Evening star., 1931-12-12
FIF III AREA BANKS
BORROW S1,5]O,Oll
National Credit Funds Add
Strength to Institutions.
. No D. c. Loans.
BY EDWARD C. STONE.

approximately 81 ,oOO,O has been
loaned TO banks in the fifth Federal Re
serve district under the plan Of the
National Credit Corporation, John M.
Miller, jr., of Richmond, regional direc-
tor for this area, reports.
The amount represents only about 5
per cent of the total of nearly $40, O,00O,-
900 subscribed by banks in the fifth dis
trict TO the corporations gold notes, Mr.
Miller added.
These loans of SI,50O 900 in the fifth
reserve district will add great amount
OF stability 10 the borrowing banks, as
the loans are made only to banks in
f1rst-class condition, which have sound
assets that are frozen" for the time
being. The loans were granted by the
Loan Committee in the section where
the banks are located.
The money loaned in the fifth dis
trict is divided among banks in Mary
land, Virginia, West Virginia, North
and South Carolina While washington
banks are eligible for loans in the fifth
district. none of these institutions has
applied for any financial assistance
The fund raised in record time by 81
local banks has not been needed.
Bank Starts 43d Year.
Officers Of the American Security 81
Trust Co. are receiving many Congratu-
lations on the banks AZ years of sue
cessful operation, completed this week,
The bank first opened its doors for
business on December 8, 1889. Steady
and solid has been its growth until its
resources are now in excess Of $40,-
100000. Deposits following the last call
were $32, ,320,199.
The past year has been one of the
most notable in the banks history.
made so by completion of the big annex
which gives the institution unlimited
space for expansion in the future The
enlarged banking quarters have been in
use for several months while the work
Of completely remodeling the old quar-
ters is also far advanced. The uniting
of the new and the remodeled quarters
will make particularly attractive bank.
At the head of the banks official
family, as it starts out on tis forty third
year, is Corcoran Thom, who took over
the presidency on the retirement Of
the late Charles j. Bell some years ago
Other active officers include Howard
Moran, vice president; Frederick p. H
Siddons secretary, Charles E. Howe
treasurer; David N Houston, trust Off
Ger; William l.. Beale, real estate Off
Ger; j. Damn Faber, auditor: Albert H.
Schillington and Robert L. Flather,
assistant secretaries; T. Stanley Holland,
j. Eliot Moran, Arthur G. Nichols and
Earl G. Jonscher, assistant trust Off
GERS; William w. Keck Edward E
Swan, Hans w Ireland Richard E.
Harris, Percy c. Brady, Harry P. White,
To- = NIL. 4y I'll 4
Boswell, assistant treasurers.
Bank Observes Anniversary.
The Chevy Chase Savings Bank noted |
another anniversary a few days ago, |
both officers and directors being fllici- |
tated on the institutions enviable sue |
cess. John c. Walker has been president |
of the savings bank since the death Of
Frederic E. harrington, who was prin- |
cipal Of the Chevy Chase School for |
many years. In addition to President |
Walker. the officers include Thomas w. |
Perry, first vice president; Joseph A. |
Burkart, second vice president; j. Ezra |
Troth, third vice president and cashier; |
r. A. Weaver, assistant cashier; Paul |
S. Jeman, COUNSEL; Clyde D. Garrett, |
secretary, and Samuel Peacock, auditor. |
The banks board Of directors is made |
up Of Thomas w. Perry, Joseph A.
Burkart, Paul S. Leman, Clyde d. Gar
rett, Edward j Murphy, John c. Walker, |
George P. Hoover, Atwood M. Fisher, |
Frederick w. Mackenzie, R. Frederick
Hatcher, Samuel Peacock, Thomas X,
Conrad, Bynum E. Hinton, Herndon
MorseIl, Horace E. Troth, Truman Able,
Frank Shipe, Edward j. Walsh, Ralph
Given and Ben T. Webster.
The bank is one of those engaged in
the local cooperative Christmas Savings
Club campaign, unusual interest in this
brand of thrift being reported in the
Chevy Chase section
Advantages of DepressiOnS.
Frank L. Jones, vice president Of the
Equitable, made these two remarks in
his address before local insurance men
and bankers at their annual dinner:
"A business depression is not without
its advantages. Men and women of to-
day are more humble, more conSiderate,
more convinced of the need Of stability
and Of good habits. The family gets to-
gether about the hearth and discusses
its problems in times Of adversely, while
in times Of prosperity each goes his own
way, each has his own money each has
his own car
With reference to the conditions |
which prevailed in 1928 and 1929, I am !
reminded Of the old story in the elemen-
tary readers of boyhood days, where it |
was stated: One few east, one few |
west and one few over the cuckoo'S |
nest But Of those years Of great finan- |
cial prosperity it might be said that |
some few east, some few west ard all |
new over the cuCkoo's nest"
Exchange Remembers w. B. Hibbs.
Members of the washington Stock |!
Wxrhunna
senior partner in w. B. HibbS 6y Co., |
on the occasion Of his birthday an
niversary, which was yesterday. 1t |
happened that Mr. Hibbs was at his |
estate in LeeSburg, Va, where he was
surprised with a huge bouquet of |
flowers from his associates.
The broker has been a member of |
the local exchange for many years. |
He served again and again as presi- |
dent and was practically always !
member Of the board of governors. |
Up TO two or three years ago he was |
the most active trader, his vigorous |
bids being the life OF the sessions. |
He would put more ginger" in the |
Gays transactions than most any other !
FIVE members.
While other members of his firm |
represent MIN on the exchange now. !
yet he is far from forgotten. His as |
soclates in the local exchange were |
recalling only yesterday how he pur- |
chased seat on the New York Stock |
Exchange in his early 20s, something |
that never happens in these days and |
rarely did then.
Financial District Notes.
President Frank j. Kaufman. ir., Of
the International Exchange Bank, re-
celved host of congratulations yester-
day upon his promotion He received
countless personal congratulations from
the banks customers as well as con-
slant telephone calls from friends.
Gross income OF the Western Mary
land Railway should exceed fixed
charges this year by close to 5000 600.
George P. Bagby, president stated. I'VE
have rl.. o t....iL ...a 49,. g..