Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-17


/ Taxes REQUIRED SIS 895.53 during the
month, while the item stood at SEA-
/ 1861 a year ago Following the de-
/ luction of operating casts and taxes. the
street car company had net return
/ from operations of Se3.GAo74, IN COM
parison with S56,92l 80 for the same
month in 1927,
! Fewer revenue passengers were car
/ ricd III July this year than wear ago.
/ he total number being 4.526.3S0, against
! a total Of 4.642s52 in 1927. The num-
/ Der of revenue passengers carried by
( the company in the first seven months
/ of The present year was 3fs33,730.
( against the higher figure Of 3S.9Se.o23
last year,
Another important comparison which
the report brings out covers the total
net income for the seven men;hs of
/ 1873 and 1927. The seven months net
/ this wear was s665.7f3.6S. against S4l5.-
! 2Sl.Si for the same period year ago.
With Bank Since Organization.
| Frank J. Kaufman ir.. whose cleo
4 ton IN the vice presidency OF the In
/ ternation5l Exchange Bank has been
! announced by Fernando Cun!berti, the
president. has been with this bank ever
since it was founded by Joseph Schia-
vone. He retains the position of cashier
/ in addition to his new duties.
MIR Kaufman got his first banking
] experience with the District National in
1918 and 1919. He came 10 Washing
ton from New York at the beginning OF
/ the world War and has been here ever
! since. starting as a Government &C
( counfant
] The new vice president will b. one
/ of the Youngest nigher-rank officials
/ in the Capital having been born In
/ New York. March %, 1890 Mr.. Kauf-
mann is a graduate of Cathedral Col
/ lego, New York. and for 10 years was
/ with the financial department Of Huy-
/ lsr's Candy Corporation. Since settling
here. he has taken special courses in
washington Chapter, American Insti-
tute of Banking.
Lawyer Discusses Sound Investments.
Over the radio last evening Silas H.
! Strawn. retiring president of the Ameri-
/ can Bar Association, discussed "A Law
yer's View of Sound Investments" He
stressed two principal sources of danger
( for the average person in placing his
( money. First. speculation, where he
plnnges without knowledge Of what he
! is doing in the hone Of smassing riches
:
ency among people of accepting imam
cial advice without any knowledge of
| who is back o. it or what may be the
/ motive.
Every day We are amazed by the
| stories of the ways in which poor
! people have been bunkoed ont OF their
/ all by crooked. so-called investment
! concerns While it is true" said Mr.
! Strawn. that laws commonly known
4 as blue sky laws hare been adopted in
almost every State. designed to protect
+. the investor against fraudulent and un-
/ scrupulous methods of dealers. no law
/ has vet been devised TO make people
/ honest. or that will protect the careleTs
or inexDerienced investor from their
/ own folly"
On the other hand. Mfr. Strawn in
sisted that the investment field to-day is
| too extensive and complicated for the
| average man nr woman to be able N
! decide wisely for himself concerning all
/ investments. Therefore. he saws. "sn-
| vestors must DEPEND uuon the advice Of
! investment banking houses of character
and reputation Aside from the repu-
/ tatiou of the house. as a check unon
its denenoableness for investment ad-
| vice. Mfr Strawn nointed out the less
common hut very significant method of
rotlng what houses do the financing
Tor nigh-grade generations when they
| are IN the market for rev money. mo
! cornorafion" SAYS Mr.. Strpwn. "can af-
/ ford IN have its securities distributed hv
any out hjeh-class. experienced dealers"
Local. Securities Fairly Active.
/ In fairly broad trading on the Wash
! ington Stock Exchange today the first
transaction vas in Union Trust Co.
STOCK. 10 shares selling at 322, points
above the last sale.
Ten shares of Mergenthaler sold at
100 and 80 more at i003s. District
] National Securities Co. moved az l0f -
Peoples Drug came out at 1884,. and
/ sanitary Grocery preferred registered
! 100.
! The Potomac Electric Power issues
we're firm. the per cent preferred
selling at iiii4 and the S u per cent at
/ l0S and i07Ts. Railway Il Electric
| preferred moved at 99f2. There was a
turnover of 100 shares Of National Mort
gage e. Investment preferred at "A.
Ten shares Of Washington Gas APP
pearez o. the board at l04 While
there VS. no trading in Capital Trac-
| ton today, the bid and asked prices
we're bit stronger. Bonds were neg
lected. the only important transaction
being a 81 600 Gas g. Series A, selling
At i05. Calling Of the unlisted securi-
ties showed an advance of one eighth
in the asked price for Miller Train
Control.
Notes in Financial District.
The monthly bulletin Of the District
Bankers Association reports that al.
most every member bank has made pro-
Test To paying a tax on interest received
from non taxable Government bonds
II is hoped that this matter, started BY
the Riggs National, and now IN the
courts. will be settled this year saving
considerable sums for the local banks.
The District Of Columbia Life Under
writer's Association il having Its sum
mcr outing today at the Manor Club IN
Maryland a dinner this evening Il one
Of the features.
A complete report Of the proceeding
al the last annual convention OF th'
District Bankers Association. at Mon
tsuk Point, Is nov being printed anf
copies will be available for all member
In a few days.
Tomorrow evening has been desig.
mated insurance night" al the eoun
ny home Of the Guy Club. 1T which
Mr.. and Mrs. John r. Cremen will act
as host and hostess.
The sudden change 10 easy money
conditions during the present week has
not been due 10 any change In policy
by the Federal Reserve Board. accord
ing TO reports al the Treasury, Thii
weeks meetings of the board have beer
largely routine 1t is stated
The Great Atlantic IL Pacific Tea Co
Of America has declared a quafteris
dividend Of 81 on common, placing
stock on 81 annual basis against s;
previously paid and regular quarterly
dividend ri si7s on preferred. boif
payable September / 10 stock Of recorc
q