Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-06

Manufacturing 20. PTe1eIIeu LSu1c
in five transactions involving 80 share
at SO.
Two bank stocks appeared on tn
hard, National Savings & Trust sell
Mg at $40 and Washington Loan
Trust at 523 In the bond division Pc
tomac Electric Power 6s sold at los
washington Gas IS, series b, move'
ct l06, in small denominations, Will
$4,000 and $1,000 Washington Railwa,
& Electric General IS changed hand
The opening week of 1929 started on
well on the exchange. volume OF sale
comparing favorably with those at tn
close of the old year. The surprise o
the week was the advance of 100 point
in Washington Railway u Electric
common to 525.
particularly important announce
ment was made during the week b.
Malcolm Gibbs, president of People:
Drug Stores, Inc. of the outright pur
chase of the Kennedy chain OF drui
stores in Pennsylvania. This purchaS'
gives the Washington concern SO drul
stores. is of special interest to the loca
exchange where the stock is activel,
traded in, and Is one more step in tn
company's steady expansion plans.
Advocates Higher Bank Salaries.
In a recent issue of the American
Bankers Association Journal Craig B
Hazlewood, president of the A. B. A.
said:
Good management in other line!
Of business has discovered that 1t car
reduce its total salary costs and in
crease its individual salaries simply By
increasing the efficiency of employees
Wen paid workers are a company's bes
investment I believe we might well In
corporate in good bank management
the principle of having the best paid
most efficient employees.
Many businesses have yet to leatr
that the highest salaried employees, DO
ing the most work, in the least time
and space, with the least equipment
and supervision, yield the greatest ne'
profit Many industries could prob
ably step up their present personne
efficiency 100 per cent to 200 per cent.
Weekly Bank CIearings Heavier.
Bank clearings in Washington fol-
the week ended January 3 totalec
S27,923, 000 against the lower figure OF
S22.453, 600 for the previous week. The
clearings were one-tenth of / per cent
under the total for the corresponding
week the previous year. AS noted 9
few days ago, clearings for the full
year hung up new record Tor the
National Capital. It is now announced
by BradStreet's that reports telegrapneo
from 100 cities all over the country
show that clearingS for the Nation a.
a whole also were larger than in any
previous year.
Reports Millionaires Galore.
Carl SNYDER of the Federal Reserve
Bank, says there are between 10000 and
10000 millionaires in the country, COM
pared with 1000 in 1900 and 1000 h
1914. II the average wealth OF each
millionaire is 100000, that would
mean sos, 100000. And that Is
rather a low estimate, says the Wal
Street Journal. as there are few hun
dred financiers in the country with for.
tunes ranging from $1o,000,000 to ST..
: DOC, 100000. Also there are few hun.
dred thousand people with fortunes
ranging from 100000 to $1,000,0o0
| The big fortunes of few look large
but they are small in comparison with
the aggregate wealth of 115,000,000
people.
Group Insurance Growing.
According to James E. Kavanagh
second vice president, Metropolitan Life
group insurance to an amount estiuat.
ed at more than seven and a half bill
lion dollars is now in force in Aneri'
can and Canadian companies. In all
there are 81 companies, 10 Of which arr
: In Canada, that have issued this kline
Of insurance.
Statistics show that the total mum.
Der of lives covered is approximately
100000. The average coverage Dei
life is little less than 1900, hardly
equal to two-thirds the average annua
income of the American wage Garner.
approximately 1900 employers o.
labor in the United States and Canada
have set up programs whereby theil
employees are provided with group life
insurance.
Heard in Financial District.
President John B. Larner of thu
Washington Loan g. Trust Co. will en-
terrain the officers and directors of thu
company at dinner at the metropolitan
Club on January 10. This dinner fol
lows the annual election of the com
pany, which takes place on January 8.
Milton T. SchWab, William L. KIM
and Miss Ruth L. Newman have beer
admitted to the firm of Boss & Phelps
The three new partners have been con
nected with the organization in officia
capacities for some times.
The S. S. Kresge report sales for De
cember Of s24, 843, 952, as compared will
S23,043,9ll in the 1927 period, an in
crease OF 7.81 per cent and the /.
months of 1923 of 1915 per cent owe
the 1927 period. The company had So
stores in operation on December 81
1928
The w. F. Woolworth Co. report
December sales Of S45 ,439,1 31, as com
pared with S43,888,427 in the sam
month a. year ago, an increase of 8.
per cent Cumulative sales for the yea
were $207 ,3l3,687, against S272, 748,5 SO
In 1927, an increase of So per cent.
Company Makes Good Report.
The Real Estate Mortgage & Guar
nnty Corporation of this city has issues
financial statement as of Novembe
30, 1928, for the stockholders. 1t re
ports assets and liabilities of $4,228,
46O.65.
Net earnings for the II months end
Ing November 80 amounted to SCOT,
472.86. Net earnings from July, 1872:
the date OF incorporation, to Novembe
80. 1928, were 81 ,289,11641. Dividend
paid stockholders during that perio
amounted to $811 ,36993.
The company has $2,951, 848.05 capt
tai stock and surplus and reserve
amounting to 77,746.48.
Trade Conference Date Set.
Complying with request of the Ma
tionai Fertilizer Association for trad
practice conference for the fertilizer In
dustry, the Federal Trade CommisSio
has set January % as the date, it !
announced by Charles J. Brand, execu
tive secretary and treasurer of tn
association. The conference is to b
held In Washington.
Four of every five matches pro