N. Harper
to be chairman of the board of the
District National and the election of
Joshua Evens, jr., to the presidency,
and the election Of John C. Walker
to f1A the vacancy as president Of the
Chevy Chase Savings Bank. It has
been many years since there have oeen
as many changes among Washington
bank executives at so nearly the same
time.
New President 43 Years Old.
Mr.. Addison, the new president, has
been executive vice president of the
bank for the last 10 years. He is 43
years old, which makes him one of the
he d.. lYo la,
ton. He was born in Prince Georges
County, Md, September IL, 1887.
He has had thorough training ir
all phases of banking. He started his
career at the bottom of the ladder
and has worked his way through the
ranks to the top, educating himself
meanwhile, by attending night classes
His financial career began in 1904 when
he took a position with the National
Metropolitan Bank as runner. Three
years later he entered the employ OF
the Home Savings Bank as clerk, where
he remained for IL years and worked
When the Home Saving Bank was alb
sorbed by the American Security &
Trust Co., in 1919, Mr.. Addison was
given the important position Of man.
ager of branches.
A year later Mai Peyser persuaded
him to cast his fortunes with the Secu'
rity Savings & Commercial Bank aS
executive vice president, which position
he has held since that time.
Mr.. Addison is a graduate Of tho
Georgetown Law School Of the class Of
1911 and Is member of the District
bar. He is also graduate of the
American Institute of Banking. He j:
| a past president of the District Of Co.
lumbia Bankers Association, being one
of the youngest men ever to be accorded
this high honor. He is now a member
Of the Executive Council of the Ameri-
| can Bankers Association, representing
the District of Columbia, and is prom
| inently identified with the law anC
| legislation and other committees of thC
District Bankers Association.
Peyser Long Active Banker.
Maj. Peyser, who became chairman
of the board when that position wa
created today, has had long experience
In both banking and law. He was ont
of the organizers and vice president o
the Merchants & Mechanics Saving
Bank, and in 1907 was vice presiden
of the Traders National Bank. Al
present he is professor of equity in thu
|
| is q major in the United States Arm,
| specialist reserves. He was formerly {
member Of the Board of Education, ha;
been president of the Bar Association
of the District of Columbia and is nov
vice president of the American Bar AS
| ISOLATION. He is a member of Pi Gamma
Mu of William and Mary's College. Mr.
I Peyser has served on law committees o
trade organizations and is a formel
Judge advocate and department com
mander of the American Legion TO
| the District.
When he announced his intention o
retiring as head Of the bank today, Mr.
PeySer asked that Mr.. Addison be elect
ed to succeed him. He said that h
believed it was for the best interests o
the institution that the executive shoulC
also be the administrative head. H,
added that in his opinion the time ha!
come for the active younger men to b
| given an opportunity to become tht
presidents of financial institutions.
| Mr.. Peyser expects to. devote q par
OF his time In the next few months Il
the Congress of the Federation In
teralliee Des Anciens Combattant
which meets in Washington the latte
part of the month Of September of thi
year, and will also devote more of hi
1
tee of the American Legion, a Com
mun1ty Chest organization.
Under the administration of Mr.
Peyser and Mr.. Addison the bank ha.
made marked progress. Reports sen
to stockholders and depositors shov
that the capital Of the institution ha!
increased from 100000 to $500 900
surplus from $4,000 to $500, 900, anS
undivided profits and reserves hav,
grown from $42,0 900 to $15l,00O Dur
ing the same time deposits have vir
tually doubled, the actual increase be-
ing from $3,519, 900 to SO, ,333 900.
The banks other of1cialS includ,
Fred Mckee, vice president; Samue
r. Baulsir. cashier: T. Hunton Leith
Latrobe owen, J. Louis Shipley, assist
ant cashiers, and Charles X. West
manager of the K street branch. Tn
board Of directors follows:
Francis G. Addison, jr.; Edward c
Baltz, Dion S. Birney, Francis A. Blum
don, Diller F. Croft, Benjamin H
Gruver, John B. Harrell, j. T1lmal
Hendrick, Sol Herzog, william A. Hill
George E. Judd, Fred Mckee, Laurenc
Mills, Charles w. Morris, Julius I
Peyser, Stacy M. Reed, Morris Simon
William W. spalding, Milton stras