Evening star. [volume] (Washington, D.C.) 1854-1972, 1934-12-09
D, c. BANK REVIEWS
STEADY GAINS ON
4.5TH ANNIVERSARY
American Security Has Seen
Deposits Climb Above
$4,000, 900 Mark.
1872 ACCOUNTS TOTALED
$260,000 IN EARLY DAYS
More Than 10000 Now Repre-
sented-Corcoran Thorn Is Third
to Serve as President.
BY EDWARD G. STONE.

4ONdy ID lIIc fOGIl anniversary vi
the opening of the American Security
81 Trust Co. In contrast with 1872
depositors and $260,000 in deposits in
the early days, the trust company has
recently witnessed deposits mount tC
new high levels above the $4,000 00C
mark, resources of $47,757, 971, and the
number of individual depositorS in.
crease to more than 10000. These
figures represent only the banking
department and do not include as
sets controlled through the trust de-
partment, which at the present time
are in excess of S119,000,00O. Present
deposits are about $50 times greater
than in the pioneer days.
Chartered originally under the laws
OF Virginia on October IL, 1889, ane
later under the general incorporation
law enacted by Congress for trust
companies within the District of Co.
lumbia, the company was authorized
to conduct a general banking, trust
safe deposit and storage warehouse
business. 1t was also authorized tc
act as fiscal and transfer agent anC
registrar of securities.
On December 9, 1889, the company
opened its doors for business at 141s
G street northwest, where it continued
to operate until the Fall of 1891, Wher
the business was transferred to a new
location at 1405 G street northwest
On this site new building. designed
especially for banking purposes anc
large enough to adequately care fol-
the company's young, though promis-
ing, business, had been erected. But
- oil;
ties were needed. and in the Fall Of
1895 an annex of the same style oil
architecture was built. This new ad-
dition provided quarters for the execu.
tive offices, trust department, and the
newly established women's depart
ment. which at that time was con-
sidered an innovation in local bank
ing practices.
Larger Offices Required.
In 1905, the company transferred
Its business to a new and commodious
home on the northwest corner of Fiji
teenth street and Pennsylvania avenue
northwest. For quarter of a CEN
fury this building housed the main
office departments, but was finally
outgrown, and in April, 1880, work
was begun on another extensive build
ing program which had as its OBJ
ject the remodeling of this banking
room and the erection of a combined
Office and bank building adjacent
thereto. This building program COW
cred period of more than two year;
and on May 9, 1882, the enlarged
main office building was opened tc
the public.
The interior Of the new banking
room Is an outstanding achievement
OF beauty. Enlarged through its con.
nection with the main floor Of the new
addition, the banking room is one Of
the finest and the most spacious in
this section of the country.
The first, second and third floors OF
the new building are used by depart
ments of the company, while the
lunch rooms and board room occupy
the entire tenth floor The board
room is the scene of frequent meet
ings Of financial and civic organiza-
tons. The safe deposit department
occupies the downstairs floor where
more than 80 coupon rooms have been
provided for the convenience of GUS
toners.
Four Branches Maintained.
In addition to the main Office, the
company maintains four branch Of
fees in principal sections of the city
Three of the Offices were acquired al
the time Of the merger with the Home
Savings Bank in 1919 They are
known as the Central, Northeast and
Southwest Branches and located. re-
spectively, at Seventh street and Mas
sachusetts avenue northwest, Eighth
and H streets northeast and Seventh
and e streets southwest. The North
west Branch, located at 1140 Fifteenth
street northwest, was established in
1923.
The original capital stock of ST ESQ.,
900 was increased to $4,000, 900 in 1908
and in 1919 was further increased to
$3,400,000. The surplus account has
been built up to equal that amount
and now the combined capital, sur
plus and undivided profits total more
than S7,400,0o0.
The storage department, located al
1140 Fifteenth street northwest, re-
manned an integral part of the COM
pany until January Is, 1907, when
the stockholders approved proposal
to organize a storage company to take
over the greatly increased storage
business. The Security Storage Co.
was soon Incorporated and the ware
house properties and storage business
transferred to this company.
Since its inception the trust COM
pany has kept pace with modern ideas
and practices in banking. Among It's
many departments are: Commercial
banking, savings, trust, foreign ex-
change ard securities, safe deposit anc
real estate departments. In more re-
cent years there has been further
GENERALIZATION of working units of the
company through the establishment Of
the department of public relations
which includes the divisions of bust
ness extension, credit, central files anc
analysis; trust investment, purchasing
personnel departments and the library
Corcoran Thorn President.
Corcoran Thorn is president Of the
Institution, succeeding the late Charles
j. Bell, who in 1928 relinquished the
post after IS years as active head Of
the company. Mr.. Bells predecessor
was Alexander T. Britton. who served
rs the first president of the company
Mr.. Thorn is also connected with
many we'll known companies, being
director of the Washington Gas Light
Co., Security Storage Co. and Rea
Estate Title Insurance Co. He i
treasurer and member of the Chap.
ter of the Protestant Episcopal Ca.
thedral Foundation, on the Board OF
Trustees of the Corcoran Gallery Of
Art, National Symphony Orchestra
Association, Louise Home, American
Continued on Third Page.)