Evening star., 1940-12-09

lltQueIlliy Oul-
grew its banking quarters. increased
facilities, and in 1905 moved into
It's present home on the northwest
corner of Fifteenth street and
PENNSYLVANIA avenue. For quar-
ter of century this building housed
the main Offices until in 1880 the
bank was remodeled and COM
bined Office and bank building
erected adjacent thereto Two
years later the present greatly en-
larged main Office was opened to
the public.
The company also maintains four
branches, three being obtained at
the time of the merger with the
Home Savings Bank in 1919. Gen.
tral branch is located at Seventh
street and Massachusetts, avenue
NV, Northeast at Eighth and H
NE, Southwest, 7th and E S.W.,
and Northwest at 1140 Fifteenth
street NV.
The original capital stock Of
$1,250,000 was increased to s3,000,-
900 in 1903 and to s3.4O0.000 in 1919
Surplus has been built up to more
than s5,6O0,0O0 to equal combined
capital, surplus and undivided
profits
Banks Present Officers.
In addition to President Thorn,
who has been at the head of the
bank for II years, the officers in
clude John Saul, executive vice
president; William L. Beale, vice
president and real estate officer;
Frederick P. H. Siddons, secretary:
Hans w. Ireland, treasurer; T.
Stanley Holland, trust officer: James
D. Barrett, auditor; Albert H. Shil-
lington and Robert L. Flather, as
sistant secretaries; David N Hous-
ton, J. Eliot Moran, Arthur G.
Nichols and Earl G. Jonscher. as
sistant trust officers: Frank M. Per-
ley, trust investment officer; Will
liam W. Keck, Edward E. Swan,
Richard E. Harris, Percy C. Brady,
Charles C. Boswell, William E.
Schooley. James L. Goldsmith and
Paul J. Seltzer, assistant treasurers.
The directors are Floyd D. Akers,
c. A. AspinWall, William L. Beale,
Gist Blair, Harry K. Boss, Charles
A. Garry, Frederick w. Coleman,
William w. Everett. William j.
Father, jr.; M. G. Gibbs, James
M. Green, Gilbert H. Grosvenor,
William Montgomery, Howard
Moran, Newbold Noyes, John A.
Remon, John Saul, Corcoran Thorn,
S. Percy Thompson. Benjamin w.
Thoron. John F. wilkins and Law
renee E. Williams.
Bankers Laud Eccles Views.
Washington bankers express graf
if1cation over the statement made
by Mariner S. Eccles. chairman of
the Board of Governors of the Fed
eral Reserve System, that he
favors measures by the Government
to strengthen interest rates.
Bankers believe this may be the
beginning of move by the Govern
ment to turn interest rates upward
which in the end would make it pos
sible for the banks to pay higher
interest on savings accounts and
make thrift among bank depositors
really worth while. They recall the
days when savings depositors got
3l2 and 4 per cent on their ac-
counts and were able to accumu-
late substantial sums over a period
Of years.
sChairman Eccles favors tighten
Ing up reserve requirements, which
would reduce loanable funds and
in turn have a tendency to force
interest rates upward. While higher
rates would make Government bor-
rowing more costly, the better yields
would be of great benefit to indi-
Wdual investors, educational insti-
tutions and small and large estates,
bankers point out.
Investment Bankers Gather.
Several Washington investment
bankers left the Capital late Satur-
day for Hollywood, Fla, to attend
the annual convention of the In
vestment Bankers Association
which got down to business at the
Southern resort today.
Among them were j. Clifford Fol-
ger and James P. Nolan of Folger
Nolan & Co., Myles H. Quail of
Y. E. Booker e. Co., Richard P. Dunn
OF Auchincloss, Parker & Redpat tn
and James H. Lemon, Johnston
Lemon & Co.
Bank Auditors to Meet.
The auditors section of the Dis
trlct Bankers Association will hold
its December meeting on Thurs
day at the Lee Sheraton Hotel
Dinner will be served at 6 o'clock
after which a forum discussion OF
the 1910 income tax and excess
profits tax, as applied to banks, will
be participated in by all present
The District of Columbia Instl-
tute of Certified Public Accountants
will give dinner at the Mayflower
Hotel tonight in honor of c. Oliver
Wellington, head of the national or
ganization. Mr.. Wellington will
speak on Enterprise and Co-opera-
ton" and Robert v. Fleming will be
toastmaster.
u. D. Marsh, Washington genera
agent of the Lincoln National Life
Insurance Co., has just been notified
that he is winner in Nation wide
Move mber sales contest and will re.
ceive personal award.
Exchange Trading Lively.
In one of the busiest trading ses.
sions in weeks Washington Loan &
Trust Co. stock sold on the Wash.
ington Exchange today at 235, fol.
lowed by small sale at 233
Washington Gas preferred regis.
tered sales of As shares at 107 ane
3 more at 107A. Gas common sole
to the extent of IS shares at 2334.
sGarfinckel common came out al
11la for a 50-share block. Fifty
shares of Lanston Monotype moved
at 214 and so shares OF Capita
Transit at 1612, ex dividend.