Evening star., 1950-10-02
Southland Completes
Deal for Merger Of
Continental Life
By Donald B. HodIey

BY Donald B. HodIey
Negotiations have been COM
pleted for sale Of the Continental
Lige Insurance Co. of Washington
to Southland Life Insurance Co.
OF Dallas, 1t was announced by
w. c. McCord, president of South
land.
AS a result of the consolidation
Southland now has more than
$3.50 million of insurance in force
and total assets of more than $50
million.
Continental Life Division will
continue to operate all agency
and various Office functions from
its Washington building under the
direction of L. Mccarthy Downs,
formerly president, who will be-
come vice president in charge of
the division. Continental's field
organization will remain un-
changed.
Southland Life has assumed all
policy provisions and liabilities
guaranteed by Continental Life
contracts. Policyholders will re-
ceive certificates shortly.
Garfinckel Proxies Mailed.
Julius Garfinckel & Co. stock
holders today received copies of
an excellent annual report for the
IL months ended July 81 along
with proxies for the annual meet
ing Monday, October 16, when
three directors will be elected for
three-year terms.
Nominated for reelection are
Miss Elizabeth Fairall and Arthur
Madison, vice presidents, and Will
son Hatch Tucker.
Sales of $21, 1891. .808 and net in
come Of 1884, AS for the year both
showed comfortable gains. Per
share earnings jumped to $2.71 VS..
$3.50 in the previous year, an
above average showing for this
type of merchandising.
The company's operations have
expanded substantially as a result
Of the acquisition Of A. De Pima
Co. Of New York on January 81.
Another subsidiary, Brooks Broth
ers, opened a fine new store in
Chicago September 6 and this Is
expected to add further to sales.
Gas Net Above Year Ago.
Washington Gas Light Co. to-
day reported net income Of 81.
S20,778 for the first eight months
Of 1850, compared with 1894, ,127
In the same period last year. In
cluded was a seasonal loss of
$119,322 for August, compared
with q deficit of $106,717 for Au-
gust. 1949.
Gross operating revenues for
August rose to $796,150 against
$724.509 a year earlier, but op-
Grating expenses also increased to
$s77,855 VS.. $780,106.
For the eight months, operating
revenues increased to $12,019. 9.468
VS.. $9,977.817 a year earlier and
operating expenses advanced to
$10,121, ,456 VS.. $8,804,162. In
cluded was $244,000 recorded
prior to July /, derived from Dis
trict Of Columbia rates now being
contested.
Consolidated net income of the
company and subsidiaries totaled
$780, ,036 in the eight months VS..
$1,o2e. .288 year earlier.
Honors for Capital Airlines.
At the opening general lunch
con of the annual conference OF
the Direct Mail Advertising As
sociation in New York Wednes-
day, the Capital Airlines will be
among the companies receiving
awards for outstanding accom-
plishments.
The Washington company will
A., receive first prize in the travel
and transportation division. James
w. Austin, vice president In
charge of traffic and sales, who
directed the prize winning cam
paign, will accept the award for
Capital Airlines.
Secretary of the Treasury John
Snyder will be the leading speaker
at the luncheon.
Bank Assets Shifted.
A substantial shift from cash
and United States Government
obligations into loans and other
securities took place In insured
banks during the first half of
1850, the Federal Deposit Insur-
ance Corp. reported today.
Cash and reserves declined 81
billion and investments in Federal
obligations decreased more than
81 billion in the six months. Loans
increased So billion and invest
ments in municipal and corporate
securities increased 81 billion.
Deposits Of $156 billion on June
30 were 81 billion above a year
earlier. Instead Of showing a sea-
sonal decline, they remained only
slightly below the record set six
months earlier. Assets of nearly
$155 billion were SO billion above
year earlier and about un-
changed from six months earlier.
Lacy's Promotes Goodbinder.
Hyman Goodbinder has been
elected vice president and a di-
rector Of Lacy's, Washington tele-
vision and appliance store chain.
He has been with the organization
two years and will continue as
merchandise manager. He was
formerly with The Hecht Co. Of
Washington and the May Co. of
Baltimore.
Paul K. Corceran, manager Of
Holmes & Sons of Washington,
will be speaker at the American
Bakers Associations annual con-
vention in Chicago October 1918.
He will address the associations
house-to-house branch on the sub
ject Of credits.