Evening star., 1939-12-09

law for trust N ~
companies in the
District of Co. .orcorah in'm'
lumbia and American Security was
chartered under it. No doubt the
trust company has already grown
far beyond the expectations of the
men who obtained the first charter.
The first board of directors was
made up of the following leaders in
the financial life of Washington
half century ago:
Charles j. Bell, Michael w.
Beveridge, Alexander T. Britton,
William M. Coates, Robert Dorman,
Charles G. Duncanson, James E.
Fitch, John E. Herrell, Joseph A.
Janney, Nathaniel E. Janney. John
S. jerks, Henry S. Louchkeim,
Caleb j. Milne, Effingham B. Morris,
Martin F. Morris, Crosby S. Noyes,
Myron M. Parker, James G. Payne,
Charles Porter, Alan H. Reed,
Annie A. Thomas, William S.
Thompson. William Vernon, Harry
F.. West and Beriah Wilkins.
Thorn President Since 1928.
Alexander T. Britton was the first
president, being succeeded in 1893
by Charles J. Bell, who served as
president for IS years. In 1928 Mr.
Bell became chairman of the board
and Corcoran Thorn was elected
president. Mr.. Thorn still serves in
this capacity.
The first American Security Office
was opened on December 9, 1889, at
1419 G street NV, but in 1891 the
bank moved to it's permanent home
at 1405 G street NV. In 1895 the
facilities at this address were en-
larged, one of the innovations of this
remodeling was the establishment of
a ladies department-the first in
Washington banking circles.
In 1905 the bank was moved to
It's present location at the northwest
corner of Fifteenth street and Penn
sylvania avenue. The next develop
ment was in 1907 when a separate
company was formed to take over
the storage business, known as the
oOSuiAIy oIOl age w., anu lOCdCCo dt
1140 Fifteenth street NV.
Merger Adds Three Offices.
In 1919 the trust company and the
Home Savings Bank merged, provid-
ing three additional offices-Central
branch is at Seventh street and
Massachusetts, avenue NV; North
east branch, Eighth and H streets
NE, and Southeast branch, Seventh
street, near F S.W.
The trust company's greatest
building program was undertaken in
1880 and completed in 1882. 1t in
volved remodeling the main Office
and erection of 10-story addition.
When completed, the main banking
room was one of the most attractive
in the country.
The banks original capital struc-
ture was s1,250O0O. Today capital
resources are approximately $780,
900. The. first available record of
deposits in December, 1889, was Sl8,-
$40. In 1899 deposits have grown to
approximately S51,0OO000 and total
resources to $60000,000.
Today the bank has over 10000
accounts 1t is a member of the
Federal Reserve System and the
Federal Deposit Insurance Corp.
Banks Present Officers.
Present officers are: Corcoran
Thorn, president; John Saul, execu-
tive vice president; Howard Moran
and William L. Beale, vice presi-
dents; Frederick P. H. Siddons,
secretary; James c. Dulin, jr., treas
urer; T. Stanley Holland, trust off,
Ger; William L. Beale, real estate
officer; James D. Barrett, auditor;
Albert H. Shillington and Robert L..
Flather, assistant secretaries; David
N. Houston, J. Eliot Moran, Arthur
G. Nichols, Earl G. Jonscher assist
ant trust officers; Frank M. Perley,
trust investment officer; William w.
Keck, Edward F. Swan, Hans w.
Ireland, Richard E. Harris, Percy c.
Brady, Charles c. Boswell. William
E. Schooley, James L. Goldsmith,
Paul j. Seltzer, assistant treasurers.
Directors are: c. A. Aspinwall,
William L. Beale. Gist Blair, Harry
K. Boss, George w. Brown, Charles
A. Garry, Frederick w. Coleman,
William w. Everett, William j.
Flather, jr., M. G. Gibbs, James M.
Green, Gilbert H. Grosvenor, Will
liam Montgomery, Howard Moran,
Newbold Noyes, John A. Remon,
John Saul, Corcoran Thorn, S. Percy
Thompson. Benjamin w. Thoron,
John F. Wilkins and Lawrence E.
Williams.
The following are members of the
advisory board of branches: John M.
Beane, John G. Bell. Louis L.
Bowdler, Joseph P. Burke, John B.
Geier, Henry Foote Gibbs, John D.
Green, Gilbert Hahn, Charles M.
Hammett, Ben c. Hartig, Sidney l..
Hechinger, L. A. Herman, Ralph A.
Judd, Charles Kattelman, A. Ma
gruder Macdonald, William E. Mil
Ter, Howard Moran, James c. Neal
ton, Thornton w. Owen, M. Frank
Rupert, Andrew Saul, John SAUL
Edward E. Swan and Henry Wahl.
Late yesterday afternoon the
banks entire staff presented a
bronze plaque to President Thorn,
who accepted it in behalf of the
officers and directors, the plaque
commemorating the institutions S
fiftieth anniversary. In addition to
Mr.. Thorn, remarks were made by
L. Pierce Riddle, personnel director;
D. j. Murphy, president Of the Sc
curity Club, and James F. Willett.
chairman of the Senior Clerks Com
mittee.