Evening star., 1940-01-08

W SldSo-lilClOSeu IlleIIdIllllt. IIleu-
matte tubes and a telautograph
system facilitate communication
with the first floor and file room.
The tellers' windows have been
moved back to the space formerly
occupied by the bookkeepers and
have been redesigned along modern
lines, with bases of gray marble and
q polished aluminium trim.
Additional coupon and consulta-
ton rooms have been provided in
the safe deposit department, where
all booths have been equipped with
f1uorescent lights. The officers Sec
ton has been moved to the front
of the banking room Immediately to
the left of the entrance. To the
right of the entrance are individual
writing desks for ladies and along
the entire north wall is continuous
counter of modern design.
One of the most important
branches of the trust company, the
office was founded in 1906 as part
of the Home Savings Bank, which
merged in 1919 with American Sc
curity. Deposits are now in excess
of s3000000 Percy c. Brady, an
assistant treasurer. has managed the
branch most successfully for the
past l3 years.
The territory in which the branch
is located is represented on the
trust companys advisory board by
Joseph P. Burke, Charles M. Ham,
NETT Ralph A. judd and William E
Miller.
Brokers Given Light on Rules.
The National Association of Sc
curities Dealers. Inc, today sent to
all its members memorandum OF
explanation concerning the rules re-
Gently promulgated by the Securities
and Exchange Commission on the
keeping and preservation of records
by securities dealers and investment
bankers in effect since January /.
The memorandum. explains the
terms, definitions and workings OF
the rule. 1t notes that the rule ap-
plies not only to all members of ma
tional securities exchanges, brokers
or dealers who transact business
in securities through the medium OF
such members, but also to all bro
kers and dealers registered with the
S. f. C.
Generally speaking the memo
randum states. the rule represents
a codiflcation of bookkeeping prac-
tices now followed by many ex-
change firms and over -the-counter
brokers and dealers in that it speci-
fies the various items of informa-
ton which must be reflected by the
firms books"
Wright to Head New Office.
Frank N. Wright of this city has
been appointed associate manager
of a Washington service office to
be opened by the Dearborn National
Insurance Co.. President M. Robert
Olp announced today.
Mr.. Wright will have Jurisdiction
over the company's business in met
ropolitan Washington and suburban
territories, including the State OF
Maryland. He will be assisted in
the office in the Denrike Building
by Sylvia L. Sunderland
Mr.. Wright was born in Harris
burg and educated at the Wharton
School of Finance, National Uni
versity Law School and the Insur-
ance Institute of America He is a
member of the Washington Junior
Board of Commerce and the United
States Naval Reserve.
New Loans Reach Huge Sums.
More than $l,0O0,000000 of nom
farm home mortgages were recorded
by savings and loan associations
during the first II months Of 1889,
officials of the Federal Home Loan
Bank Board announced today.
City and town mortgages financed
by all types of lenders during that
time numbered 1,249,553 and were
valued at s3449,0 ,054,000, the board
reported. The survey is restricted
to mortgages Of $4,000 or less. In
November 1898 mortgages. valued
at S325 10000, were recorded.
Savings, building and loan asso-
Citations accounted for 30 per cent
of the dollar amount of mortgage
recordings in November, followed
by commercial banks and trust
companies with 25 per cent, indi-
viduals l6 per cent, insurance COM
panies 9 per cent, mutual savings
banks 4 per cent and others 16 per
cent.
The Federal Home Loan Bank
district of New York and New Jer-
sey led the II other bank districts
in mortgage activity during Novem-
Der with S43 ,335,000 in recordings,
closely followed by the Los An
geles district of Arizona, California,
Navada and Hawaii with $780,
000 The Winston-Salem district of
Southeastern States had S35 .872 900.
Annual Meetings Tomorrow.
All the national banks in Wash
ington, as well as several trust COM
panies and savings banks, will hold
their annual stockholders meetings
tomorrow. elect directors and in
some cases elect officers for the year
Several new directors will be added
to the boards of several banks, it
was stated in the financial district
today.
Frank King of Mackubin, Legg &
Co. has been elected president of
the Baltimore Security Dealers As
sociation for the coming year. The
annual dinner takes place next Fri
day night at the Lord Baltimore
Hotel, several Washington brokers
being among the invited guests.
Capital Traction SIS opened the
week strong on the Washington
Stock Exchange. on a $500 transfer
at 9912. These bonds touched SO
In one transaction last week, the
highest price in years.
Mergenthaler Linotype appeared
on the board at 15l2 again today,
the first sale being rs shares fol-
lowed by another transfer of l3
shares The stock closed with l5lz
bid and II asked.