Evening star., 1942-02-11

his banking experience in 1910 with
the American National Bank at
Nashville, Tenn, advancing from
messenger to assistant cashier. In
1925 he went to Florida, where he
became assistant vice president OF
the First National Bank at Tampa
Returning to Nashville, he was
connected with a building and loan
association as manager and director
Five years later he became secre-
tary and controller of the Federal
Home Loan Bank of Cincinnati, and
in 1888 came to Washington as gen.
eral manager of the savings and
loan division of the Federal Home
Loan Bank Board. Mr.. Rountree
later went to the Home Owners
Loan Corp, obtaining leave last
year to take the position with the
First Federal.
The new official is a native OF
Tennessee, graduate Of the Amer
lean Institute of Banking, member
of the Columbia and Chevy Chase
Country Clubs, Columbia Heights
Christian Church and the Tennessee
State Society.
Reserve Bank Expands Force.
In the last half of 1941 the Fed
eral Reserve Bank of Richmond
was forced to expand its personnel
extensively, according to the de-
tailed annual report reaching Wash
ington.
The number of employees at the
Richmond, Baltimore and Char
Aotte Offices increased from CTS to
795 during the year, the rise being
due chiefly to great increase in
the personnel needed to handle De-
fense bonds and the details of in
stallment credit supervision under
Regulation w.
The number of checks handled by
the transit department again set an
annual record at 7,796, 900 items, an
average of 293, ,632 checks per work.
ing day. These checks totaled $20,-
410,680,0O0 in 194l, an average of
s68, ,263, ,144 per day.
Currency and coin received or
paid out in 1941 totaled 1902, ,051 1924
pieces, valued at $2,246, ,927 300,
against 962. .789, 100 pieces valued at
$1,567 ,387, 500 handled in 1910.
Transfers of funds to and from
other Reserve banks and branches
through the interdistrict settlement
fund rose from SIG, 6,273 1894, 900 in 1910
to s21,733, ,031 900 in 1941, the report
states.
Exchange Offices to Close.
All the New York Stock Exchange
Offices in Washington will be closed
tomorrow for Lincoln's birthday an
niversary.
The daily session of the Washing.
ton Stock Exchange will also be
omitted for the same reason. This
exchange is rarely open on days
when the Wall Street exchange Is
not operating.
All banks in the city, as we'll as
the building and loan associations
will be open as usual tomorrow
Their next holiday will be on Mon
day, February %, when Washing
tons birthday anniversary, which
this year comes on a Sunday, will
be observed.
Richmond Banker to Speak.
The February meeting of the
auditors section of the District
Bankers Association, holding q
dinner meeting tomorrow night al
the Lee Sheraton Hotel. will heal
an address by J. Hammond Siler
jr., from the Federal Reserve Bank
of Richmond, where he is senior
representative of the public rela.
tions department. His subject vii
be The Federal Reserve System"
Warren S. Stone of the washing
ton branch of the New York Life
Insurance Co. led the entire Allan
tic division in January production
His record was about equal to an
average years production OF many
agents, Agency Director Earl D
Krewson announced.
Washington investment houses
are among the 141 members of the
syndicate which will distribute
1855, 900 shares of common stock OF
the Union Electric Co. OF Missouri
The stock is now entirely held by the
North American Co.
Southern's Earnings Climb.
Gross revenues of the Southern
Railway in January are estimated
to have approximated $4,000. 900
compared with actual gross reve-
nues Of $10.137, ,7SS in January, 1911
C.L. Robey, president Of the Pur.
cellville National Bank, Virginia
has been made chairman Of ar
American Bankers Association COM
mittee which is to make q survey o1
savings operating costs Of mutua
savings banks and a group OF COM