Evening star., 1927-07-31
BY I. 4. FLEMING,

has long been a source of wonder,
even to our bankers themselves and
throughout the country as we'll is
gradually increasing through num-
her of ways that do not always at
tract attention.
AS the years go by great manu-
featuring interests are establishing
headquarters here, many organiza-
tions in various lines also, and many
national and international labor or
sanizations are making this city the
location OF their central Offices
All this adds largely to the de-
mand for office space. frequently Tor
building sites and tends to increase
money in circulation, and the de-
posits of banks. On June 80 our
banks reported gains of over 10000
600, as compared with the last previ-
Gus call-some banks making a gain
of ono and two million dollars.
In the good work of aiding in the
upbuilding of Washington organized
labor has played no small part.
About six years ago the Electrical
Workers Union moved it's headquar-
ters to Washington. At that time
there were about $4,000 members on
the rolls. In 1922 they incorporated
here a benefit association designed to
take care in a better way of death
Since then this has broken two rec
ords for insurance concerns in the
United States. Three wears after
lncorpora ton 1t had in force 500,
zoo. more than any other insurance
organization had written in the same
period of years.
At the end of five wears another
record had been exceeded, as it had
paid in cash heneficiaries of those
to-
solely for their benefit $99, ,O00. 900
more than the members had paid in
for premiums in the five-year period
referred to. evidencing very plainly
the enormous profits resulting from
good management and opportunities
offered.
This Incorporation brings into this
city 100000 in premiums, it's cash
assets are nearly S2.000.000. and it's
investments include many of the best
securities put out by local corpora
tions, as well as trusts on high grade
property.
A Progressive Labor Body.
Back in 1922 this same association
OF electrical workers, ably advised nv
practical men, incorporated here the
first legal reserve life insurance com.
pany organized by union labor body
In the United States.
Capital, 100000; surplus, $100.0 900,
was subscribed entirely by members
of this brotherhood, either as local
unions scattered over the country oi.
as individual members Of the order.
This company. known as the Union
Cooperative Insurance Association.
has $20,000,000 of business in force
two years and six months after start
ing operations. The combined insGr.
ance assets of these two companies
exceed $4,000, 900 in cash
Bank balances of these compa MES
will average about $l50,0O0, while they
will reach 100000 oftener than under
this figure. Total deposits, exclusive
of those Of the brotherhood, will ex- |
ceed $1,250,000 year.
Between so and so people are EN-. |
ployed in the home office This ac.
tivity is certainly an aid to the pros.
perity OF the city.
Another Labor Company.
The Union Labor Life Insurance |
Co, incorporated in Maryland, has it's |
home Office at Connecticut avenue and |
X street. 1t is just starting in bus. |
ness and has assets of over $500 900, |
Charles +. Nesbit, formerly super
intendent of insurance for the District |
of Columbia. has been the adviser Cf |
the electrical workers in their insur.
ance activities. 1t is generally known
that the American Federation Of
Labor is the owner of the handsome |
business structure on the northwest |
corner of Massachusetts avenue and
Ninth street northwest, but it is also
fact that it is one of the few build |
ings in this city that is not pla stored
with trust-absolutely free of debt.
A Labor Papers Home.
Naturally. as the city becomes the
headquarters OF more and more labor
organizations, the organ of the Vari-
our unions, Labor. was published here
1t also has a fine building free from
debt and an enormous weekly circu-
lation.
These and many other organiza tions
are attracted to the city largely be-
cause of the fact that it is the
National Capital. They add to it's
finances and to it's buildings and that, |
too, without in any way destroying
its beauty. Incidentally it is a great
aid TO our merchants and practically
more or less to all other interests |
The deposits OF labor individually |
must also help swell bank deposits.
The Junior Order of American Me-
chanics also has a fine office building.
The Mount Vernon Savings Bank is
generally accredited as a labor bank. |
There are in the various sburbs
of Washington some 30 banks of more
or less Importance. They have asked