Evening star., 1941-11-24
McLachIen Banking
Observes Fiftieth
Anniversary
Steady Growth Has
Lifted Deposits to
$7,7e2,659 Mark
By EDWARD {. STONE.

by EDWhhD y. S1o4NL'
Rounding out half century ol
financial service. the McLachlen
Banking Corp. is so years old today
The bank. located at Tenth and G
streets NV, with a branch offce
at Twelfth street and Maryland
avenue S.W.. has made envlable
progress from the day the doors
were first opened to the public IN
1891. The Controller of the Cur
rencys last condition call found
deposits close to the $4,000. 900 mark
s7792.659s4. to be exact. Resources
now stand at s8,500,l86.79.
Lanier P. McLachlen has been
president of the institution for the
past 20 years. Other officers in
clude Archibald McLachlen, vice
president and treasurer; Guy D.
Cowl, G. A. Pendleton. and c. C.
Guertler. assistant treasurers, E
M. Brotherhood, secretary; K. M
Cochran. auditor; and William M
Mcclure, branch manager.
The Board of Directors is COM
posed of Thomas r. Harvey. Archl-
bald McLachlen, Clyde D. Garrett,
John J. Hasley. Depue H. Duffey,
l.. P. McLachlen. George Miller
Ell. McLachlen and A. H. BreWood.
Both L. P. and Archibald Mclachlen
are former presidents of the District
Bankers Association. observance
of the anniversary will take place
at the Columbia Country Club this
evening when the officers, directors
and their wives will have dinner, 1t
was stated at the bank today.
Home Loans Show Decline.
Rejecting the smallest monthly
increase in total combined assets
for several years. the comparative
balance sheet of member institutions
OF the District of Columbia Build
ing and Loan League was released
today by F. Wilson Camp, secretary.
Total resources are listed at Sl69.-
65s.748 as of october 81, a gain OF
but 1904 4424 over the period ending
September 30 However, the IN
crease over the corresponding month
Of 1910 discloses a gain of S14,256.-
46s when resources were Sl55 ,4O2 ,280.
Real estate loans outstanding
dropped from sl59,134.34l on Sep
tenber 30 to sl58,S7l,9l or a loss
of 1862 .426. although on October 81,
1910. loans were only Sl46,o77, ,47O
Mortgage loans. therefore, regis
tered a gain of Sl2.294.4 .445 during the
year.
While October was busy month
In the approval of new loans a no
ticeable decline in the amount ad-
vanced for construction and new
houses is revealed. Prioritles and
the ceiling on residential properties
are naturally slowing up home build
ing which accounts for decline
of s4O4 .292 in loans made during the
month as compared to September.
An aggregate of s4706,929 was listed
for October.
New share accounts opened dur
ing the month approached the
100 mark, Mr.. Camp said.
Brokerage Merger Announced.
Brokerage house mergers are COM
ing rapidly these days. 1t was an
nounced here this noon that stem
Bros. IL Boyce, New York Stock
Exchange firm which has main
tanned a Washington Office for many
wears. and Barclay, Moore & Co, OF
Philadelphia, will be consolidated
on January l. taking the stem
Bros. name.
Edwin D. Flather will continue to
represent Stein Bros & Boyce in the
CAPITAL. the office being located in
the Woodward Building. The firm
which was founded in Baltimore, is
ss years old. The other firm was
started in 1899. Stein Bros, with
memberships in the leading ex-
changes, includes an Office in Hag-
srstovn. Partners from both con-
Germs will form the new manage
ment.
Orvis Brothers Open Office.
Orvis Brothers & Co. started busi-
ness in Washington today by taking
over the office Of Mackubin. Legg &
Co., in the Woodward Building. The
change was made over the week
end. Business started off without
q hitch, with Charles B Quarles re-
naming as manager. The office will
paw a lot of attention to commodi-
hes, Mr.. Quarles announced.
Defense Loans Increase.
A continued increase in the volume
Of loans made by banks for the
financing of defense orders was re-
ported by the American Bankers
Association in a survey today. This
ulrvey showed that 376 banks in
i46 cities had s1,765 100000 of de-
tense loans outstanding on Septem-
ber 30 an increase of more than
$3.50. .O0O0 900 over the total outstand-
Ing on June 30
The survey revealed that 70 per
cent of the commitments were made
without assignments of contract
and that assignments were required
In only % per cent of the defense
loan transactions.
Today's Trading on Exchange.
rive SnareS Oh Riggs NdtlOndl
Bank common stock sold at 275 on
the Washington Stock Exchange
today, unchanged from the last
previous transfer.
Anacostia e. Potomac Railroad
modified 32.s were strong on the
exchange today. $4,000 changing
hands at 108, unchanged and the
high for the year.
Capital Transit registered two
So-share sales at 1888, an eighth
above last weeks close. That COM
pleted the trading.
B. M. Williams of the United
States Social Security Board will
address the Life Insurance Agency
Cashiers at their dinner meeting on
November 26 at the Iron Gate Inn.