Evening star. [volume] (Washington, D.C.) 1854-1972, 1930-07-26
JUNE GAS PROFITS
GAIN over $4,000
Union Insurance Co. Reports
Advance in Business in
Past Six Months.
BY EDWARD c. STONE.

PaSt SIX M0ntnS.
BY EDWARD c. STONE.
Total net income of the Washington
Gas Light Co. for June amounted to
s79.854.6I in comparison with $50, 714.85
in June, 1929, according to the monthly
statement Just filed with the Public
Utilities Commission. This is gain
of $I6.13976.
The statement also shows the net in
come for the first six months of the
present year, the total being $544, 900. 48
last year For the IL months ended
June 80. 1880, the gas company earned
$73B13775 in comparison with $746,-
o6l.73 for the similar period in 1929
1929:
The Georgetown Gas Light Co. re-
ported falling off in earnings in June
of this year compared with year ago,
but a substantial gain for the first half
of 1890. Net corporate income OF
Georgetown Gas Light Co. for this last
month was $9,109.75. In June, 1929,
It amounted to $10,473.09 For the first
six months of the present year it to-
tailed Sl44, 305.69, an increase from $88,-
85l.15 during the comparative period
last year
Insurance Company Doing Well.
The Union Cooperative Insurance
Association. 1900 Fifteenth street north
west, one of Washington's younger NE
insurance companies, reports satistac-
tory increases in all ways for the nrst
half of 1890.
The first half of its sixth year since
incorporation shows an increase OF IN
surance in force of $24,605. 925, or over
four million dollars each month since
January ].
The capital stock has been increased
from 100000 to 100000, and the
business shows an increase OF surplus
to $4,000. Net gains in assets is
4.l39.54. The premium income was
over half a million dollars, in fact just
n little less than 100000 each month.
This company is the first old line
life insurance company organized by
union labor. During the first half OF
this year the Union Cooperative REIN
eured and has taken over all the buSl-
ness of the John Mitchell Mutual Lie
Insurance Co. Of Hazelton, Pa. ms
merger accounted for about four mil
lions of the increased insurance re-
ported, but less than one-sixth OF the
total.
Credit Confidence Vital.
The supreme importance of credit
confidence as the basis for our giganuc
modern business organization was en-
phasized last night by Stephen L Miller,
executive manager of the National AS
ISOLATION of Credit Men, in radio ad-
dress.
every day." said DR.. Miller, there
are nut into circulation throughout the
country millions of dollars worth OF
commodities for which nothing mas
been given other than credit. AS .
l.
wealth and only about 8 billions IN
money. Eliminate credit from our COM
merce today-put all our business on
cash basis-and Seven-tenths OF our
business enterprises would shrivel up
and die. Gold is the basis of our
monetary system. YET If all the employees
in America should demand to be paid
in gold next Saturday, there would
hardly be enough gold In all the banks
in the country to meet the weekly pay
roll" :,
In conclusion, Mr.. Miller emphasized
the Importance 20 every one of lnsuring
his credit standing through building up
an investment reserve in sound securi-
ties, saying: 1.-THE man who has put
part of his earnings in gilt-edge bonds
or stock has demonstrated to the world
that he has had the character TO save
that he has had the character and vision
TO establish shock absorber' to SAFE
guard his credit
Banking Courses Outlined.
When the Fall term opens at Wash
fngton Chapter, American Institute OF
Banking, the following courses will be
offered, in charge of these instructors
Banking fundamentals, Eliot H,
Thomson, publicity director, Washing
ton Loan & Trust Co; negotiable in
struments and commercial law, Ray
nnond B. Dickey and Bolitha j. Laws,
attorneys: economics. r. j. Donohue,
attorney and instructor at Catholic UNI
versity; credits, Edward J. McQuade,
vice president, Liberty National Bank;
investments, James G. Dulin, assistant
treasurer, American Security IL Trust
Co.; accounting Interpretation and
financial statements, James d. Cush-
man and William Gordon Buchanan,
certified public accountants. An in
structor In trust function will be named
later.
The Educational Committee, of which
A. o. Dooley is chairman, decided to
organize a debating section OF the
chapter which win be conducted by a
leader to be announced later. This
course also will include the funda-
mentals of public speaking.
Interest has been created In 1nsu-
t1lte circles over the possibility OF the
establishment of a course in real estate
rs it applies to banks.
Work on the repartitioning OF the
chapters headquarters in the Becker
Building, increasing the number OF
class rooms from three to four, has
started. DR. Harold Stonier, New York,
national educational director OF the in
stitute, will attend the dinner given by
the committee and chapter consuls
early in September. The entire educa-
tional program for the administrative
year will be complete by September !
and classes will open September %.
Financial District Notes.
c. C. Morgan, one of the managers
of the local office of G. M. P. Murphy
& Co, left here yesterday for East
hampton, Long Island, TO spend two
week vacation.
Hugh p. Baker, manager Of the
trade association department OF the
National Chamber Of Commerce since
1928, has resigned to become dean Of
the New York State College OF For
estry at Syracuse. He established the
department.
William M. Rankin jr., formerly with
the Riggs National Bank, has secured
a position with the discount house OF
Solomon Brothers 81 Hutzler, go Wall
street, New York. While in Washington
he was very active in the institute, was
one Of the editors Of Dollars and Sense,
and edited the Riggs house organ, the
Clearing House Key. He Is a graduate
of Washington Chapter and member
of the National Press Club.
The American Ice Co. looks for bet
ter earnings in July this year than
last, because OF large sales so far this
month and the absence OF any price
cutting such as prevailed at this time
q year ago.
----o--1-----