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Evening star. [volume] (Washington, D.C.) 1854-1972, January 17, 1961, Image 13

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Persistent link: https://chroniclingamerica.loc.gov/lccn/sn83045462/1961-01-17/ed-1/seq-13/

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Higher Profits Shown
By Notional Bank
Os Washington
By DONALD B. HADLEY
Star Financial Bailor ,
Net profit of National Bank of Washington amounted to
13,481,360 before Federal income taxes In 1960, up substantially
!rom a year ago. it was disclosed todiy in the annual report
from President Barnum L. Colton.
Os this ameunt, Mr. Colton reported 81,081,500 was paid
n stockholders in dividends, 81,723,500 was carried to i eserve
1
'or Federal income taxes and
;he remainder, after adjust
nents, was carried to undivided
iroflts.
Income from operations, plus
•ecoveries, and other profits
imounted to 89,911,897 for 1960,
vhile expenses, Including trans
fers and charge-offs aggregated
>6.430,538, Mr. Colton reported.
The institution’s 1959 report
Isted net profit of 83.175.558
>efore Federal income taxes, of
vhich 81,087,500 was paid out
n dividends, 81.555,200 was
tarried .to reserve for Federal
ncome taxes and the remain
ler, after adjustments, was
sarried to undivided profits,
ncome from operations, plus
recoveries and other
imounted to 810,249,285 for
.959, while expenses amounted
o 87,073,727.
All directors were re-elected
is follows:
Wilmer J. Waller. Edward C.
lalta, Crosby N. Boyd, Clark
A. Clifford. Mr. Colton, Edward
lostlgan, Rutherford J. Dooley,
V. Carlton Evans, Norman B.
*rost, V. Manning Hoffman.
Welly K. Hopkins, W. Ledru
Coonts, A. D. Lewis, Dr. John
Lewis, Charles H. Murchison,
{. Gabriel Murphy, William A.
togers, 2d, Benjamin T. Rome,
tobert P. Smith, Leonard P.
Jteuart, Dr. J. Lawn Thomp
on, jr., Leo A Walshe, Roger
r. Whiteford, Wash B. Wil
iams, J. Raymond Pyles.
$ll Million Bonds
Awarded by County
Montgomery County today
iwarded 811 million of bonds
o an underwriting group
leaded by First National City
lank of New York at a net
nterest cost to the county of
.4924 per cent or 85,910,908.
On maturities ranging from
962 to 1975, a coupon rate of
per cent was fixed and the
ends were priced to yield 1.70
■er cent to 3.50 per cent in
■ubllc reoffering.
For maturities of 1976
hrough 1988, the coupon was
% per cent and the bonds
zere priced to yield 3.40 to
.75 per cent. For maturities
989 through 1990, the coupon
las 1 per cent and prices
'ere set to yield 4.20 per cent,
’or the 1991 maturity, the
oupon was y 4 of 1 per cent
MUTUAL FONOS
’» Securities Deal- Int Resour 5.04 5.53
* “*■ nu ! nvCo Am ”•*' ” 32
InvM B< ™ ” 5013.44
ffiFra ? u IBV Re * ch ”00 ”
®! I«*l FC 32.40 33.33
m L 55 Johnatn 13 15 13 15
m Inv 14 53 14.53 „ 1,12
m Mot 8.77 0.50 KEYSTORE:
mßes D 23 00 24.00 Cu « B’ 24.42 25.40
wo Fd 132 1.47 Ciu B 3 21.45 23.62
tom Phys 5.00 5.44 Cu« B 3 15.17 14.54
»H A 5.30 5.04 Cu* B 4 0.33 10.10
xe H B 0.43 0.14 Cus KI 0.01 0.73
le H Stk 3.00 4.24 Cui K 2 15.44 14.07
xe Scien 114012.71 Cm SI 20.02 22.71
xe Temp 0.20 10.15 Cui S 2 11.90 13.00
IMS
n.s 112 saar 1 ; sts
alii Fd 7.02 7.47 Knick Gth 4477 00
u Gen 14.1215.24 Lazrt 15 375 14 125
da Fd 14.42 17.77 tSSdt 11M17 M
“JSS ’2-fiU-a IM*
Shr O«MQ U,eSa *'o *M
hixeFd 15 12 14 57 ! xwm fe o * 24 24 M 24
hem Fd 11*31 12'3 Loom 14.0014.00
M Ener 13.10 14.40 MANAG FUND:
oion Fd 10.54 1144 Elect 2.47 2.03
wth Inc 0.00 0.07 Gen Ind 3.54 3.00
»m Inv 0.4710.51 Metal 2.23 2.45
om Stk 14.04 17.43 Paper 3.40 3.73
" C< T* Petrol 2.15 2.34
»»• Inv 17.25 10.75 Spec! 3.42 3.75
rown W 7.J4 7.92 Mass Tr 13 55 14 AS
ela Inc 9.75 10.72 Mass Life 21 45 23 19
>Ve«h la 14.70 14.04 M l“ . Fd 14 13 14 04
tVegh M 50.75 59.32 Mut inv" iSiuo
S er 9 r !S ’!! 7 Mut Shr » »”13 7i
!Z! Mut Trust sis 3.42
tvid Shr 3.05 3.34 Nat WSec 20 52 22.20
r J yfu i ,MS Jf-fJ N *‘ tave » ,4 -57 15.75
aton Bal 114712.37 NAT SEC SEE:
*‘“" su Balan 1040 11.50
** *? v Bond 341 5.09
J ’- 47 Dlvid 3,44 2.00
■quity 7.95 0.24 Pf Stk 7.44 0.15
urold 10.00 19.375 Income 5924 47
ed Grth 12.47 13.43 Stock 113 109
id Cap 14.07 17.47 Grwth 0049 44
Id Fund 15.50 14.04 New Eng 10.47 1144
M Mut 17.79 19.23 NY Captt 13.9914.99
IF. 4.30 4.71 NCE Sn 13.40 14 44
la Gth 5.01 4.30 One WmS 13.23 14 30
la Mut 2.09 2.20 Penn Sq 13.41 13.41
nd Mut 11.0512.01 People! 19.35 21.21
nk Cusßd 2.57 2.03 Phlla Fd 10.04 11.78
nk Com 4.15 4.74 Pine St 11.70 11.02
nk Pf 2.74 3.02 Pioneer 8.04 9.43
und Inv 9.19 10.07 Price TR 14.2014.42
en Cap 17.93 19.49 Puritan 7.72 0.35
en Invex 7.03 744 Putnam 14.00 14.10
IROVP SEC: Put Grth 15.24 14.59
Auto 0.50 9.32 Quar Dirt 4.92 7.54
AvAEI 0.94 9.00 Scud Can 12.77 12.77
Bldg 4.10 4.49 Scud SC 18.4710.47
Cap Gr 4.54 7.20 Scud Stk 9.31 9.31
Chem 12.0014.01 Selec Am 9.17 9.92
Com St 12.50 13.77 Sbarhld 10512 00
Food 7.09 0.45 Smith Ed 14.40 14.40
Ful Ad 9.39 10." Sw Inve, 14$ 15.70
Gen Bd 4.95 742 ®ov, er “ v ’5 M
Ind Meh 7X7 7.75 gif' H
Instßd 0.10 0.44 29 H 59 M
Merch 13.05 14.29 g**!
Mining 5.71 4.26 ’I J? g
RRM Te». Fd 10X1 Il'S
55 EJ ’I 3 ’-2 Twr “ Grth 4.25 4.03
RR 92110 09 Tw « CGU ' 7 « • 23
Steel 194 9an UNITED FUNDS:
Tobac 931 1020 Accu ” M ,4 »°
UtilH 12 40 13 67 Cont 734 • ® 4
•rth Ind 19 MM« Incom ”-23 11-31
: u?rrtn MMS in S' 1 " 1 ’4 04 15.34
wm £.7 U »F cn 14.39 17.02
?*“ Js? ??? 3 ,4 Vai Line 4.35 0.94
iam naa 5.15 Vai L Inr s3l san
lay ?’ k < « Val hSP* 351 384
c Ell ?•« 212 Wa|ls4 In *’ 4 ’ 77
" c Z H .!■£ Wa » h M“‘ ”5 10.07
ncorp Inc 9.10 10.03 Well Eq 14.03 15.25
ncorp Inv 0.53 9.22 Well Fd 14.15 15.42
Found 10.05 11.04 Whltehll 12.54 13.54
Grwth 10.00 11.02 Winfield 13.1114.33
Income 4.25 4.04 Wiacon 4.44 4.94
( it thii od to small? 1
f because our message to )
) you is simple and brief: (
) Wi Offer the {
i) HIGHEST (i
K SAVINGS /
\ on Larks and /
( Morcedes )
) American Service (
) Center /
\ 20 Tears Sama Location /
(( 585 N. Gleba Rd. )
((Ari., Vb. JA. 7-7722 )
i_
■ and the price was fixed to
I yield 4.4 per cent.
Os the total proceeds, 810,-
i 410,000 will be devoted to
s schools, $lOO,OOO each for the
. Silver Spring. Wheaton and
■ Bethesda parking districts and
I $290,000 for the Kensington
. Fire Department.
i Gadsby Hails Study
: Backing SEC Needs
i Chairman Edward N. Oads
-1 by of the Securities and Ex
. change Commission today wel
’ corned the report of om inde
i pendent consulting firm that
his agency needs a substantial
’ increase in personnel to meet
a mounting work load.
I At the request of the Budget
Bureau, Booz, Allen & Hamil
ton conducted a management
; survey of the commission’s op-
■ erations.
The chairman said: “The re
’ port, of course, does recommend
a number of changes in com
' missian procedures as well as
certain substantive changes in
commission organisation. The
commission will make an ob
jective review and evaluation
of all these recommendations
in terms of their posssible con
tribution to the solution of cur
rent work-load and other prob
lems. Those recommendations
which will contribute to the
objective of a more effective
discharge of the commission’s
various responsibilities in the
public interest will be adopted
promptly.”
Goodrich Announces
Purchase of Rayco
B. F. Goodrich Co. announced
today the purchase of Rayco
Manufacturing Co., the Nation’s
largest distributor of shock
absorbers, mufflers and seat
covers, and announced plans to
market its tires through 125
Rayco retail outlets in 17 major
markets.
There are three Rayco stores
in the Washington area at 2117
Bladensburg road N.E.: 7998
Georgia avenue. Silver Spring,
Md.,- and Seven Comers, Falls
Church, Va.
Interest Rate Declines
On U. S. 91-Day Bills
B» the AwocbUd Prtw
The Government’s short
term borrowing costs fell with
yesterday’s weekly offering of
Treasury bills.
Blds for the $l.l billion Is
sue of 91-day bills averaged
2.35 per cent. Last week’s rate
was 2.385 per cent.
On the $4OO million of 182-
day bills, the average yield
was 2.530 per cent. The rate
a week ago was 2.602 per cent.
CHICAGO
LIVESTOCK
ers xteady to 25 cenu lower: sows *c
‘Lt'- • le *< l v to xtroni: fairly tood
ahlDPlna demand. Mixed trades No 1
fEnr? S5 d J” 1 !!'* 1 *■ « nd I--SO
h'-,d “°«tlr No. 1 and 2
200-215 lbs 51»j.20: mixed No. 2 and
No. .1 190-2201 lbs 17.25-17.50; mixed
No. 1. 2 and .1 and No. 2 and 3 220-
. 240 lbs 17.00-17.25: mixed No 2-3
and 3 240-270 lbs 10.50-17 25 mlied
No. 2-3 and 3 270-300 lbs 18.00-10.75:
mixed trades of 1. 2 and 3 and °-3
300-400 lb sows 14.25-15.75: mixed
I 13*50"14 N s°6. * nd 3 40 °- Ss ° lb *
I Cattle 3.500: calves 100: slauxhter
1 I ’. t *J dT ,0 xtfona; Instances 25
to .>0 hither: heifers steady to strong;
I utility and commercial cows steady:
i canners and cutters strong: bulls weak
I *9 wer: strong; stockers
and feeders steady to weak; load lots
J choice 000-1.350 lb steers 326-28.25'
I I'.TLn 1 ?*.?!- 9l* x £S. Choice and prime
1.-50-1..167 lb 928.50-29: mixed good
and choice 900-1.300 lbs 325.25-26 75:
£'Y utlll . u V d stsndard
Jt2' 5 ,2’ 22; . choice slaughter heifers
I $26-27: mixed tood and choice 525-
) 26: good $23-24.75: utility and stand.
I ard $15.50-23: utility and commercial
I cows $l4. ,5-16. ,5: canners and cut-
I l er .? utility and commercial
1 6 u , , j0,?* 8 " 2 L : ,ood ,nd choice vealers
> $2l-28: cußs down to $l2; several
! loads and lots good 887-900 lbs feed-
J Ing steers $23.90-24.50.
I
f TREASURY BONDS
i 1
I NEW YORK <AP>-Noon over the coun-
I ter U. S. Government Treasury bonds,
) bid, asked, net change and yield for
Tuesday.
T-2 Vis 65-40 100.10 100.13 +.l 2.03
2745. 41 100.1 100.3 +.l 2.45
2Vrs 41 99.24 99.20 2.65
' 2'4s 62-59 Jun ... 90.17 90.19 +.2 3.05
1 2V,s 62-59 Dec .... 90.17 981.9 -.2 3.05
I 63 97.30 90.2 +.4 3.34
I 3s 44 98.10 90.22 +.2 3.47
> 2Hs 65 96.0 96.12 +.6 3.64
3Y«s 46 100.16 100.20 +.6 3.66
) 3s 44 97.14 97.10 +.4 3.52
I 2’/js 47-42 92.30 93.6 +.6 3.74
I 3’/ss M 100.12 100.16 +.6 3.02
I 2Vrs 60-63 90.12 90.20 +.4 3.91
I 2'/ss 6944 Jun 89 16 89.24 +.6 3.97
1 4s 69 101.12 101.20 +.B 3.82
)2’ IS 69-44 Dec 89 89.8 +.4 3.96
( Tis 70-65 88.24 89 +.4 3.96
7 J?* ,7 M M 4 +-0 324
7 T/u 72-67 Jun 84.20 84.20 +.4 3.95
3 ZZ'iZ Ml 2 06 J 0 +- 4 3.96
2 ZZ 47 D" O* 2 ® 04.20 +.6 3.91
J J’/SS 74 99.24 100 +.g 3.90
1 4 '/4S OS- 7 5 102.16 102.24 +.12 4.09
I4s 00 100.28 101.4 +.B 3.93
3V»S 00 94.12 94.20 +.12 392
. 3'Zaa 03-78 90 8 90.14 + t 190
i 05 90.4 90.12 +.B 3.08
3/34 20 ’’ ’0 91.24 +.12 4.01
3» 95 84.4 84.12 4 12 373
3 ’/rs ’• 90.20 90.20 +.14 4.00
Prices quoted In dollars and thirty sec
ones.
T Partially tax exempt.
WE WANT
► LAND ◄
►► Acreage for volume housing develop
ment. Plotted area preferred, but
willing to talk about any site with j
possibilities.
k Write Box 448-M, Star 4
■ c
V
M ra c
fl t
■ A 1:
j
Mr. Thompson
n
Mr. Belton
Net Gains 31%
At National
Capital Bank
Net income of National Capi
tal Bank reached a new all-time
high of $151,113 in 1960, with
an increase of 31.75 per cent
from |114,697 in the preceding
year, reported President George
A. Didden, jr., at the annual
stockholders meeting today.
All directors were re-elected
by stockholders and the board
authorized two officer promo
tions. Two prominent Wash
ington businessmen were
named advisory members of
the board.
Raymond W. Bolton, jr.. was
promoted from cashier to vice
president and James H.
Thompson, jr., was advanced
from assistant cashier to
cashier.
Elected advisory members of
the board were Jack Pry, pres
ident of Capitol Car Distribu
tors, Ltd., and Richard H. Sin
clair, executive vice president
and secretary of American
Savings and Loan Association.
Gross Sets Record
President Didden told stock
holders gross income of the
bank also set a record of $959,-
513, an increase of 12.7 per
cent from $851,197 in the pre
ceding year. Expenses of $639,-
141 were up 5.5 per cent from
$605,892 in 1959.
The bank’s assets totaled
$22,352,911 at the year’s end.
compared with $20,983,775 a
year earlier. Deposits rose to
$30,314,742 from $19,125,001.
Book value of capital stock
was $40.64 a share at the year
end, including reserve for bad
debts, compared with $38.24 a
share at the end of 1959.
Joined Bank in 1944
Mr. Bolton, the new vice
president, joined the bank in
1944 and became cashier in
1954. He is a graduate of
Eastern High School and has
been active in Robert Morris
Associates, the Retail Credit
Association and the Board of
Trade.
Mr. Thompson has been with
National Capital since 1948 and
was nsuned assistant cashier in
1954. He is a graduate of
Hughesville High School and
was associated with the
Hughesville Savings Bank for
a time. He is a' member of
the Auditors Section of the
District Bankers Association.
Mr. Sinclair, new advisory
board member, has been in the
savings and loan business 30
years and is past president of
Washington Chapter, American
Savings & Loan Institute. He
is a director of Firemen’s In
surance Co.
Has Many Interests
In addition to his automobile
firm, Mr. Pry is president of
Country Club Dry Cleaners,
which has branches in Mary
land and Virginia. He is asso
ciated with H. & R. Corp.,
which has shopping center
properties and is a director of
Arbaugh’s Restaurant.
/Xw I
vs A
FAsr.
FAST-
FAST
when you take
Sheraton Service I
Stnlc* mikes the successftil differ
cnee when you hold s business
luncheon, dinner, banquet or meet
tog. Aqd in Washington, only the
Sheratdn-Park Hotel offers world
famous Sheraton service and ex
£? r !, cnce ! complement
•f function rooms for all groups,
MIMMR OF OINUS* CLUB
Xheraton • lAirk
H° tel
2650 Connecticut Ave. N.W.
George O. Johnson, Gen. Mgr.. CO. 5-2000
AS&T Adds Chairman
Os Martin Co. to Board
George M. Bunker, board
chairman of the Martin Co.,
was elected a director of Ameri
can Security & Trust Co. at
the annuid stockholders meet
ing today. President Robert C.
Baker announced.
Mr. Bunker succeeded L.
Perry West, who has reached
the mandatory retirement age
Os the board. All other directors
were re-elected.
President Baker presented
the annual report showing new
records in income, deposits,
loans and total assets for 1960.
Gross operating Income of
the bank and its affiliate
reached $17,660,911. a gain of
$2,249,241 from the previous
year, while net operating in
come after taxes rose to $3,-
166,959, an increase of $486,-
918 or 18.2 per cent.
Net Is $5.28 Per Unit
Net earnings of the bank and
affiliate were equal to $5.28
per unit on 600,000 units out
standing in 1960, compared
with $5.36 per unit on 500,000
units in 1959.
Combined gross operating
■ lb' ’ s I
| UMD I
InBI
■ S H
H ■ H
H ™i
H )3:| life
Quick as you can say American, you’ll Wl . X /K? Iff
find yourself relaxed and refreshed in Dallas a! wB
or Fort Worth. American Airlines offers four
flights daily—three dependable Turbine-Powered
Electras and a comfortable DC-6 Flagship. The
fl four hours and ten minutes to Dallas (4 hours 45 minutes
to Ft. Worth) pass by in supreme comfort as smiling American Airlines stew
ardesses cater to your every wish and serve elegantly prepared meals en route.
And now there’s a budget-pleasing Electra Night Coach to Dallas (just $60.70, E
plus tax) and a nonstop DC-6 Aircoach to Ft. Worth!
■ Relaxing in a powerful American Electra Flagship is a delightful experience
that you’ll be sure to remember and repeat. Just another reason why American ■
Airlines is first choice of experienced travelers. For reservations see your Travel I
Agent or call American at Executive 3-2345. , 14
ALSO AUtFKEIOHT TO DALLAS AND FORT WOHTH—CALL tXfCUTIVE 3 C4CO. K
i.
■ > Lv. WASHINGTON Ar. DALLAS Ar. FORT WORTH
9:30 a.m. 12:40 p.m. 1:15 p.m.
1:15 p.m. 5:45 p.m.* >
B 5:45 p.m. 8:55 p.m.
MfIUK 2:45 a.m. 5:55 a.m. «
f| -DC-e Air coach ALL TIMES LOCAL
■ cm AMERICAN H
AMERICA'S LEADING AIRLINE , I
i||lfl • • • 1 I
.... . + 4. i.. |
expenses of $10,966,089 before
taxes exceeded those of the
previous year by $992,736. Fed
eral and District taxes on in
come amounted to $3,527,863,
up $769,691 from the previous
year.
Combined total assets at the
year's close after elimination
of inter-company items, ag
gregated $399,913,981, an in
crease of $21,619,818 from a
year earlier. Deposits for the
year averaged $339,155,763, an
increase of $10,906,765.
1 Book Value Climbs
Stockholders' equity in the
bank and affiliates at tne year's
end was. $34,485,903 or a com
bined book value of $57.44 per
unit based on 600,000 units,
compared with an equity of
$27,324,716 or $54.65 a unit on
500,000 units a year earlier.
Book value of the bank and
affiliate shares at the year end
amounted to $44.76 a share and
$12.68 per share, respectively,
compared with $42.09 and
$12.%6 on fewer shares a year
earlier.
Loans and discounts of the
bank averaged $174,625,248 in
the year, an increase of 13.2
I
GEORGE M. BUNKER
per cent from the 1959 average.
Trust assets administered at
the end of 1960 aggregated $650
million and consisted of securi
ties at market value and real
estate at assessed value. The
total at the end of 1959 was
$6OO million.
Led Company Transition
Mr. Bunker, the new director
of AS&T, became chairman of
the Martin Co. in 1952 after
serving as president for three
months. He led the company in
its transition from a leading
THE EVENING STAR
Washington, D. C.
Tuesday, January 17, 1961
aircraft design and manufac
turing firm to leadership in the
missile and space age.
A native of Chicago and a
graduate of Massachusetts In
stitute of Technology, he is a
stockholder in the new Wash
ington Senators baseball club
and a director of Nuclear Corp,
of America, Bulova Watch Co.
and the Florida Capital Co.
Mr. West, who is president
of West Bros. Brick Co., has
been a director of the bank
for 19 years. Upon his retire
ment, Mr. Baker expressed ap
preciation for his long and
faithful service. Mr. West was
elected a director emeritus.
Re-elected AS&T directors
were: Chairman Daniel W.
Bell, Mr. Baker, C. F. Jacob
sen, Thomas D. Carson, Floyd
D. Akers, Alvin L. Aubinoe, D.
William Brosnom, George B.
Burrus, William J. Flather,
jr., Eric A. Johnston, Howard
W. Kacy, Edgar Morris, Wai-,
ter K. Myers, MB., Thornton
W. Owen, Warren Lee Pierson.
John C. Rill, Gustave Ring,
Andrew Saul, Russell E. Sin
ger, A. J. Somerville, John W.
Sweeterman, Benjamin W.
Thoron, James C. Wilkes and
Lawrence E. Williams.
Business
♦ Wirtfs Smallest Recerder ♦
t VISIT WASHINSTOrS ♦
f DOWNTOWN ♦
HEADQUARTERS ♦
: FioauY sound company:
: 1022 18H> so. N.W. H. $-s72oi
W WWW W V WWW**
Our Informatiiv Booklet
Understanding
Mutual Funds
•xptang hew the everage invettor
mey own a brood cro»i «*ction of
Amorico $ loading indu«tii«» Whto,
phon, er drop in our oHic. for a
free copy.
AUCHINCLOSS
PARKER & REDPATH
ITOS H Si., N.W. • Wa»b. 6. D.c.
I X 3-5909
I'.O W.Bro.dSl. • FallsCliureb.Va.
IE 3-3800
Mambar, N.Y. Start £xrtangr
A-13

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