Evening star., 1927-10-09
STOCKS END WEEK
AT STRONG PRICES
National Bank of Washington
at 1927 Top-New Branch
Opens December |.
By EDWARD c. STONE.

procession into new high ground for
the year on the local exchange. Yes
terday was no exception National
Bank of Washington stock coming to
the front with n sale Of 40 shares al
31o. five points above any previous
1927 transfer.
American Security & Trust was the
only other active bank stock. This
opened at 466, about ) points under
the high for the year. dropped 10
465la and closed at 465, the days
turnover involving 80 shares.
In the miscellaneous list Peoples
Drug Stores preferred was again in
the limelight. IS shares selling at
119. Although the stock reached 10
this week, the quotation yesterday
was about 10 points above where most
of the recent sales have been
recorded.
Washington Railwa:- & Electric pre-
ferred sold yesterday at 9S3s and
closed at 9S34, on 50-share turnover.
A small lot of Capital Traction sold
at 1861, Mergenthaler held firm at
Us. 40 shares of Sanitary Grocery
preferred changed hands at 1919, and
Commercial National Co. preferred
came out at 103.
B nds closed the week strong but
quiet. Washington Gas 6s Series r,
sold. at l05i2. Railway 4s registered a
sale at IS and Potomac Electric Power
First rs were purchased at lois.
The same corporations 6s were ac-
uuired At 10S1..
The weekly reading of quotations on
unlisted securities showed few
changes. The bid price on Miller
Train Control has recently moved up
to 2ia. with none offered. while the
bid on Washington Base Ball stock
has dropped to S5.
New Bank to Open December I.
Harry V. Haynes, president of the
Farmers and Mechanics National Bank
in Georgetown announces that the
new branch being erected on Wiscon-
sin avenue at Warren street Will
open December l. The new building
already is up and the plastering near
ly done.
The branch is just three miles from
the main office. 1t will give Tenley-
town it's first bank. the nearest in
stitution of the kind at present being
the Bank of Bethesda and the Chevy
Chase Savings Bank. The Farmers &
Mechanics officers feel that the
branch will be far enough away from
other banks to have field Cf its own
and render needed service in a rapidly
growing section.
b. & o. Earning S1..60 Per Share.
In touching 125 this week Baltimore
4 Ohio established it's highest price
since 1906 Although the company's
earnings in August. the last report
available, did not make a favorable
comparison with the same month
last year. they were the best for any
August except in 1926 and 1923. AL
lowing for the increased amount of
stock now outstanding and the reduc.
ton in funded debt to be made in the
beginning of 1928, the company's earn
i1gs are eStibated TO be running at
the annual rate of $12.6O a share. In
addition the road has an undistribut-
ed equity of So share in the earnings
Gf other railroads. such as Reading.
Western Maryland and Wheeling d
Lake Erie.
Reserve Board Governor Lauled.
Designation of Roy A. Young as
governor of the t'ederal i,aserve
Board, succeeding ID. Il. Crissinger,
meets with general favor. among
washington bankers. AS governor of
the Ninth Federal Reserve District, at
Minneapolis, Gov. Young is already TO-
miliar with his new duties. He has
been with the Reserve Board since
1919 and has been a banker all his life.
After starting his career as a mes.
eenger with the Western Union, he
later became associated with the
First National Bank of Marquette,
Mich, as collector and bookkeeper
When called to the Reserve Board he
nf - Nh nal
Bank of Houghton, Mich.
New Book on Forecasting Trends.
One of the most interesting books
published in recent weeks, Forecast
ing Stock Market Trends" (Barrons),
has come to The Stars financial desk.
1t is written by Kenneth S. Van
Strum, who will be remembered as
the author of Investing in Purchasing
Power"
Observers know that liberal finan-
eCial returns come from the ebb and
flow of the entire stock market. The
difficulty lies in determining when it
is most likely to flow and when to
ebb. In his book the author has
attempted to measure the extent to
which countless statistics can be relied
upon in foreca sting coming business
and market conditions, his aim be ng
TO evaluate the numerous market re-
ports and statistics which are continu-
ally appearing in the financial press
and available to everybody.
Chapters are devoted to such sub
lects as business failures. earning; and
dividends, prices of individual COM
modities, general price levels, price
indexes. crop production, iron and
steel production, rate of consumption
volume of trade, banking conditions.
money rates, bond yields, stock aver
hges. the Dow theory, and the I'M
portance of studying basic conditions.
The writer HAS assembled a mass of
most interesting material to prove his
points on the relative usefulness Of
statistics as barometers. Among his
conclusions is that it is impossible for
any group of men to control the fluc-
tuations of the stock market; there
ere no conditions or series of condi-
lions that may be considered normal
end while the future can never be
exactly the same as the past. yet the
past is the only basis upon which
we can judge the future.
Questions Value Of Title Bouts.
local banker questions the moral
value 10 the youth Of the land of
feaVyWeiGht championship prize
I2hts. lle has a nephew. aged 6, who
let nickel with boy friend. aged g.
ihat Iunney would lick Dempsey. The
fhlid listened intently TO the round by
Jouhd radio account of the fight end
Whnn II was over refused to go TO he'd
tntli he had dashed down the street
10 ms friends and collected his bet.
1hls particular Washington banker
Us SO conservative that he thinks
eyeaf-oid hoy is too young to plunge
.ato the betting game. He insists that
b.Neaf-old boy is too Young to plunge
the gambling instinct. and suggests
this new slogan: Before YOU gamble
On niiZe fi-hts fnnSIIlf ,n,1r l.. nl.e.