Evening star., 1937-07-04
GROOM APPOINTS
FIVE ADDITIONAL
BANK COMMITTEES
Willard, Vandoren, Reilly,
Lacey and Miller Are
Named Chairmen.
LEGAL SECURITIES LIST
ISSUED BY COGSWELL
First Compilation Of Its Kind
Meets Long.Felt Need of
Capital Fiduciaries.
BY EDWARD C. STONE.

nounced the appointment OF five addi-
tional standing committees yesterday
The Committee on Commercial
Trade Activities will be headed by
William B. Willard vice president,
National Savings & Trust Co. The
vice chairman will be Aubrey O.
Dooley, assistant trust officer, Hamil-
ton National Bank. Other members
OF this important committee are John
Alden, vice president. National Bank
Of Washington; M. F. Calnan. presi-
dent Liberty National Bank, and
Frederick P. H. Siddons, secretary.
American Security g. Trust Co.
Members of the Government Regu-
1ations Committee were announced by
President Groom TO be w. T. Van
doren, vice president and cashier, Lib
erty National Bank, chairman; w. L..
koontz, vice president Anacostia Bank.
vice chairman. Assisting them will
be Fred Mckee, vice president. Sc
curity Savings & Commercial Bank,
and Frank Stryker, president Columbia
National Bank.
John A. Reilly, president, Second
National Bank, was appointed chair
man Of the Insurance Committee. and
Nelson B. O'Neaf, assistant vice presi-
dent, Riggs National. vice chairman.
the other members being James C.
Dulln, jr, American Security a. Trust
Co; Ralph Endicott, Washington Loan
a Trust; Frank P. Harmon. ir.. Ham,
uton National; C. D. Ratcliffe. Mum
sey Trust, and Francis E. Robey, Bank
Of Commerce & Savings.
Protective Committee-Robert, n
Lacey, cashier, Columbia National
Bank. chairman; Barnum L. Cotton,
National Savings g. Trust Co., vice
chairman; Earle NJ Amick. Riggs Ma
tlonal: w. r. Forster. Hamilton Ma
tional: Edward L. Hillyer Union Trust
Co. and c. H. Pope, Munsey Trust Co.
Credit BUREAUS. William Miller.
treasurer. Union Trust Co., chairman:
c. D. Ratcliffe, Munsey Trust Co.. vice
chairman; H. T. Bisselle, Riggs Ma
tional; Frederick H. Cox. City Bank.
o, B. Exline, Bank of Commerce e.
Savings; S. s. Ogilvie, Second Ma
tional. and William E. Schooley, Amer
lean Security & Trust Co.
Legal Securities Now Listed.
For the first time in its history the
District of Columbia now has avail
able list of securities legal for in
vestments by executors. adninstra-
tors, trustees, guardians and other
nduciar1es under the jurisdiction of
the courts Of the District. The list
was prepared and issued by Theodore
Cogswell. register of wills Of the Dis
tr1ct OF Columbia, in accordance with
the provisions OF the new rule for the
Investment Of trust funds adopted by
the District Court Of the United States
Tor the District of Columbia, which be-
came effective on July /.
through the issuance of an official
list. which has long been advocated
by the District Bankers Association
and the Bar Association. the District
now takes its place with States of New
York, Massachusetts,, PENNSYLVANIA.
connecticut and New Jersey, which
nave, for some time past, maintained
such lists Many Washington bankers
and lawyers, who have inspected the
new list, are enthusiastic in their
opinion that 1t meets long-felt want
and will be OF great value to investors
In legal securities. Several hundred
different bonds are named under the
headings Of United States Govern
ment obligations, State, county and
city bonds, railroad securities and
public utility bonds.
a statement accompanying the list
called attention to the fact that the
securities listed were presented only
a1ter thorough investigation OF all
factors controlling legality Of the par
tfcular issues and all data available
"a OF July /, 1887, and are believed
0sereiore, to comply with the require
ments OF the rule. The statement
iurther directed attention. to the fact
tnst constant review and survey of
investments are always necessary as
conditions vary so from time to time
tnat securities which are legal invest
ments on the date they are placed on
the list may fail to qualify at some
1uture time, and that, therefore, fiduci-
ares should for their own protection
supplement- the work of the Office of
register OF wills by their own careful
lnVestlgatlon of each doubtful case
Inc statement said that no list can be
prepared which will tend to relieve
the nduciary Of the duty of making a
careful investigation into each case,
Inc new rule, which the court
adopted on May "a last. effective
on July l, were formulated by Mr.
Cogswell in conjunction with COM
mittees of the District of Columbia
Bankers Association, headed by David
Bornet, vice president of the Ma
tional Savings & Trust Co.: the
District of Columbia Bar Associ tion
headed by Col. Walter C. Clephane
and the fiduciaries section OF the
bankers group, headed by Frank M.
Perley, trust investment officer of the
American Security & Trust Co.
Thomas J. Groom, president of the
Bankers Association, also participated
IN the conference.
Washington Gas Stock Strong,
The new Washington Gas Light
cumulative convertible $3.50 preferred
stock, which was placed on the mar
ket recently at sos a share, and ac-
crued interest is now being quoted
considerably above the offering price.
1t was quoted in the over-the- counter
market yesterday at 97s4 bid and
Ss1a asked. For Washington Gas
rights 20 cents is now being bid
and 40 cents asked.
Brokerage houses here were open
for grain trading, the grain
market being the only one operating
Tomorrow all the financial houses in
the city will be closed.
George .. Vass, vice president and
cashier of the Riggs National Bank.
has been taking q weeks vacation At
tho Greenbrier Hotel, White SULPHUR
Springs. w. Va.
CHEESE QUOTATIONS.