Milford chronicle., 1952-01-18
Taxes Take Big Cut
Of Banks Earnings
CONTINUED from arst .agel


considerably more than in any
other year of our 144 years in bank
ing. after allowing for federal in
come taxes, the net amount left for
dividends to the stockholders, as
owners of the business, is less than
in some previous years" he said.
After citing that stockholders
last year, received $150,000 in divi-
dends as their share of the profits,
he explained that I'VE estimate that
we will pay the federal government
S213. 900. or almost one and a half
times as much as they, as owners
received last year.
The president then asked: AT
what point do we become employees
Of the government and our business
a part of a sOcialistic state?'
Net Gain Shown
After estimated taxes, the bank
showed a net profit from operations
of S505.523 or $50.55 a share OF
capital stock. Current operating
earnings were $1.545,OO9 and opera
ting expenses took $S26,4S5, leaving
S718,523 net current operating earn
ings before taxes.
In line with the policy adopted a
year ago, $150,000 was placed In a
building reserve account, bringing
The amount so allocated to 100000,
leaving $355, ,523. or $3.50 a share.
Citing that plans for enlarge
mont rf the Dover and Georgetown
hanks was authorized by the direc-
tors last year Mr.. Patton said Work
is expected to be started in the
next few months. He also told Oi
the acquisitions and other progress
of the bank in the past year.
Officers Reelected
Officers reelected in addition
to Mr.. Patton are: I. II. r
Baldwin and Thomas B. DOnahue
Wilmington; Lindale c. Fisher
Georgetown. and Gordon l.. Wills
Dover. vice presidents; Leroy G
Pearson. Dover. cashier; Alton F
Hills and John Mcmillan, Whining
ton. assistant vice presidents
George II. Short. Harold y. Hatfield
J. Francis Richardson, and Walter
p. Towsend. Georgetown; Haroi'
J. Butler, Charles A. Galloway
and Edward X. Wood, Wilmington
Samuel f. Heite, Jr., and MarTe
o Watson, Dover, and J. Fletche
Truax. Smyrna, assistant cashiers
Charles A. Galloway, Wilmington
Miss +. Louise Davidson, Dover
J. Fletcher TruaX, Smyrna, an
Walter p. Townsend. Georgetown
trust officers. Edward w. Hage
meyer, Wilmington. investment ofti
d Ger. James B. Watson. Dover, audi
tor c. l.. HarmOnsOn, chairman
L. S. Senator J. Allen Frear, Jr
G. ]. Prickett. William Norris, an
George c. Rothwell, advisory com
mittee. Fruit Growers Office, SmyI
ma.
Directors reelected by the stock
holders are: o. Fl. p. Baldwin
Alexis /. dupont Bayard. Alfred
Bissel. Horace K Dugdale, an
Alfred V. dupont. Wilmington
| George NJ. Fisher, Dover; Lindal
O. Fisher. Georgetown; U. S. Ser
ator J. Allen Frear, Jr., Maurice !
Hartnett. Jr.. and James II. Hughe
Dover; Nutter d. Marvel, George
(, town: ]. Gordon Smith, Dover
John G. Townsend, Jr., Selbyville
Julian + Townsend and DR.. JOsep
B. NAPLES, il, Georgetown, an
J Reese White. Nhllsboro.
I Slate-appoiuted directors are
State Senator r. Allen Canno
! ScafOrd William d. Denney. d
I yer. William A. B. Dodd, RehObOtl
4 Pierre S dupont. II, and AarC
d Finger. Wilmington; Frank r. Ma
4 ahan. Camden; John c. Townsen
4 II. Georgetown, and DR. Henry
\ p. Wilson. Dover. John F. Porte
! Wilmington. who recently died, W
! state-named director
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