Evening star., 1949-11-29
Head Of Alb Chapter
Reports Registration
Largest in History
By Edword c. Stone

By Edwurd {. Stone
Stephen o. Porter. president
Washington Chapter, American
Institute of Banking, reports the
first semester's registration as the
largest in the chapters history.
The Institutes classrooms are
"bulging" with banking students,
while the two lunchrooms OF the
American Security g. Trust Co.
and the boardroom OF the Ham
ilton National Bank are being
used to fine advantage. The
banking fundamentals class alone
has 157 students.
Special efforts are being made
to secure more space for the in
stitute and some action may de-
velop in the near future. The
desired quarters have been diff
cult to find. The chapter is spon-
sored by the District Bankers
Association, the city's bank pres
idents taking special interest IN
the educational work.
For a full year, the largest
attendance on record was 655
students. Mr.. Porter is sure that
figure will be exceeded in the
second semester.
Market Bonds Offered.
Alexander Brown & Sons and
associates today offered $5,200.0o0
Lexington Market Authority 21a%
revenue bonds, due November /,
1879, at 1033s to yield approx
mately 3.32To to maturity.
Proceeds from the sale will be
used to construct new Lexlng-
ton Market in Baltimore and for
adequate parking accommoda-
tions. The parking facilities are
to be revenue producing. This is
said to be the first of this type OF
municipal financing of any conse-
quence ever undertaken.
Branch Bank 135 Years Old.
The Farmers & Mechanics
Branch of the Riggs National
Bank, in Georgetown. is 1875 years
old this year. 1t was started as a
limited partnership with $500, 900
capital and for more than a CEN
tury was an independent institu-
ton.
Among the first directors were
George C. Washington. nephew OF
George Washington, and RomuluS
Riggs, uncle of George w. Riggs,
a partner of Corcoran & Riggs.
The charter ran three years at a
time until 1872, when the bank
was given national status by Con-
gress.
Some of the records and ledgers
still in existence in the basement
weigh so pounds. They are hand
written and contain the names OF
many noted people. In a glass
compartment in the safe deposit
department is displayed the gavel
used by George Washington in the
laying of the corner stone of the
Capitol in 1893. now the property
of Potomac Lodge, A. F. & A. M.
Bank Changes Completed.
The Washington Loan & Trust
Co. has just completed the extern
sive redecorating plans which have
been under way for several weeks
without hindering daily opera
tions. New lights have been in
stalled. the walls given new tints
and many other improvements
carried out which make a very, at
tractive bank still more attractive.
The changes have cost about
$50,000. |
Riggs Nationals fall issue of
Riggs Bank Notes, edited by staff
members. is just off the press. It
contains a host of information
about employees "in the branches
as well as the main Office. The
editors are G.. S. Donegan, j. j.
German, jr.: L. E. Parnell and
Jack Stone.
The District of Columbia Asso-
citation of Insurance Agents will
hold its annual banquet at the
Mayflower Hotel this evening, the
program being planned without
guest speaker.
Everett G. Phelps, representa-
tive of the Continental Insurance
Co., 1417 K street NV. has re-
ceived special award for more
than Is years service with the
company.
The National Savings and Loan
League has launched a drive to
bring from hiding huge sums of
money which are kept In obscure
and unsafe places subject to rob-
berries and fires. the Washington
Office announces.
Strikes Cut Southern's Net.
Net income of the Southern
Railway System in October, hit
hard by the steel and coal strikes,
totaled $493, ,642 against $1,510,485
in October, 1948. Gross revenues
Of $16.67o, 1926 were off 50, ,395. .682.
In the 10 months of 1949 net
income amounted to $7,537 1858,
compared with SIS 5,280, ,204 in 194S.
Dividends Announced
NEW. YORK, Nov. 90 Gp.-Dividends
declared: