Evening star., 1941-08-21
Anniversary Marked
By Washington Loan
& Trust Co.
D. c. Institution Begins
SD Year; Deposits
At Record Levels
BY EDWARD C. STONE.


With a record of more than half
a century of notable progress, the
Washington Loan & Trust Co.,
Harry G. Meem president, is start
ing its SD year, it was stated at
the bank today. Doors were first
opened for business on August Is,
1889.
Deposits on June 80, 1941, amount
ed to $29, ,799,019, the highest figure
ever reached on the date of a con-
troller's call. Since that date, total
deposits have gone still higher. Sur
plus, undivided profits and reserves
are also around all-time peak levels.
In addition to Mr.. Meem, the Of
ficers include Arthur Peter, chair
man of the board; Charles H. Doing.
vice president; George M. Fisher,
vice president and treasurer; Will
liam H. Baden. vice president and
trust officer, Alfred H. Lawson, vice
president and real estate officer;
Ralph Endicott, Harry L. Smith, jr..
James NJ. Mason and George o.
Schweinhaut, assistant treaSurerS;
Leonard Marbury, Harry w. Gauss,
Bernard l.. AmiSS, and Vincent A.
Sheehy, jr., assistant trust officers;
Herbert w. Primm and Edward l..
Brady, assistant real estate officers;
Remick S. Ferguson, manager for
eign and customers securities de-
partmentS.
Directors of the trust company
are Harry G. Meem, Arthur Peter,
William H. Baden. Hiram Bingham,
Frederick NJ. Bradley, VIM. Thorn
wall Davis, Charles H. Doing, l..
Whiting Estes, George M. Fisher,
Melville Bell Grosvenor, George P.
Hoover, S. H. Kaufman, Alfred H.
Lawson, James Alexander Lyon,
Theodore W. Noyes, A. Chambers
Oliphant, William E. Pearson, Wal
ter S. Pratt, jr., Tenney Ross, John
Rutherford, George T. Summerlin,
Charles G. Treat Thomas H. Welsh.
A. Hamilton Wilson and Donald
Woodward.
Bank Loans in Further Rise.
Total loans and investments In
reporting banks in 101 leading cities
scored a further advance during the
five weeks ended August l3, the
Federal Reserve Boards. latest re-
view states. Commercial loans also
continued to increase substantially
and deposits remained at a high
level. Holdings of Government OBJ
legations showed little change.
After advancing to the highest
levels on record, prices of both tax
able and partially tax-eXempt
Treasury bonds declined somewhat
in the first part of August Yields
on Treasury notes showed little
change.
Construction contract awards in
July increased to level more than
two-fifths higher than year ago.
From the middle of July to the mid
die of August, the general index of
wholesale prices advanced about 2
per cent.
Agricultural production in 1941
may exceed that of any previous
year, the review says.
Frisbie Joins Mackubin, Legg.
Alfred E. Frisbie, connected with
the New York Stock Exchange firm
of Fenner & Beane for the past IA
years, has become associated with
the Washington Office of Mackubin,
Legg & Co., another stock exchange
firm located in the Woodward
Building, it was announced today
by Charles B. Quarles, Office man.
ager.
Mr.. Frisbie came to Washington
about four years ago from New York
where he was in Fenner & Beane's
Wall Street Office. He has been
customers broker and will have a
similar position with Mackubin,
Legg.
Lincoln Dividends Voted.
Directors of the Lincoln Service
Corp, industrial bankers, yesterday
declared the regular quarterly divi-
dend of IL per cent per share on
the 6 per cent cumulative partici-
pating preferred stock, payable Sep
tember II to stockholders of record
August 30.
The directors also declared the
regular quarterly dividend of ia
per cent on the 7 per cent cumula-
tive prior preferred stock and the
regular dividend of 25 cents per
share on the common stock, these
dividends also being payable Sep
tember u to stock of record Au-
gust 30
Washington's more than 10000
stockholders in the American Tele-
phone & Telegraph Co. will receive
the regular quarterly dividend of
$225 per share on October Is. the
record date being September Is.
Heard in Financial District.
The price advance in American
Telephone rights to 1882 is said
to be due largely to rise in quo
tations on the bonds which are
now quoted on a when issued basis.
! Washington investment dealers
today were offering the debentures
end notes put out by the Standard
Oil Co. of California, aggregating
10000, 900. An oversubscription for
the two issues was forecast by the
underwriters.
Y. E. Booker, head of the in
vestment firm bearing his name, is
passing a short vacation at Vir-
ginia Beach.
L. Clark Brown, of Brown, Good
Tyn & Olds, has returned from
vacation at Ocean City, Md.
A. j. Mulroney, second deputy
controller of the Treasury, who has
Just been elected vice president of
the Chicago Federal Reserve Bank,
was trust officer in a Chicago bank
several years ago and later on officer
In the credit department of
another Chicago bank. He has been
IN the controllers Office here since
the bank holiday. He first served
IN the reorganization division.
Today's Trading on Exchange.
After recent very busy t.ading
sessions of the Washington Stock
Exchange, business took a sharp
tumble today, being confined to a
single isue.