The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1927-01-21
mellon BACKS
THRIET PLANS
By RICHARD HATTON

by hACdAhD HAITON
This is the fifth day Of National
Thrift Week and it has been desig.
mated Safe Investment Day"
When it is realized that over
s50o,0O0,0OO is lost each year by the
people Of the United States through
investment in worthless or fraudu.
lent securities the significance of
setting. aside a day for the purpose
OF warming against this tremendous
loss is evident.
It is essential that we learn to
save in this country" states Sec.
retary Of the Treasury Andrew Mel
Ion IN. q letter to the chairman OF the
thrift committee. in which the fol.
lowing passage appears:
It is equally important that peo
PIE generally should also learn how
to invest their savings in some
sound and productive enterprise.
1t has been estimated that each
year more than half a billion dol.
is lost in this country through
investments in fraudulent securi-
ie s1,,,. .no..,,,,. ~. ,.,,.,,. 81.
into the pockets Of Swindlers: and
the most unfortunate aspect of the
whole situation is that much of this
waste Of hard-earned capital could
have been prevented If those seek.
Ing investments had taken the
trouble to make a proper investiga.
ton of securities or to ask the opin.
ion, of some competent banker. lazy.
Yer, or other adviser before buying.
THE Federal Government the
State authorities. the banks and
other agencies are doing what they
can to lessen the sale of fraudulent
securities.
But, in the end, the solution of
this problem depends largely upon
the public itself; and for this rea-
son all possible emphasis should be
placed not only on saving part of
what one earns. but of so invest.
ing II that it shall be secure so far
as possible against-loss. =
washington bankers have ex-
pressed themselves as heartily in
accord with the expressions of the
Secretary Of the Treasury and the
Better Business Bureau stands
ready at all times to assist those
who are approached with doubtful
stock propositions.
The motto. Before You Invest,
Investigate, = If Followed. will save
many millions from loss.
Resources Of washington banks
at the close OF business December
81. 1926 totaled $3e2, 17I,354.
Following are the aggregate fig.
ures at the close of the year COM
pared with those of June 80. 1925,
as compiled by Y. E. Booker and
Company. Capital. December 81,
$24.82f $40: June sOS $24 .26S,9t9
Surplus, December a.. ST .045, 773;
June 80, $24 ,26S ,919s Undivided
profits. December 81, $6.209, $40;
June 30, $500 .4S9. Deposits. De-
cembef 81, $239.917,284; June 80,
S244,998, 009. Total resour ces, Dis
cennber 81, 1902, III 1854; June 80,
$S02.S26.71O.
The Acacia, Mutual Life Associa-
ton has closed the best year in
the history of the organization, &C.
cording to a telegram sent by Will
liam Montgomery, president, to
branch managers all over the
United States.
The association was chartered by
Congress in 1863 and now has more
than 1925 ,000, 900 Of insurance in
force. During the year 1926 the
association placed more than $4S.-
900 900 insurance. representing a
gain of more than $S0.000,000.
At the annual meeting of the
North Capitol Savings Bank the fol.
lowing directors were elected; Paul
Allen, E. S. Burgess. George Clagett.
A. o. Ollie, John A. Eckert. Charles
w. Fsloeckher, Edward F. Hall, Jos.
A. Herbert, ST., Allen Hollander, w.
p Kenealy, M. L. Michael, Theodore
Michael, George E. Phillips, Leo A.
Rover. G. F. Sewers, Charles B.
Stewart, Charles E. Young and F. l..
Zirl1le.
The board of directors named the
following officers for the ensuing
wear: President Theodore MichaeE
vice presidents, George Clagett and
"A. o. Ollie; secretary, e. S. Burgess:
cashier, Henry Coates; attorney, Leo
A. Rover.
Morris Cafritz was reelected presi-
dent. of the Federal Security and
Mortgage Company al the recent
annual meeting at which the presi.
dent reported remarkable develop
ment. stating that the company
opened its doors in January, 1896,
with a capital of $4,000, and TO
date has resources Of over 81 600 900.
William w. Mackall and James E.
Smith were elected new members
of the board of directors, other mem
bers being reelected as follows:
r. p. Andrews, Harry M. Crandall,
E. I. Chewing, Morris Cafritz,
Charles A. Goldsmith, w. w. Grit
fifth. Morris Gewirz, George w.
Huguely. Paul Himmelfarb Vernon
G. Owen, Maurice D. Rosenberg,
Joseph B. Shapiro, William w.
Mackell,, ir.. and James B. Smith.
In addition to President Cafritz the
following officers were named by
the board: larry NJ Crandall, vice
president; George w. Huguely, vice
president and treasurer; Morris
Gewirz, secretary and general man.
ager.
Observation-Disclosures