BANKING: New Club Member

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"And, 0 dear God, please bless the Pennsylvania Railroad, the Girard Trust Co., and the Republican Party." Thus, says Author Struthers Burt, the children of Philadelphia's rich once closed their bedtime prayers. Ever since ex-Mayor Benjamin W. Richards helped found the Girard in 1835 (naming it after Philanthropist Stephen Girard), the bank has been one of Philadelphia's strongest pillars of good business and decorum. It was the first trust company in its district to join the Federal Reserve System; it thought it should, "from the standpoint of patriotism." In its vaults lie the securities that make up some of the city's oldest fortunes.

The "board of managers" (directors) used to meet in cutaway coats and striped trousers. They used no first names, but ceremoniously addressed each other as "Mr. Clothier," "Mr. Stotesbury" and "Mr. Morris." This formality extended even to the clerks. They were not permitted to smoke during banking hours, nor did they work in shirtsleeves. They seldom wanted to. The correct young men behind the counters were usually the same cool young bloods who danced at the Assemblies. "Joining Girard," as one employee said, "was like joining a good club."

No Mergers. But the clubbiness did not get in the way of running the bank. In its 112 years, the bank passed serenely through a score of scares and panics. Girardmen like to say that it is almost the only top U.S. bank (in size, it is No. 86 in the U.S.) that has never merged or consolidated. And since 1837 it has failed to pay a dividend only once, in 1842.

In its entire history the bank has had only six presidents. This week President James E. Gowen upped himself to board chairman and Girard got its seventh president. He was no banker. But Geoffrey S. Smith, 47, whom friends describe as a "conservative tweed man," had just the blend of solidity, acumen and polish that Girard liked.

Son of Edward B. Smith (founder of the Edward B. Smith & Co. investment house, which later merged with Charles D. Barney & Co. to become Smith, Barney & Co.), Geoff Smith was born in the Kitten-house Square section, went to St. Paul's School and Harvard, where he was a member of the Porcellian Club, and the University of Pennsylvania Law School. He became a partner in the law firm of Barnes, Dechert Price, Smith & Clark, and joined the Navy in World War II, where he rose to captain and procurement director of the Navy's Bureau of Aeronautics. His citation for the Legion of Merit says that he saved the Government "billions." Says Smith: "I honestly think it's a misprint." He now commutes to Philadelphia from his 60-acre farm, likes to ride horseback and sail his 45-ft. yawl Cherry Blossom.

No Changes. Smith has been on Girard's board since 1938, and was tagged for his new job 18 months ago. He hopes to keep Girard growing (in the last ten years its assets almost doubled to $235 million), and to dispel the notion that it caters only to the rich. Actually, Girard has hundreds of accounts of $300 and less.