Evening star. [volume] (Washington, D.C.) 1854-1972, 1953-01-29

White.
While provi-
sion of $780, <A
900 for Fed Mr.. Cotton.
erat income taxes was doubl
100000 for the same purpose il
1851, net income of the bank
after taxes, rose to SAIL, sos, O
$l.95 a share VS.. $341 ,481, o
$1.62. in the previous year.
Operating income rose to ST..
CTS, 483, compared with $1,845,
631 and operating expenses cam,
to $864.613 VS.. $713,392. Profit
before income taxes reached ST.,
O11,505 VS.. $641,481. ..
Dividends of 1921 900, or Sill
a share, same as last year, lief
$180,505 for transfer to undivided
profits. compared with $110,48I
in 1851.
All Banks Show Increase.
Income taxes of 10 Washing
ton banks and trust companie.
increased to $5,469,000 in 1885,
VS.. $4.892,00 in 1851, the con.
troller of the currency reported
today.
However, net profit after taxes
also rose to $6,466,00O VS.. S.
100000 a year earlier. Before
taxes, net income was $11, 915, 00(
VS.. $10,692, 900.
Gross earnings from current
operations reached $34, $4,000
VS.. $31, 778. 900, while operating
expenses increased to $21, 818, 00C
VS.. $19,863, 900. Net earnings
from current operations totaled
$12,832,000 VS.. $11,915,000.
Net profit for the year amount
ed to 7.87 per cent of capital
funds VS.. TAI per cent in 1851
The banks paid out $3,068. 900 OF
cash dividends in the year VS.
~$3,014,000.
Stock Offering Expected.
Seligman & Late, which op-
crates beauty shops in the Wash
ington stores of Julius Gar
finckel & Co. and Jelleff's, Inc,
was expected to file a registra-
ton statement with the Securi-
ties and Exchange Commission
late today for the first public Of
fering of its shares.
The proposed offering of 270,-
600 shares represents family
holdings of the company, which
was founded in 1911.
The offering price is expected
to be SIS. The shares pay an
nual dividends of so cents a
share. The company also oper-
ateS shops in r. H. Macy & Co.,
Best & Co., and Saks Fifth Ave-
nue. stores in New York. :. rv-
Van Alstyne Noel & Co. head
underwriters of the proposed is
sue. Francis l.. du Pont & Co.,
which has Offices here, is a men,
Der of the group.
An Offering of 10000 con-
vertible preferred stock of
Coastal Finance Corp. was over
subscribed here yesterday, re-
ported Rouse, Brewer & Becker,
the underwriting firm.
Riggs Brochure Appears.
An attractive brochure from
Riggs National Bank has col
lected together an impressive
series of advertisements entitled,
Washington Portrait, President
Robert v. Fleming announced
today.
Compiled by Roland T. Carr,
vice president and advertising
officer, in collaboration with HUI
bert T. BisSelle, senior vice pres
ident, the brochure is being
distributed to correspondents
and friends of the bank across
the Nation and abroad, Mr.
Fleming said.
Outstanding photographs OF
Washington were by Ollie Atkins
Washington photographer of the
Saturday Evening Post, and
Charles Baptie. Production and
technical work was supervised by
the Lewis Edwin Ryan AdvertiS-
ing and John F. Hardie, account
executive.
The advertisements, placed in
newspapers from early 1851 to
late 1852, present many inter-
esting stories of Capital history
and the Riggs part in them
Similar brochures were issued in
1948 and 1850. The American
Printing Co., printed all three
Reaches 81 Million a Year.
Henry F. B. Martin, life in
gurance salesman for the Metro
politan Life Insurance here,
achieved the 81 million-a-year
rating in 1852, the company an
nounced. He has been with the
company since 1884.
Freeman N. Stricklin, ST.. of
the Sleeper & Euler Agency of
the Aetna Life Insurance Co.
here was 18th among all COM
pany producers in the year. He
is attending a seminar for top
producers at the home Office,
Four other agency members
named to the leaders club were
H. Cochran Fisher, M. r. Ney,
w. 0. Schinnerer and M. G,
Beede.
Show Sparks Sales Drive.
A musical extravaganza fol
some. / 400 appliance dealers yes
terday launched the new model
season for Servel, Inc, here al
LiSner Auditorium.
A feature Of the show was
presentation of the company's
new "ice maker" refrigerator
which eliminates ice trays. New
air-conditioners and home freez-
erS also were on display. A buff
fet supper was given later BY
Herman Goodman, Servel dis
tributor.