Evening star., 1953-02-10

Ia 4OOG Il ~ {
rose to $685.
1893 f 7 o m
$881,355 in Mr.. Addison.
the previous year, operating ex-
penses amounted to $572,446 VS.
$575,2O3 in 1851. Net income
after taxes was $392,088 VS.
$31O.221.
The banks outstanding earn
ings record has been recognized
partially since the first of the
year on the over-the-counteI
market, where the bid price for
it's stock has risen from $219
to $228 a share.
Preview at New Branch.
The bank will hold a preview
of its new drlve-in branch al
BladenSburg road and V street
NE, from 9 am. to 9 pm. on
Thursday. Friday and Saturday
February 10, 20 and 81, Mr.
Addison announced.
Customers, friends and the
general public are invited. The
branch will open for business
on Tuesday, February "a. as the
preceding day is holiday.
John C. Stoddard, assistant
cashier, will manage the new
branch, featuring a drive-in
window that will permit the
transaction of business from the
wheel of an automobile.
The same service now being
offered at the central Office and
the K street branch will be
available. Thanks to a central
lied bookkeeping system, the
drive-in branch may be used
no matter which office an &C
count is normally kept in.
Higher Rate Effective.
The new administrations first
debt refinancing offer has met
with enthusiastic response and
investors have decided to accept
nearly SO billion of replacement
securities instead of calling for
cash.
An interest rate of 214 per
cent interest on new one-year
certificate of Indebtedness proved
effective bait. 1t was the highest
rate on a comparable issue in
20 years.
Holders of 100000 worth
of maturing issues have accept
ed the new Short-term offering,
it was learned. Holders also had
a choice of a five-year, 10-month
bond bearing 212 per cent inter-
est. Subscriptions to the bond
amounted to only $619 million.
This left $137 million worth
of the maturing issue which may
be presented for cash. All re-
turns are not in, but final re-
suits later this week are not eX-
pected to show much change.
Phone Board Renamed.
At the annual meeting of the
Chesapeake and Potomac Tele-
phone Co., held yesterday the
following directors were re-
elected to the board:
Robert V. Fleming. John c.
Folger, Edwin C. Graham. Gill
bert Grosvenor, George E. Ham,
ilton. jr., Frederick G. MacaroW
H. Randolph Maddox. H. L. Rust,
jr., Merle Thorpe. H. Holmes Vo-
gel, all of Washington and Fred
erick R. Kappel of New York.
SeabOard Finance Net Up.
Seaboard Finance Corp. earned
$1.023.065 or SO cents a common
share in three months ended De-
cember 81 VS.. $737 ,292 OF 81 cents
a share on fewer average shares
outstanding in the same period
q year earlier, President Paul A
Appleby reported.
Business volume in the period
amounted to $56,598, ,465 VS.. S44.-
314,362 a year earlier ReCeiy-
ables outstanding on December
81 totaled S17,OO8.8O5 VS.. $780,
519,433 three months earlier.
Appliance Sales Record Set.
Electric appliance sales in the
Washington Metropolitan area
reached $66.343.OO0 at the retail
level in 1852, reported William
G. Hills, managing director of
the Electric Institute of Wash
ington.
The years estimate was 81 per
cent above $54,60O,O0O in 1851.
The previous record was $64,-
100000 in 1850, he said.
Television receivers accounted
for $21.130,260 or 80 per cent of
the total in 1852. The 74,934 sets
compared with 56,522 for ST.
403,776 in 1851.
Speaker for Ad Workshop.
Gilbert G. La Gorce, advertis-
ing director for the National
Geographic Magazine will dis
cuss Selling Advertising" before
the 1853
Workshop of uN