Evening star., 1938-02-21

Sapltals S financial leaders. had asked
10 pe relieved of the duties of the
once because of advancing years and
was made chairman of the board,
Mr.. Thorn assumed the presidency
OF the trust company after many years
as trust ofhcer. during which period he
mace most enviable record Under
MS leadership the bank has enjoyed a
decade of substantial progress.
HIS associates made his tenth an
nlversary special occasion. The Sc
curity News carried a big "scoon,'
about the event and included a page
cartoon showing Mr. Thorn in various
poses and making various humorous
comments. The drawing was made
by Clifford K. Bergman, cartoonist
OF The Star and a close personal
Trend OF the bank president, the orig
1nal being framed and presented to the
flnancier. who accepted it with deem
gratitude.
Director on Many Boards.
Mr.. Thom is a member of the board
OF directors of the Security Storage Co.,
Real Estate Title Insurance Co., Norfolk
~ washington Steamboat Co.. Wash
lngton Gas Light Co.; trustee of the
Corcoran Gallery of Art, Louise Home.
American Red Gross: treasurer of the
Protestant Episcopal Cathedral Foun-
dation. American Council of Educa-
ton, Fiscal Relations Committee of
the District: president Metropolitan
Club. National symphony Orchestra
Association, and one of the board of
managers of the Family Service Asso-
citation.
He was president of the District
Bankers Association in 1918. former
member of the Investment Bankers
Code Committee and treasurer of the
Inaugural Committee in 1888 and 1887.
He also is former president of the
Alfalfa Club.
AT the February meeting of the di-
rectors Mr.. Thorn was presented with
solid silver fine copy of an old
Italian centerpiece as a token of their
esteem. The piece was suitably en-
eraved, giving the date of anniversary
and including the names of the men,
bers of the board
Under Mr.. Thoms guidance the
trust company has made rapid strides.
In the decade. resources have gained
S22,000.000 Demand deposits have
increased from S14.000.00O to over
s3o,0000oO and savings deposits from
Sl3.00000 to more than s21O00,O00.
Capital. surplus and undivided profits
have scored proportionate gains in
the same period. The 10-story extern
sion to the main Office and extensive
improvements in the branches have
been completed during his term of
Office.
Bank Loans Gain During Year.
Total loans and discounts of ma
tional banks showed an increase of
s542,12O000 from December 81, 1886
to December 81, 1887, and an increase
of Sl,666,000 from June 80 to Decem-
ber 81, 1887, according to the control
Ter of the currency.
These increases took place despite
decrease in total deposits during the
year, and decrease in the number
of banks from 5,33l to 5,266
Total deposits at the close of the
year were S26.540, $4,000, decrease
of 25.219000 since June 30, 1887,
and decrease of S1067. .703,0 900 since
December 81. 1886
Board Explains Loan Rules.
The Federal Reserve Board has re-
fused to change its recorded decision
so as to make the provisions of reg
ulation o, relating to loans to execu-
tive officers, apply only to active bank
officers
Inactive as we'll as active officers
are prohibited from making loans
except as allowed under the regulation,
the board again states in answer to
queries. 1t gives three reasons for
its decision:
l. That the Federal Reserve Act was
designed to prevent the exercise of
undue influence" by executive officers
on banks they serve and that the
danger was inherent as concerns in
active or honorary officers;
2. That Congress made no distinc-
ton between the two types of bank
officers, hence such officials as the
chairman of the Board of Directors
and the president of bank should
both be included:
3. That the public makes little dis
tinction in titles between bank Off
cials. all being classed as influential
IN bank, hence it would appear un-
wise to give encouragement to the
employment in an inactive capacity
of persons who are given the titles of
executive officers and held out to the
public as SUCH
Heard in Financial District.
The Washington Stock Exchange
all the banks and rest of the financial
district will be closed tomorrow, Wash
1ngton's birthday anniversary
r. S. Hecht of New Orleans. former
president of the American Bankers
Association. attended the institute
banquet Saturday night, the guest of
Robert V. Fleming, also a former
A. B. A. PRESIDENT
The Southeastern section of the Nor
ris Plan Bankers Association holds
q conference at Atlanta tomorrow
Thomas c. Boushall, president of the
Morris Plan Bank of Virginia, and
many other Morris Plan officials in
this territory. will attend.
Seventy-nine shares of Capital
Transit stock sold at 8l2 on the
Washington Stock. Exchange today,
the market closing with 71a bid and
9 asked. This sale was the only tran
saction of the day. Quotations were
practically unchanged.
New homes were provided in 1897
for 211,265 families in urban areas,
according to estimates of the Bureau
Of Labor Statistics, Secretary of Labor
Perkins announces. The figure was
so per cent higher than that Of 1896,
198,973.