Evening star., 1941-01-06
lassiter Again Named
Chairman and Agent
OF Reserve Bank
Other Appointments
In Fifth District
Also Announced
Rv EDWARD C. STONE.

W lIlC odlllC JOoIllOllO 1Ul 1C1l' ~
was announced today. He is chairs
man of the board of the Moores-
vile Cotton Mills in North Carolina
and has just been reappointed a
Reserve Bank director for a three
year term ending December 81, 1943
w. G. Wysor. general manager,
Southern States Cooperative. Inc,
Richmond. has been renamed deputy
chairman of the Reserve Bank for
the coming year. w. Frank Rob.
erts. president, Standard Gas Equip
ment Corp, Baltimore. has been re-
appointed a director of the Baltl-
more branch for a three-year term.
George M. Wright, president, Re-
public Cotton Mills, Great Falls. S.
c., has been reappointed a director
in the Charlotte branch. Charles
L. Creech, sr.. a high official in two
furniture companies in winston
Salem. has been appointed direc-
tor in the Charlotte branch to fill out
an uneXplred term.
Robert M. HaneS. former president
of the American Bankers AsSocla-
ton, of Winston-S Salem has been re-
appointed a member of the Federal
Advisory Council of the Federal Re-
serve System. as announced the
other day by President Hugh Leach
of the Richmond Reserve Bank. His
broad banking experience makes
him one of the ableSt members OF
the board from any of the II Re-
serve districts.
Home Loan Banks Best Year.
The Federal Home Loan Bank OF
Winston-S Salem and its 400 member
building and loan associations in the
Southeastern States of Maryland,
Virginia, North Carolina, South
Carolina. Georgia, Florida, Alabama
and the District of Columbia expert
enced their most substantial growth
and development in 1910, President
o. K. La Rogue announced today.
The Winston Salem Bank reports
total advances during the year S26,-
100000 to member institutions and
repayments SIG 100000, net gain of
Sl0,400,O 900 in advances outstanding.
During the same period in 1889 the
bank advanced S16,000,000 and COL
lected S15,900000, a net gain of only
100000 Mr.. La Rogue attributes
this large increase in business to a
revival of home building in the dis
trict.
"Our reports indicate that these
associations loaned to their members
Sl75,000, 900 during the year for the
purpose of financing home owner
ship" said Mr. La Rogue. The bank
estimates that approximately S60,-
100000 was repaid to the associa-
tions by their borrowers during the
year, thus reducing the mortgage
debt and bringing closer the goal OF
a debt-free home"
The Winston-S Salem Bank closed
the year with total advances to
members s30,201 10000. an all-time
record, and believed to be the
largest amount outstanding of any
of the u regional banks in the
entire Federal Home Loan Bank
System.
Fairfax Resigns as Officer.
McKneW, Fairfax & Co., Inc, an
nounced today that the firm Will
henceforth be known as MckneW
& Co., Inc.
Mr.. Fairfax, who has been an
officer of the firm for a number
of years. is reSigning as an active
officer to engage in special work
which will necessitate his absence
from the city for protracted periods.
Mr.. Fairfax will continue to main
tain his association with the new
firm and will make the Offices his
headquarters.
Mr.. McKnew has been in the buSl-
ness in Washington since 1916, ex-
cept for the period of the World
War, when he served as an officer
IN the Field Artillery. Since 1925 he
has conducted his own business in
the general investment field.
Success Methods Outlined.
Thomas G.. MurreI, general agent
In Los Angeles of the Mutual Bene-
fit Life of New Jersey, addressing
the Washington agency at the Uni
verSity Club, named the five ele-
ments of success in the life insurance
business as aptitude, knowledge,
skill, work and attitude.
General Agent H. Lawrence Choate
reported that George T. Howard led
the Washington office in volume of
new business in 1910 and Francis
T. Miller led in the number of
policies written.
John c. Hyde of the Washington
agency of jefferson Standard Life
Insurance Co. received the honor
agent award for 1910 at a testi-
monial banquet at the Shoreham
Hotel Saturday night, Karl Lung,
Superintendent of agencies, from
the home Office in Greensboro, N. c.,
made the presentation Of the trophy.
Financial District Comment.
J. M. Hood. president OF the
American Short Line Railroad As
sociation, and j. j. Pelley, president
of the Association of American Rail-
roads, will attend the Atlantic States
Shippers Advisory Board meeting in
New York this week.
Total dollar volume of sales of
new passenger automobiles in the
first II months of 1910 was one
third larger than in the like 1899
period, the Commerce Department
reports.
Banking Leaders in Capital.
Harold Stonier, executive manager
of the American Bankers Assocla-
ton; A. L. NJ Virgins, chairman,
Federal Legislative Committee; Err
nest NJ. Fisher, director, research in
mortgage and real estate finance,
and Lester Gibson. director, A. B, A.
news bureau, attended the last
weekly luncheon of the District
Bankers Association.
1t was stated in the financial dis
trict today that William H. Boggs
has been elected president of the
Baltimore Security Traders Asso-
citation and that several Washing
ton investment dealers will attend
the annual banquet in Baltimore
Friday night.
Today's Trading on Exchange.
Capital Traction SIS Opened the