Evening star., 1962-01-16

A. Brltton Browne, eXecut
H. Hagner g. Co., and Leo
executive. were elected directors.
President Barnum l.. Cotton
reported record assets of $349,-
481,343 at the years end COM
pared with $318,173,785 a year
earlier.
Net income after taxes in
creased to $1,879,168 in 1861.
DIP 60 per cent from 81, 757,861
In the previous year. Income
from operations. plus recoveries,
transfers and other profits,
amounted to $12,015,371, a jump
of 21,2 per cent from $9,911,897
in 1860.
Operating expenses, includ-
ing transfers and charge offs,
amounted to $8.689, ,202, a gain
Of 35.3 per cent from $6,430,-
536, and $1,447,000 was car
ried to reserve for taxes, COM
Dared with 81, 500 in 1860.
Loans Increase
Loans and discounts amount
ID to $128, $685. .002 at the years
end after reserve for bad debts,
compared with $115,238,027 a
year earlier. AS reported previ-
ouSly, deposits expanded to
S3l6,068,667 from $285, $685. ,791
a year earlier.
The bank held Federal Gov
ernment bonds totaling $127,-
764, 100 at the year end, COM
pared with $110,724,100 at the
end Of 1860.
OF the total, 86.3 per cent
had maturities under five years,
Ill per cent over five years,
but under 10 years. and 2 per
cent over 10 years. A year ago
these percentages were 84.1 per
cent, 1877 per cent and 80 per
cent, respectively.
Mr.. browne, one OF the new
directors. is a fourth genera
ton Washingtonian and has
been in the real estate and
mortgage banking business here
for % years.
He is a past president of the
Mortgage Bankers Association
and a director of Real Estate
and Columbia Title Insurance
Co.
He also is a member of the
- y. l0eN We snington Board
Of Trade, the Home Builders
Association, the Mortgage
Bankers Association of Amer
lea, the Metropolitan and
Chevy Chase Clubs and Colum-
BID Historical Society.
Came to U. S. in 1907
Mr.. Freudberg came to this
country in 1907 at the age of 13I
and is a graduate of old Busi-
hess High School. He received
law degree from the WASH
lngton College Of Law in 1918
and was admitted to practice
before the United States Tax
Court and the Supreme Court.
He served in the Marine Corps
In World War II.
He became a special agent |
Tor Massachusetts, Mutual Life
Insurance Co. here in 1914 and
has qualified for the Million
Dollar Round Table each year
since 1929. He is among the
eompany's top 10 producers.
He is a past president of the /
District Life Underwriters Coun-
Gil and has served twice as
general chairman for the
United Jewish campaign. He
also is a past president of
Woodmont Country Club and
has been a director of United
Givers Fund.
He Is a life member of the
board Of trustees of the Jewish
Community Center and is on
the boards of the Jewish Com
munity Council and the Board
Of Big Brothers, Inc.
He recently was honered at
a testimonial dinner by the
Jewish National Fund Council.
He is active in many area Or
ganizations, including the
Board of Trade, the District
Bar Association and District
Life Underwriters Association.
Reelected directors were:
Wilmer j. Waller, chairman;
Edward c. Baltz, Crosby N.
Boyd. Clark M. Clifford, Mr..
Cotton, Edward Costigan, Ruth
erford j. Dooley, w. Carlton
Evans, Norman B. Frost, ".
Manning Hoffman, Welly K.
Hopkins, w. Ledru Koontz, A.
D. Lewis, DR.. John L. Lewis,
n. Gabriel MlIrnhv I Ravmond