Evening star., 1952-07-11
Riggs Expands Loans
After Early 81 Drop,
Profits Show Gain
By DonoId B. Hodley

Loans and discounts Of the
Riggs National Bank at midyear
stood around levels of December
81 and year earlier after a drop
in the first quarter and a recovery
in the second quarter.
The June 80 statement from
Robert v. Fleming, president and
board chairman, also showed an
upturn in holdings of Federal OBJ
legations after sharp reduction
in the first quarter.
Both assets and deposits were
substantially above a year earlier,
but were below levels of December
81. Undivided profits continued a
steady rise.
Loans and discounts on June 80
totaled 1868, ,412, a gain of ST.
312.022 since March 81. still down
$9,418 from their December 81
mark, but $70,560 above June 80
last year.
Holdsings of Federal obligations
amounted to $155, ,301 ,535, an in
crease of $1,992.213 in three
months. down $6.250,0 ,081 in the six
months. but $10,100,208 above a
year earlier.
Deposits of 1929, ,65e,254 were
down $6,993, ,402 in the three
months, off $23,0O9, ,387 in the six
months, but remained $17,778,018
above June, 1851. Assets of $751;
656,281 were down So, $3.50, ,463 in
the six months. but $18,672. .023
above midyear of 1851.
Undivided profits on June 80
totaled $4,124, 900, gain of $471,-
742 in the six months and an in
crease of $586,183 for the year.
Capital accounts of $19,908, ,005
were up $414,277 in the six months
and $656,520 higher in the year.
Branch Manager Retires.
Carl H. Donch will retire as
assistant vice president and man.
ager of the banks Park road
branch on August 81 and will be
succeeded as manager by Edward
Duvall, jr., assistant vice president
and assistant manager. Mr.. Flem-
ing announced yesterday following
a board meeting.
He also announced declaration
Of quarterly dividends of So each,
one payable July Is to holders of
record July 10, and another pay
able October Is to holders of rec
ord September 80.
Mr.. Donch has been manager
of the Riggs branch since 1920.
He started in 1918 with the Park
Road branch of the old Hamilton
Savings Bank, which was later
merged with Riggs.
Prior to his entry into bank
ing. he served in the Army in|
World War I and was commits
stoned a lieutenant for gallantry
in action.
At the Park Road Branch he
has been a leader in community
development.
Mr.. Duvall joined Riggs in
1888 at the downtown Office and
after serving with the Navy inI
World War II was transferred toi
the Park Road Branch lin 1916.
Herbert S. Schaefer of thel
branch's clerical staff has beenI
promoted to be an assistant
branch manager, effective Septem-
ber /.
Gas Light Report Cited.
Washington Gas Light Co. has
received citation from the FL
nancial World for the excellence
of its annual report to stockhold-
ers. The report was judged as
among the most modern from
the standpoint of content, typo
graphy and formal.
Frigidaire dealers and Salesmen
from the Maryland, District of
Columbia and Virginia area met
at the Statler Hotel today to cele-
brate production o fthe Is mil
lionth Frigidaire.
James M. Buchanan, who rep
resents the Bankers Life Insur-
anee Co. of Iowa here, is the
author of an article in the current
issue of Life Insurance Selling.
Title of the article: II Sell Re-
tirement Income to Congressional
Secretaries "