Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-01-05

tlAah S ti,tnS Joshua Evans, Jr.
have been lost in 1923 through bad in
yestments or through speculation.
Mr.. Evans reports that protective
measures have been adopted during the
past wear in his city which have cut
down losses considerably. There is
still room for improvement, however
In talking over the radio as repre-
sentative of the Better Business
Bureau. the banker suggested that
these features should be considered be-
fore any investment of any kind Is
made:
/. The measure of protection offered
the principal of your investment.
2. The reasons for expecting regu-
larity of income.
3. Stability
4. Loan value at your bank.
S. The reliability of the individual
firm or corporation from whom you
may buy.
Mr.. Evans goes further and says that
before you sign contract to buy land
stocks or bonds, make an independent
investigation through the channels
mentioned, asking these direct queS-
tons:
What type of security is this man
trying to sell?
I'm what general classification does
It fall?
Should you call 1t widow and or
phan investment?
us it good collateral for a bank
loan?
1T it a business mans speculation,
an out-and-out speculation, or is it
NorthleSS?"
Reserve Bank Earnings Jump.
Gross earnings of the IL Federal Re-
serve Banks for 1928 amounted to
S64,050,000, or about S21 ,000,000 more
than for 1927, while current expenses,
s26,900,000, were about 100000 less
than for 1927.
After providing the necessary re-
serves for depreciation, losses, ETC., the
Federal Reserve Banks had net earn
i1gs of $50, 900. From this amount
the banks paid S8,460000 in dividends
I'd member banks and $2,584, $50 to the
United States Treasury as a franchise
tax and transferred $21, 100000 to their
accounts.
IFederal Reserve Banks of Richmond,
Atlanta, St. Louis, Minneapolis, Kansas
City and Dallas were the only ones to
pay franchise tax. All net earnings
OF the six other reserve banks remain
ing after the payment of dividends were
transferred to their surplus accounts
as required by law, the surplus &C.
counts of none of these banks at the
end of the year being in excess of their
subscribed capital. Total subscribed
capital of the IL Federal Reserve
banks on January /. 1929, amounted to
$293,870 200, and total surplus to 1884,
$4,000.
Groups Increase Sales in 1928.
Regarding wholesale and retail con-
0itionS in 1928 Dr. Julius Klein of the
Department of Commerce says:
wholesale distribution showed little
change in volume, but sales of many
different types of retail establishments
increased in 1928. Sales of mail-order
houses and various kinds of chain stores
had particularly large growth, but
this was partly due to an increase in
the number of stores operated Depart
ment store sales also increased, and
there was considerable reduction in
the size of their inventories.
Further progress has been made in
the elimination of waste and in the in
crease Of business efficiency. DURING
recent years there have been marked in.
creases in the per capita output of the
manufacturing industries and of agri.
culture, and efforts are now being made
to improve the efficiency of distribution
which is still relatively wasteful.
There has been no considerable &C.
cumulation of stocks of commoditie;
and the general level of wholesale price,
has shown comparatively little change
increases in prices of hides and leather
food, building materials, metals anc
fuel and lighting slightly more than off.
sst declines in prices of other groups Of
commodities"
Timely Financial Notes.
Offering is being made here of 100 OOC
ahareS of $3.50 cumulative dividend con.
Vertlble preferred stock (no par) of the
chicago Pneumatic Tool Co. by j. A
Sisto & Co. and A. G. Becker & Co
The issue is priced at SIS a share ant
accrued dividends, and is convertibl,
into common stock share for share a
any time up to fifteenth day prior {,
the redemption date.
Directors of F. & w. Grand Store
declared the regular quarterly dividend
OF 25 cents a share on the common
stock, payable January 20 to stock
holders of record January IA, ant
S1.62I2 on the preferred stock, payabl
February l to stockholders of recort
January IA.
Arthur Foraker, manager of tn
washington Office of Eastman, Dillon {
Co., reports that the firm has admitte,
six new partners. They are Herbert S
Smithers, Walter H Nash, Philip M
Brown and j. Raymond Boyce, in Ney
York; George N. Burlington and Harr
C. Beste, in Chicago. Arthur C. Boyc
has retired as general partner to becom
q special partner.
~ L.
a chain Of 81 stores of Cupp Grocer
Co, in JohnStown, Pa, in outrigh
cash purchase. This is the cornpan
which bought and now operates tn
original 10 Old Dutch Market stores il
Washington
A member of the bond fraternity VIII
deserted that field couple of years az
to devote his attention to the stoc
department was rewarded this week b
partnership in his firm. Junius 4
Richards is now member of EdWar
3. Smith & Co.
Some unemployment, particular
among "white-collar" and unskille
workers, is forecast for 1929 by Direct6
Jones of the Labor Departments en-
ployment service here. On the Who'll
howeve" he predicted labor would k
well employed.
The volume of money turnover dun
ing the week ended December 30 We
greater than in the corresponding wee
of 1927, according to the weekly STATE
ment of the Department of Commerc
Operations in steel plants were on
higher level than in either the precec
ing week or the same period of tt
preceding year. Activity in automobi
plants, as reflected by employment
Detroit factories, covering the late
available week, showed seasonal d.
cline from the previous week, but W.
greater than in the same period of 1872
The general index of wholesale prict
was slightly stronger than in the prt
oeding week, being higher also than
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