Evening star., 1952-07-24

named vice president in 1943 and
established his Offices here.
He is a member of the District
Chapter, Quartermaster Associa-
ton, the Navy League OF the
United States and the Washington
Board of Trade. His clubs include
the Metropolitan, University and
Chevy Chase Clubs here and the
Metropolitan and Harvard CLUBS
of New York City.
Taxes Cut Bank Earnings.
An increase in taxes reduced
earnings of 19 Washington banks
and trust companies slightly be-
low a year ago in the first half
of this year, the controller OF the
currency reported yesterday.
Net profits after taxes amounted
to $3.116,OOO. compared with S.
10000 in the same 1851 period.
Profits before taxes were $6,213,-
900 VS.. $5,962 900 year earlier.
Taxes on net income reached
$3,097, 900 VS.. $2,794, 900.
Total earnings from current op-
erations amounted to $16,705, 600
VS.. $15,434,00O and current oper-
ating expenses totaled $10,351 600
VS.. $9,546, 900. Net earnings were
$6.354,000 VS.. $5,888,000
The report said the annual rate
of cash dividends to capital funds
was $40 per cent VS.. 2.89 per cent
a year earlier. The annual rate of
net profits to capital funds was
TIT per cent VS.. 1888 per cent.
Lincoln Service Net Rises.
Lincoln Service Corp. earned
$390,9 or $2.41 a share in the
first six months of this year, COM
pared with $350,313 or $2.14 in
the same 1851 period, President
Charles Delmar reported.
Gross operating income rose to
1858, 1868, compared with $1,277,-
686 a year earlier. Earned sur
plus reached $1,812,477, after
payment of preferred and COM
mon stock dividends, and COM
pared with $1,563. .555 on June 80,
1851.
Loans receivable at midyear
totaled $10.61S,204, a gain Of $2.5
million. Assets amounted to $13.-
Ol7.986 VS.. $1O,147,789. a year
earlier.
Directors Of Government En-
ployees Insurance Co. have de-
clared a regular quarterly dividend
of 80 cents share, payable Sep
tember IS to stockholders Of rec
ord September 10.
Schupp Bakery Gets Award.
Schupp Bakery of Washington
received the highest award for re-
tail bakers of comparable size in a
contest conducted by the National
Bakery Suppliers' Association, it
was announced today.
Object of the contest was to
stimulate interest in production
efficiency. store appearance and
quality merchandise.
Norman P. Schwinger has be-
come q member of the District
Branch of Acacia Mutual Life In
surance Co. A native Washing
tonian, Mr.. Schwinger has been
affiliated with the Arthur Murray
Dance Studios in Arlington. Va,
for the past three years as assist
ant manager He had also been
a radio announcer with Station
WGAY, Silver Spring.
Smiths Transfer Gains.
Business of Smiths Transfer &
Storage Co. in the first half of this
year was $4,000 or 4 per cent
ahead of a year earlier, President
Arthur Clarendon Smith reported.
Gross sales increased $4,000 in
local moving, $4,000 in long dis
tance, $4,000 in the packing de-
partment and $4,000 in Grating,
The storage department showed a
drop of $4,000.
d. C. Investments Grow.
The Prudential Insurance Co. S
mortgage loan and real estate
investments in the United States,
Hawaii and Canada had risen to
more than 81 billion by June 80.
C. E. johnson, resident manager
of the company's Washington,
D. c., mortgage loan Office an
nounced today. This sets a new
all-time high for the company.
Contributing to this record
breaking total are District of Co.
lumbia investments Of $25.
$751;" Mr.. johnson reports. "This
figure includes the $6,051 ,484
which was actually disbursed dur
ing the first half Of this year."