Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-22
NEW INVESTMENT
TRUST IS FORMED
Investors of Washington,
Inc.. of Management Type.
De|ano Chairman.
ny EDWARD G. STONE.

izers are we'll known Washington. New
| York and Boston financial and business
men, with Frederic A. Dclano chairman
| of the board.
The trust, which has been in the
| process OF organization for several
! months has total authorized capital
ization of S5.000,000. made up of bonds,
preferred and common stocks. The
! officers expect that operations will start
with a fund of approximately 100000
all Of which has been obtained. The
officers and directors include:
Frederic A. Delano, former vice gov
crnor Federal Reserve Board. chairman
John r. Dryden, capitalist president
and director; Charles Carroll Morgan
manager. bond department. q. M. p
Murphy & Co. vice president, treasurer
and director: Winslow b. Van Dcvanter
manager of the Washington office OF
| tho Guaranty Co. vice president and
director: Newcombc Baker secretary
Investors Equity Corporation. New York
director: J. S. Flannery of McKenney
e. Flannery. counsel; Edward p. Her.
man of Childs. Jeffry & Co. Boston
secretary. and Coleman Jennings
| director, Riggs National Bank, director
| II Is stated that the officers and
! directors are serving without salary and
| that there is no bonus stock They call
attention TO the investment trusts which
have been operated successfully in Eng
| land and Scotland for half century
| and believe that there is large field
! for operations here. In adopting the
management type" of trust the new
concern has taken the one most like
the British trusts.
In connection with the new COM
pany the organizers quote at length
from recent study of investment
trusts made by tho attorney general
of New York State in which he goes
into the general purpose Of these trusts
and the methods Of operation In his
interest and dividend Yields come
through the careful selection OF sccuri-
| ties and the proper diversifcation.
Investors In Washington. Inc. has
taken an office in the Peoples Life
| Building at Fourteenth and II streets
| northwest.
Washington Stocks Strong.
Washington stocks we're strong In
the closing session OF the week. the lead
! being taken BY Washington Railway
and Electric common. 60 shares chang
ing hands at $50.
Twelve shares of Merchants Bank
a. Trust Co stock sold at ISL, so
shares OF Federal American Co COM
! mon ct 80. and 1875 shares OF National
Mortgage g. Investment preferred at
5ie.
After call Potomac Electric Power
81. per cent preferred sold a. i08as
Mergenthaler Linotype came out ct l09
while IS shares OF IanSton Monotype
moved at l08 In the bond division
Potomac Electric consolidated SIS APP
neared on the board at 1891, and
Washington Gas SIS. series B. at l08' >
and 1917. A $500 transfer in Capital
Traction SIS brought l04tl.
In the unlisted department an asked
price OF was placed on Miller Train
Control The bid on Chaplin Sacks
per cent preferred was l02 To 1903
and the aSkrd price moved up to los
The bid on District Title Insurance Co
was raised tn as and an asked price al
so put On ~" board for Washington
basn ball stock.
Huge Local Industrial Output.
A total production oil well over $780,
D0U, 900 Is the correct cS lmale OF tne
inoussriai output OF that area Win
which the D.a.rict of Columbia for. las
president OF the Washing ION Champer
VI Commerce and general chairman oil
exposition committees declared In a
statement Issued yesterday III which he
dealt with the business phases OF the
chambers movement TO uppuiid the in
ioustrial life OF the National Capital.
1t Is not stating the whole case for
industrial Washington To estimate is
productive enaeavoas solely on the basis
OF Ailat IS turned OUT wI.hln the Dor
ders OF the DiStrict, said Mr.. Lct&e
! lnere are four contiguous counties oi
Maly ANA anu tiBni.-. wIicn are ana
DliDulu D. taken ih.o CONSIDERATION. All
/ .aary.ano aaont geometry ana r.lnVe
|. Georges Counties, aud In Virginia Ar
| Iing.on and Fairfax Counties.
ACCORDING to the .inust accurate fig
ures ayalGacie. the output OF plans
WITHIN the District proper durIna 1914,
/ amounted 10 $gs 900 900 Win the al
! ultiun OF the value OF the products ol
! the contiguous area, the total estimate
| then mounts t0 we'll over 500 900 U0C
! worth OF goods made In The Greater
Washington territory during 1921 &C
cording TO the chambers statement
/ According 10 lg,ires for 1925. the
/ latest olncial estimates available. the
| whole Greater Washington area WAS
| credited with having l0i plants en-
| ploying 2,472 wage earners. There
we're paid in wages IN this nearby area
| y2,1i0.952. while the total value OF the
products was si0.740,430.
+ Statistics citea by Mr. Ieese have
! been gathered In study OF Washing
/ tons industrial situation which IN be-
I ing carried OH in connection with plans
( for exhibiting It's resources in the
/ fourth annual industrial exposition tc
( be held March u 10 II al The Wash
! ington Auditorium.
| Southern Stock Decision Upheld.
The Supreme Court OF Appeals o!
| Virginia has handed down n decision
uphoiding Judge Crumps findings that
| preferred stock ot the Southern Rail-
! ings above the 8 per cent prescribed
| under the charter,
Arthur Lyman and other preferred
stockholders applied for an injunction
restraining the company from paying
more than 4 prr cent dividend on com
| mon stock until claims of The preferred
stock for any excess earnings above
that amount have been discharged
The Supreme Court decision settles
! the case. as no further appeal In pos"
sibie.
| Other Financial Notes.
Ray A. Young. governor of the Fed
eral Reserve Board apparently sees nc
need of any congressional investigation
into brokers loans He says that bro
kefa' loans whether they advance or de"
| cline, are given constant attention by
! The board
| The West Woodbridge Theater Cor
| p0ration. ~ which John w 0ehmann l.
! president u considering development
| OF lis properties Al Rhode Island ave
| nue. ana Sixteenth street northeast
II being the intention Ia erect "A large
| motion picture and vaudeville thratet
! The ne" building would have seat
| ing capacity OF ! 400 The directors
arr Ia act on the proposition soot
and consider that the growth of thai
section warrants such an outlay.
Total resources OF Virginia hanks nr