Evening star., 1961-01-13

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by H. Paul Mount, executive !
Gen. Olmsted is preside
Washington and also Of Financ
1860 purchased controlling in
terest In Arlington Trust.
Also elected to the. board
with Gen. .OlmSted were
Arthur j. Morris, board chair
man Of Financial General
Corp, and Calvin H. Haley. ex-
ecutive secretary to Representa-
tive Howard w. Smith, Demo-
crat Of Virginia. Other directors
were reelected and Mrs. John
e. Fowler was renamed vice
chairman Of the board.
Profits Set Record
The annual report to stock
holders signed by President
Ernest D. Wilt listed a record
net operating profit Of 1856. .099
for 1860. compared with $312,-
293 in the previous year.
Total operating income rose
to $2,848,397 from $1,90s,179
and operating expenses in
creased to $1,444,467 from
$1,386,357 in the preceding year.
Assets also set q new high
Of $43,939,9 ,905 at the years
close, compared with $4l,748,-
372 q year ago. .
AS previously reported, de-
posits reached $38, ,971 ,587, COM
pared with $3S, ,045. .0o2 and cap
ital funds were at a new peak
Of $3.359,893 VS.. $2,519,758 at
the end Of 1859. .
The bank raised $600,000 Of
new capital after midyear to
provide for growth expected
from the new Bancroft branch.
Last October Is Arlington
Trust became q member Of
the Financial General group Of
16 banks, including four others |
in this area. Other area MEM |
bers Of the group are Union
Trust Co. and First National |
Bank Of Washington, Alexan-
dria National and the Bank Of |
Silver Spring.
The report emphasized ad-
vantages that group banking
will provide for both customers
and stockholders Of the bank.
Emerges as Leader
Gen. Olmsted is emerging
as one of the newer leaders in
American business and finance
at home and on the interna-
tional scene.
His International Bank, with |
headquarters in Washington, is
the parent of Financial General.
which owns rapidly growing in
. surance companies, finance
companies as well as banks. |
It also has entered the indus
trial field through acquisition |
Of Atlas Plywood Corp.
In addition to control Of FL !
nancial General. International
Bank has subsidiaries in Lihe- |
ria and South America and
finances industrial and COM
lnercial enterprises around the
world. Gen. Oldsted increased |
International Banks assets
from 50 million in 1855 to
$15,692.156 at the end Of 1859.
Morris Pioneered
Mr.. Morris pioneered con-
sumer credit in commercial
banks Of the United States at
Norfolk IN 1910 and was hon.
ored for this by the American
Bankers Association on the
50th anniversary in 1860.
His program became known
as the Morris Plan. He founded
and began credit life insurance
and is board chairman of the
Bankers Security Life Insur-
ance Society, formerly Morris
Plan Insurance Society.
He is founder and q director
OF the Industrial Acceptance
Corp, Ltd. Of Canada and the
Bank Of Virginia. the Bank of
Georgia at Atlanta and the
Tennessee Valley Bank of
Knoxville. He also is board
chairman Of Industrial Bank
Of Commerce in New York.
Mr.. Haley Is engaged in the
real estate investment business
ii Virginia as well as serving
AZ executive secretary to Rep
resentative Smith. He has the
longest service record among
staff members Of the Virginia
congressional delegation. He is
a native Of Virginia, is past
president Of the Arlington Ro-
tary Club and board chairman
Of Mount Vernon Baptist
Church.
Reelected directors were Mrs.
Fowler. Thomas N. DeLashmutt,
Lawrence w. Douglas. James
;. Gosnell, Argyle Mackey, ST.,
Charles A. Olmstead, Cliord w.
Perrin, I. Lee Potter, James H.
Simmonds, Edward M. Smith
and Mr.. Wilt.
d. c. Tax Collections
on Sales Show Gain