Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-01-23
MELLON STRESSES
SAFE INVESTMENTS
Bankers Are Cooperative in
"Thrift Week" Campaign.
WiII-Making Urged.
BY EDWARD c. STONE.

Wlll.WdktItU UTyeu.
BY EDWARD c. STONE.
Local bankers were cooperating e
day in the final observance of the Thri
week campaign. Safe Investment an
Make viii Day" Timely posters cal
ing attention to the huge losses whic
result from careless investments an
Others streSsing the need of making
will were displayed generally through
out the city.
Reference also was made TO the state
ment of Secretary Mellon some tim
ago that more than $500 100000 IS los
annually in the United States thrcug
investments IN fraudulent securities.
1T is essential that We learn TO save,
saws Mr.. Mellon. but il is equal
important that people generally shoul
also learn how 10 invest their savings j
some sound and productive enterprise
1t is estimated that each year more tina
half a billion dollars is lost in TIL
country through investments in frandu
lent securities. This enormous sur
largely goes into the pockets OF Swind
lerS. The most unfortunate aspect Q
the whole situation is that much OF TIL
waste of hard-earned capital could nav
been prevented If those seeking invest
mentS had taken the trouble 10 max
proper investigation of securities or as
the opinion Of some competent banker
lawyer or other adviser before buying.
The Federal Government. State au
thoritieS. banks and other agencies ar
doing what they can To lessen the salt
of fraudulent securities. but IN the ent
the solution of this problem depend
largely upon the public itself" Mr.
Mellon asserts.
The local safe investment and max,
a viii day committee was composed o
Thomas w. Brahany. chairman: Y. E
Booker. 3. L. Cotton. A. c. Father. c
E. Fleming. Richard Hatton, H. G
Eoskinson. r. w. Hynson. r. w. Pat.
terson. Louis Rothschild. E. G. Stone
end W. J. Waller.
Thompson Appoints Committees.
Eugene E. Thompson, president Of
the Associated Stock Exchanges. today
named the committees to serve the as.
ISOLATION until the annual meeting mex
November. W. W. Spaid. member Of
the local exchange and president of the
District Bankers Association, appear.
In the list as member of the program
committee. The committees are:
legislation and taxation Eugene
Ballard. Hartford. chairman: Irwin r
Westheimer. Cincinnati: j. II. Holmes
Pittsburgh. Membership-w. E. Fox
Cincinnati. chairman; 6. E. williams
New Orleans: c. o. Gamble, St. Louis
Program. e. B. Glenny, New Orleans
Chairman. J. S. Wilson, IT,. Baltimore
and w. W. Spaid. Washington Public
relations-W. NJ. Lauderman. ST. Louis
Chairman; N. c. Harvey. Cleveland
and Ralph Fordon. Detroit.
Revision OF constitution and bylaw,
Ralph w. Simonds. Detroit. chair.
man: NJ. r. Middleton. jr. Philadelphia
Fred II. Emery. Cleveland, and c. w L
johnson. Baltimore
Eominations-Ralph w. Simonds
chairman: B. p. Schoyer. Pittsburgh
and Frederick w. Freeman, Columbus
Standard listing requirements-c. C
Mickey Detroit. chairman; Eugene
Ballard Hartford. and A. r. Waters
Baltimore
Two New Directors Elected.
Austin c. Waller. president of thu
washington Wimsett Co. announce.
the election Of two new directors
Charles D. Harel. Of Hopkins. Starr
Hopkins e. Hamel. corporation attor.
neys. has been added to the list ans
Richard D. Daniels Of Forbes d. Dan.
iels is the other new hoard member.
Mr.. Hamel for a number Of years va.
chairman OF the United States Boarc
Of Tax Appeals and is now counsel fol-
international revenue taxation Mr.
Daniels is a member of the advisor,
board of the Merchants Bank g. Trus
Co. and counsel for the Riggs Market
Investment Co.
The Washington winsett Co vii
oper It's office al Ninth street an,
New York avenue Alterations vii
commence on this building In a few
days and a modern banking room vii
be installed
Record Forum Attendance Seen.
Chairman II W. Burnside announced
TODAY that present reservations poin
20 an attendance Of $50 bankers at TIT
institutes forum dinner tomorrow eve
ming al the La Fayette Hotel. This vii
be obtained up 70 10 O'Clock tomorrow
morning from r H. Cox at the Com
n1ercial National Bank
Dr. Edmund Brown. IT,. Of the Brook
rnire Economic Service will arrive her,
IN time 70 call on several persona
friends In the local banks tomorrow
He Is 10 speak On the Business ant
Investment Outlook for 1929 whei
the course In Business Forecasting'' /
opened At the institute. under Waite
II Dunlap. former instructor In tn
University Of Iowa.
The dinner tomorrow evening vii
starr promptly az 8 O'Clock. 30 tina
officers. instructors and students ma,
be al The Q O'Clock classes at the chap
Ter rooms.
Transit Go. Shows Profit.
The report Of the Warrington Rapis
Transit Co for December. 1927. shoWes
increased revenues and more pasSeu
gers carried and at the same tim
showed decreased operating expenses
while the number Of bus miles oper
ssed gas considerably increased
Total revenues were SfT.7i2ls2. an In
crease of sT.022 76, or II per cent. Owe
the revenue Tor December. 1925 Pas
Eengerg carried for the month weY
<s7 $50. an increase Of 2S,7s4. or 8.
per cent over December Of the pYeyiou
year Operating expense for December
1927. exclusive Of interest and taxes
was $tS.f16y4s, a decrease O! 81 $50 7t
compared with the corresponding mont
81 the previous year. while bus milc
increased from j23s7S in December
1925, " 1929 In December, 1927.
difference u 1895. or nearly Is pc
cent
The improved showing. Is attribute
10 operation 81 new and" more attrac
fsFe buses. increased rate 81 fare an
economic resulting from better main
tensBce n.etbodk. Net revenue after de
1liet3on ~ taxes Wss 81 SO 81 for Ds
center. 1927. at compared a1th a def
tei. II $7i3szs for December. 1925.
Other Financial Notes.
Prices u stocks and bonds wef
strona 10 quiet trading on The Wash
inPion Etock Exchange today
Cnsries e. iASmbpfn, treasurer ~ III
National Savings 81 Trust co, wss n
ported ia favorable condition tOds