Evening star. [volume] (Washington, D.C.) 1854-1972, 1958-01-14

was disclosed at the annual stS
The annual report from b
ing and President Hubert T.
sources. after taxes. amounted
to $s.93 a share. computed on
the $4,000 shares Of SIS par
stock now outstanding.
Record earnings OF $3.l50.Se4
In 1856 included $2.800.592
from recurring sources. the re-
port for that year said a year
aQo. The net was equal TO
S43.5O q share on the 1880
shares outstanding prior to q
4-for-l split and stock dividend
In January, 1857.
Revenue Gain Offset
While interest income on
loans during the last year reg
istered q sharp increase, this
gain in revenue was more than
offset by two principal factors.
the report said,
"One was our inability TO
utilize tax savings by additions
to Bad Debt Reserve. In as
much as our ceiling under the
formula was reached at the
end Of 1856. and the other was
the increased cost of savings
interest" 1t declared.
Pointing out that the rate on
savings deposits was raised to
3 per cent from ? per cent on
balances UP to $4,000 and to
2 per cent from l per cent on
balances over $4,000 at the
start of 1887. the report added;
In view Of the fact that our
tax savings by reason Of addi-
ton to Bad Debt Reserve in
1886 amounted to $430.4ls and
the increased cost of savings
interest in 1857. before taxes.
came to $73S.73S. it will be
seen that our earnings in 1857
were highly satisfactory"
Riggs paid out &l.413.000 in
dividends during 1857. COM
pared with s1.30S 900 in 1856.
New All-Time High Sci
After payment Of all opera
ting expenses and dividends.
charging of all losses and set
ting up of ADEQUATE reserves.
the bank added sl.22s.87l to
capital funds from 1857 earn
ings.
Capital. surplus. undivided
profits and reserve for con-
tingeneies amounted to S29.-
S97.7l4 at the years end. a new
all-time high.
Taking into account the bad
debt service, capital funds at
the year end actually aggreg-
ated s32.459.552. This strong
capital position is the result Of
our established policy Of con-
tinuing to augment capital
structure through retained
earnings after payment OF
reasonable dividends" the re-
port said.
Referring TO heavy demand
for credit throughout 1857. it
said the banks daily average
Of outstanding loans was si79,-
lSs.300. a gain Of 8 per cent
from the previous year.
Trust Assets Increase
The trust department had
substantial growth during the
year and administered assets
listed at s272. 2S3. 40l at the
years close. q gain of SLABS
$40 from $685. 94.5l2 listed q
year earlier. and compared
with ss3.5s3.ss0 at the end OF
1852.
However. the actual value OF
trust assets Is substantially
greater than the reported car
rying value.
AL directors were reelected
at the annual meeting. includ-
ing Mr.. Fleming and Mr.. Bis
selle. Charles c. Glover. IT..
vice chairman Of the board and
chairman Of the executive COM
mittee: John Oliver La GORGE.
Lloyd B. Wilson. George o.
Vass. Morris Cafritz. Nelson T.
Harrison. Z. Taylor Chewing.
Thomas A. Butt. Andrew Park
err, Arthur NJ. Hill. william
T. Farley. Charles Stanley
White. A. @. Neal. Harry A.
DeButts. James B. Morrison.
Alfred II. Lawson. Samuel II.
Kaufman. Frederick NJ Brad
ley. Leo Goodwin. ST.. Samuel
Spencer, Richard p. Dunn and
J. Willard Marriott.
At a regular board meeting
last night. directors declared a
regular quarterly dividend Of
90 cents a share. payable jan
uary IS to holders Of record
January 10. and also a quar-
terly Of 80 cents. payable April
IS to holders Of record March
81.
Lincoln National Bank