Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-02-27
INVESTING MONEY
IN DISTRICT URGED
$50, 900, 900 Believed Placed
Outside Capital by Resi-
dents of the City.
BY EDWARD C. STONE.

Before the opening of the Indus
trial Exposition in this city on March
10, Chamber of Commerce officials
have been conducting survey to
show the need of greater commercial
expansion in the National Capital
The data collected indicated that
100000 Is now invested outside OF
The District by Washingtonians. and
The chamber officials believe that If
his sum were placed in local enter
prfses it would mean an increase of
something like $1O,000,0 900 year in
salaries and wages i'm this city. II
also Is estimated that the greater re
sources would furnish employment
for 5000 people who now have to
seek work elsewhere.
According to the 1920 census re-
port there were more than 100000
persons gainfully employed in the
District" said NJ. A. Leese, president
of the Chamber of Commerce, COM
menting on the organizations data.
Excluding the $4,000 Government
employees, there were more than
1000 persons employed by estab'
lishments engaged in trade here.
Much Spent Here.
THAT means that the business
projects which are operating in Wash
$4,000 900 to their employees yearly.
Much of this money is spent here in
the city, Yet, we hear many per-
sons say that Washington is not an
industrial city, that its business en-
terprises are lnconseQuentiai ana that
there is no reason for wanting TO eN-
pand the commercial structure or the
city.
"These persons point to Govern
ment employment as offering the
needful opportunities for employment
for our young people. But l believe
some thought will convince any one
that this outlet for oncoming genera
tions is evidently. inadequate: under
existing law governing appointments
Of Federal employees. only ABOUT
1900 of the $4,000 Government en-
ployes in Washington have been APP
pointed from the District. The DIS
trict Is now above it's appointment
quota and the number placed In gov
eminent Jobs will be small for some
years to come.
"What we must do. then, as a COM
munity, is to provide more private
opportunities for livelihood. not IN
smoke belching, heavy industrial
plants. but IN the establishments
engaged in activities of lighter char-
acter such as operate here now IN
keeping with the plan for identifying
the city"
Investment Trusts" Appear Here.
Investment trusts" have made
their debut In this city AFTER having
been dealt in for some time in New
England and New York. The aim of
this comparatively new form of invest
ment is to give greater diversif1cation
in securities. The company offering
the trusts" buys the common stocks
of some so corporations covering many
important branches of American IN
dustry The stocks are then turned
over to a bank which acts as trustee
and issues certificates against them,
the certificates thus representing
proportionate of all the securities
deposited with the trustee.
Earnings on the trusts accrue from
dividends on the deposited stocks and
are distributed pro rata by the trustee
semi-annually to the certificate holders.
Such disbursements include all regular
and extra dividends, sale of rights.
etc. Brokers handling the trusts say
that one of the chief purposes of the
plan is to enable small investors to
get share In the profits of many
different concerns, which would be
impossible If they had to buy so many
stocks themselves. Not more than 3
cents of each dollar of the trusts
funds may be invested in any one
company. The certificates are offered
in small or large denominations and
may be sold at any time through
banks or brokers at the prevailing
market quotations.
Walter S. Bucklin, president Of the
National ShaWmut Bank of Boston,
recently expressed his belief that the
investment trust is henceforth bound
to be a vital factor in Americas Sc
curity field. He considers the fact
that experts, instead of an individual,
decide what stocks are to be bought
is most advantageous.
Local Security Prices Firm.
Weekend prices were strong on the
Washington Stock Exchange. Ameri-
can Security & Trust Co. stock sold
up to 375A, fractionally higher than
1t has been previously this year. Po-
ton1ac Electric Power preferred came
out at 1851, Washington Gas Light
sold at 20 and 70h and Peoples Drug
Stores preferred registered 10812
One hundred and fifty-siX shares of
Washington Railway Electric
changed hands at 81. There was a
sale of 20 shares of National Mort
gage & Investment preferred at 81.
Bonds were in good demand. Capt..
tai Traction 5s sold at 1919 and
Georgetown Gas IS came out at 1904
Washington Gas IS, Series A, sold at
1o4A and a bit lower for baby bonds,
while the Series B issue brought
1041a. There was a $4,000 sale in
Barber & Ross Ga per cent bonds at
ssls. In the unlisted department
Chapin-Sacks s per cent preferred
stock sold at 100.
Record Sale i'm L. S. Bonds.
The biggest block of United States
Government bonds sold on the New
York Stock Exchange in more than
eight years changed hands yesterday
when $1,000,000 of Treasury 3&s were
sold at 104 1892, Or off 532 from
Thursdays close.
The largest block of United States
Government bonds ever sold on the
Liberty ANS at 98 on November 4
1918.
Pennsy's Net Up Over $4,000, 900.
Preliminary statement of Pennsyl
vania Railroad Co. for year ended
December 81, 1926, filed with Inter
state Commerce Commission, shows
net income of $67.774.263 after taxes
and charges. equivalent to $6.78 9
share tpar $500 on 9,985,314 shares OF
stock. This compares with net income
reported to the commission for 1925
of $62,375.1S2 or 1924 a share or
e,9s3.468 shares then outstanding.
The Atlantic Coast Line Railroad
has applied to the Interstate Com
merce Commission for permission t.
lease the Washington & Vandemer,
Railroad, a 40-mile line in NORTH
Carolina.
Bonds Voted for National Park.
The North Carolina State Senat,
has passed bill providing for issuanc,
- Dr.. Fee. II