Evening star., 1950-01-26
Sharp Rise Reported
In Earnings Of D. {.
Banks During 1949
By Edward G. Stone

BY Edward c. Stone
Sharp increases in earnings by
Washington banks during 1949
were reported today by Controller
of the Currency Preston Delano.
Total earnings were $25, ,597 ,00C
compared with s23,S38, 900 in the
previous year. Interest on loans
brought in $l1,289,000 against
$l0,117,0o0 year earlier.
Current operating expenses also
were higher. stepping up from
S16,324,000 to $17,028, 900, leav-
ing net earnings from current op-
erations of $3.50 900 in compar-
ison with $7.514,000 a year ago.
The Controllers report showed
profits before income taxes of ST..
$4,000 compared with $5,824 ,O0C
in 1948. Taxes on net income
called for $2,083 900. leaving net
profits before dividends of $5, ,083,-
600 against $3.50, 900 in the pre-
Vious year.
More Bank Training Urged.
Bankers must have three impor-
tant characteristics if they would
climb to the top of the ladder
adaptability in a rapidly changing
world intelligence to meet the
new problems and a sense of bal
ance.
These suggestions were made by
Carlisle r. Davis, vice president
of the State Planters Bank g.
Trust Co., of Richmond, in an
address before Washington Chap
ter, American Institute of Bank
ing. at the Kenwood Country Club
last night.
AS this is the golden anniversary
Of the Institute, the speaker re-
viewed many of the more impor-
tant changes in the half century.
Two New Directors Named.
The Industrial Bank, 11th anc
U streets NV, voted at the an
nual meeting to increase the board
from nine to II directors. DIR
Julian Waldo Ross and DR.. Rob-
ert B. Pearson were elected to the
board. Other officers and direc-
tors were reelected and a good
business year reported. The bank
has just paid an annual per
cent dividend.
BENZ. C. Shaw was elected a
vice president of the Suburban
National Bank yesterday. He
Joined the staff in 1884 after grad
uation from the Takoma Silver
Spring High School, and has been
with the bank continuously since
that time except for three years
war service in the Coast Guard
Service.
Cyril E. Marie was elected as
sistant cashier and controller. He
is graduate of George Washing
ton University and has been with
the bank since 1941.
Leonard w. Trester of Wash
tngton. who is director of public
policy of the General Outdoor
Advertising Co.. has been elected
to the board of directors.
Shareholders of the District
Building g. Loan Association have
reelected George A. Baker presi-.
dent and all other officers. The
annual statement disclosed bal
ance sheet of $6,883.577, new
record. The institution was es-
tabliShed in 1911.
Acacia Reports Best Year.
William Montgomery, president
of the Acacia Mutual Life Insur-
ance Co., told the directors yes
terday that 1949 was the best
year in the company's history.
New business amounted to $132,-
100000, gain of $16,0O0,OOO over
the 1948 record.
Business in force passed $751;
100000, an upturn of nearly $82,-
100000 for the year. Assets ex-
ceed 5000, 900 900 with $7,467 ,O0O
in the surplus account.
During the year the company
invested $21, ,688.932 in new mort
gage loans, of which $5,687 ,O0C
was in the Washington Metropoli-
tan Area. Total loans outstand-
ing amount to $111,966,079. In
the Washington Metropolitan Area
the loans amount to $4,000, 900
OF particular interest was the
statement that the company owns
no foreclosed real estate.
q. S. Treasurer HOnored.
Mrs. Georgia Neese Clark, Treas
urer of the United States, was
paid special honors by the Bank
Women's Club of Washington at
Hotel 2400 last night. Mrs. Clark
was the guest speaker. She dis
cussed high finance in a most in
teresting manner. A reception
preceded the dinner.
Capital Airlines has made the
final payment of 100000 on its
original bank loan of $4,000,0O0.
The loan was granted to Capital
in 1916.
The annual report of John A.
Reilly, president of the Second
National, shows that net earnings
in 1949 gained per cent and
reached the highest point in II
years. Net climbed from 1854 1872
in 1948 to $283.333, while gross
rose from $882, ,691 to $9O9,562
Undivided profits increased and
$4,000 was added to a special
reserve account.
The American Petroleum Insti-
tute voted to keep headquarters
in New York but maintain it's De-
partment of Safety in Washington,
Howard o. Robinson, jr., of Fol-
ger, Nolan 81 Co., is passing two
weeks vacation in Florida.