Evening star., 1950-08-10
Government Employees
Insurance Co. Reports
Decline in Earnings
By Edword c. Stone

Net earnings OF UIle JONeTIlIlelI
Employees Insurance Co. in the
first half year totaled $525, ,093
compared with $596,963 in the
similar l949 period, Leo Goodwin,
president, announced today.
The decrease in net, Mr.. Good
win explained, was caused primar-
lily by the Nationwide trend
toward lower premiums, resulting
n lower profit margins prevailing
I recent months.
Premium writings established
aw high records in the six months,
lining % per cent over the 1949
riod. Policyholders increased
)m 104,561 a year ago to 130,-
on June 80, 1850. The expense
10 increased Is per cent.
Total assets passed the $40 mil
Il mark in April of this year and
June 80 totaled $10,301, ,976.
Operations of Government En-
yes Life Insurance Co. and
vernment Employees Corp. are
Oceeding favorably, Mr.. Good
added.
Bank Stock Scores Gain.
american Security & Trust Co.
TX gained a full point on the
shington Exchange yesterday
en- it sold at "a.
Capital Transit has been selling
341a on the New York Curb.
st sale on the Washington Ex-
ange was at 33.
The latest sale in Mergenthaler
notype at 81 was up four full
.intS from the last previous
anSfer.
Peoples Drug common is appear
lg more often in Washington
took Exchange sales, changing
lands around 3134.
First Boston Corp. heads the
syndicate offering 114,000 shares
Of Seaboard Finance Co. $1.35
convertible preferred stock, priced
at S23.25 a share. Johnston, Lem
on g. Co., AuchinclosS, Parker &
Redpath and Goodwin & Olds are
participating.
Traffic Assistant Named.
Robert c. Meserve has been
promoted to assistant general
traffic manager of All American
Airways for this area. He has been
supervisor of passenger service.
He will help Traffic Manager C.
w. Cline better coordinate the
systems personnel.
Francis G. Addison, jr., presi-
dent of the Security Savings &
Commercial Bank, was recently
named to the Civic Development
Committee of the Board of Trade.
Robert V. Fleming, president OF
the Riggs National Bank, is serv-
ing as a member of the Finance
Department Committee of the
Board of Trade.
Eric Beecroft and L. H. Beng
Ston, of the World Bank, are 60
ing to Ethiopia for further dis
cuSSions on possible financing fol
that country's development pro-
gram.
Demand Deposits Rise.
Demand deposits in Washing
ton member banks gained $12,-
$4,000 in the week ending Au-
gust 2, the Richmond Reserve
Bank reported today Total loans
were higher as were total invest
ments. Total assets gained $l2,-
2l5.000 over the previous week.
The proposed $40 million bond
issue of the Virginia Electric g.
Power Co. will be offered for sale
at competitive bidding, according
to the statement just filed with
the SEC. Proceeds will be used
to pay So million of bank notes,
other outstanding notes, and for
construction.
War Financing Urged.
F. Raymond Peterson. presi-
dent of the American Bankers
Association, today urged banks
to take the initiative in financing
the Korean war without depend
ing on Government guarantees
of their loans.
Korea appears more to be the
opening phase of a war between
nations, worldwide in scope, than
an international police action
The prospect Of total war is an
ugly reality that must be faced
he told West Virginia Bankers at
White Sulphur Springs.
81 urge every bank receiving
requests for loans from war pro-
ducers throughout this war to
make every loan it possibly can
without use of the Governments
guarantee" he said, adding that
at is fortunate the banks have
never before been so sound and
so strong"
On the Washington Stock Ex-
change today, Potomac Electric
Power common got up to 1874 but
most sales we're made at l3 and
1888.