Evening star., 1939-09-17


of Washington John B. Harreh.
workers and business people live and
thus widen the territory the asso-
ciation will serve.
All savings accounts in the new
association will be insured up to
5000 per investor by the Federal
Savings & Loan Corp. The new
association is to be managed by the
same officials and directors on the
same plan as in vogue for the past
80 years, John B. Harrell, president,
and Clarence E. Kefauver, secretary
All accounts will be transferred 20
the new association on an equal
basis, the announcement says.
Columbia directors have called a
meeting of all members for october
. Il at pm. to vote on the plan of
conversion to Federally chartered
institution. Incorporated under the
laws of the District of Columbia on
October 8, 1907 the association has
never missed dividend, having raid
Sl,5O0,0OO to members. In 1912 re-
sources totaled but $75,685. rea'ned
S1,6O2, ,467 in 1927, S4,845 ,037 IN 1887
and are now S5,l16, ,269.43.
President Harrell has been head
of the institution ever since 1t was
founded. while Secretary kefauver
has been general manager for the
past II years. Other officers and
directors are 9 Gay Harrell, wee
president and treasurer; w. Owen
Hohenstein, Albert o. Denhann,
George B. Cowels and Howard E.
Thompson. William E. Pouiton Is
assistant secretary.
Chartering of Federal savings and
loan associations waas authorized
by Congress in 1888. Nearly 1,400
associations now hold such char
ters under supervision of the Home
Loan Bank Board.
Safe Deposit Leaders Named.
r. Eugene Elgin, chairman of the
executive counsel of the safe de-
post section of the District of Co.
lumbia Bankers Association, has
appointed the following commit
tees for the year 1939-40:
Standardized safe deposit forms
William Curtis Cooper, chairman,
Liberty National; Harold w. Deni-
son, Bank of Commerce g. Savings.
Mrs. Virginia Osborne, Morris Plan
Bank; Mrs. Mabel Davis, Arlington
Trust Co., and L. c. Kellogg, Riggs
National 80
Standardized safe deposit prac-
tices-Miss Helen G. Clark, chair
man. Columbia National; Charles
w. Haas, Union Trust Co.: Charles
K. West, Security Savings & Com
mercial: w. Ralph Williamson, An
acostia Bank, and Thomas E. Allen,
Riggs National
Publicity and Educational Com
mittee Mrs. V. Walton Rhine,
chairman, Morris Plan Bank; John
P. Balster, American Security &
Trust; John w. Clephane, National
, Savings & Trust; James B. Ahalt,
City Bank, and Miss Kathryn D
Fout, Hamilton National.
Program Committee-R. E. Har-
ris, chairman, American Security
e. Trust CO..; Hans w. Ireland,
American Security & Trust Co.;
Albert E. Fisher, Riggs National;
William Mcclure, McLachlen Bank
ing Corp; Mrs Florence P. War;
ner, Riggs National; Miss Martha
Davis. Second National; Mrs.
Scheuch, Hamilton National, and
Mrs. Allene Weatherly, Bank of
Commerce & Savings.
Gas Preferred Sells at 103.
Five shares of Washington Gas
Light preferred stock sold at 103
on the Washington Stock Exchange
yesterday. The small transfer was
at lower price than other recent
sales. Washington Gas common
stock woke up during the week and
figured in the first transfers since
the stock was extensively distributed
at public sale several weeks ago.
The week ended with 27l2 bid and
28la asked.
Some other issues on the board
have been a bit more active re-
Gently While there has been vast
amount of switching on the New
York Stock Exchange into so-called
war securities, few, if any, local
stocks have been sold for this pur-
pose, exchange officials say Most
of them are being held for long
term investment.
Cox to Address Bankers.
Frederick H. Cox, vice president
of the City Bank, will address a
meeting of the Regional Clearing
House Association of Frederick
Clarke, Warren and Shenandoah
Counties of Virginia, at the Mimsyln
Hotel, in Luray, tomorrow evening
He will speak on Insurance and
Surety Bond Problems and Life In
surance as Collateral for Loans
The arrangements were made by
John A. Reilly. chairman Of the
speakers unit of the District Bank
ers Association.
D. L. Mitchell, instructor in ac-
counting at Georgetown University
and Columbus University. has been
added to the faculty of Washington
Chapter, American Institute OF
Banking, Francis E. Robey, chap
ter president, announces. The 39th
school year opens tomorrow night,
a large enrolment being expected.
: Registration will continue every
class night during the week.
Financial District Comment.
Philip A. Benson, president of the
American Bankers Association, will
address the American Institute of
Accountants at San Francisco
Tuesday, while on his way to the
Seattle A. B. A. meeting.
Average room occupancy of three
leading hotel systems, with hotels
in the Eastern, Central and South
ern sections of the country, showed
an increase of 101 per cent from
July to August. Occupancy figures
for last month were 116 per cent
above August, 1888.
Daily average sales of variety
stores for August were per cent
IL r