Evening star., 1927-10-21
RAILWAY PED. HITS
PAR ON BOARD HERE
Pepco 5 IL Pct. Preferred
Strong at 106-Gas Light
Off FractionaIIy.
by EDWARD C. STONE.

by EDWARD G.. STONE.
After lingering around 80 and 9912
for some time, Washington Railway &
Electric preferred moved up to par
on the Washington Stock Exchange
today when one share sold at.100.
1t was the last sale of the session
and was the only transaction for the
day in the utility issue. The stock had
closed yesterday at 9912 on a small
turnover. The low for the year in
Railway preferred is 80, so that it has
climbed exactly 10 points on the pres
ent move. The stock pays per cent.
and up to last Saturday 4,4821 u shares
had been traded in on the local ex-
change this year.
Two bank stocks appeared on the
board today, shares of District Ma
tional selling at 255 and "a shares of
Federal-American National at 342.
Fifty shares of Capital Traction sold
at 10, the same as yesterdays clos
ing price and off two points from the
high for the year checked up earlier
in the week.
Potomac Electric Power 5h per
cent preferred was again strong at
1858 and 106. Twelve shares OF
Chevy Chase Dairy preferred moved
at 100 and 25 shares of Sanitary Gro
Gerry preferred moved at 102R. Wash
ington Gas Light was off fractionally
when two shares sold at 80as.
Washington Gas bonds, series A,
changed hands at 1041a and 5000
transfer of the Series 3 bond brought
the same price Washington Gas stock
is now being quoted ex-dividend, as is
the stock Of the Washington Loan &
Trust Co.
Cities Service Earnings Jump.
Cities Service Co. net earnings for
the 12 months ended September 80
amounted to $30,5S8,203, the largest
IL months in the history of the COM
pany and an increase of 80 per cehs cen
over S22,127,306 for the IL months
ended September 80, 1926. .
Net earnings for September, 1876
were also larger than any September
earnings in the company's history,
amounting to $2,595 ,032. an increase
of As per cent over net earnings TOT
September, 1926. Net to common
stock and reserves for September,
1927. was $t,S16,537, an increase OF 7S
ner cent over September. 1926. The
company's net earnings for the ~
months were equal to more than IL
times interest and discount on lts
debentures. s
Net to common stock and reserves
for the ~ months ended september
80, 1927, was S21 ,2S7, ,79S, equivaient
to 26.13 per cent on the average
amount Of common stock outstandlhs'
or S522 per share of S2o par Vaiue
common stock. This compares with
S13 595. GOT net to common stock ana
reserves for the previous IL months,
equivalent to 17.71 per cent. or S3.o4
ner share, on common stock then out
sanding.
Insurance Men Stress Thrift.
Local life insurance agents, home
from the recent meeting at Memphis
report that new angles are TO be
stressed in the future in life insurance
presentations. Emphasis IS 10 pe
nlaced on life" instead OF death IN
s,rance. and upon insurance as an in
vestment.
M. Albert Linton, an official OF one
Of the Eastern companies, spent
months in a review of statistics con-
cerning life insurance investment re-
turns. He told the convention ne
demonstrated that the investment re-
turn upon the part of the premium
which is set aside for savings COM
pared very favorably with the return
upon any high-grade investment.
Forecast of Winter Business.
Somewhat less active general busi-
ness conditions in the United States
during the ensuing Winter are indi-
Gated by the falling off in building
permits in the principal cities of the
country. Official reports from the
building departments of 476 cities
made to S. w. Straus & Co. show a
total for the first nine months OF the
year of $2,947 ,S84,S57, compared with
$3,3OS, ,894,986 for the same period or
1926, a loss of nearly IL per cent. Re-
ports from the same cities for Septem-
ber indicated q similar decline. The
cities in the list represent so per cent
of the urban population of the country.
Fifth District Discounts Higher.
Rediscounts at the Richmond Fed
eral Reserve Bank increased sharply
in the week ended October l9 to $685.
375 900 from S29 9,014,000 the previous
week, a gain of $4,362, 900, due to an
increased business pace in the fifth
district. They are still below the COM
Darative date last year, when redls'
counts amounted to 47,613.000.
AS a result of a further increase In
volume of acceptances bought in the
open market, total bill holdings were
raised to ST. ,429 900. Paper bought in
the market totaled $38 ,053, 900, against
$33, PSI 900 the previous week and
$13210,0O0 a year ago.
The Richmond ratio was 47.52 per
cent, compared with 47.76 week ago
and 5000 year ago.
In and Out of the Local Banks.
George o. Watson, president of the
Liberty National. Bank, was obliged
to give up his trip to the American
Bankers Association national conven-
ton at Houston.
Wade II. Cooper, president of the
United States Savings Bank and the
Continental Trust Co, has returned
from short visit to New York and
Atlantic City.
The Interstate Commerce Commits
sion reports that it will be long time
yet before rulings can be reached on
the Chesapeake & Ohio merger and the
reorganization Of the st. Paul Rail
road.
Harris, Forbes G. Co. and the Ma
tional City Co. are Offering 1850, 900
Greenville County, s. c., highway
Az per cent bonds, due 1882 to 1916,
to yield about 4.25 per cent.
Chapter Plans Big Event.
The women's committee of Wash
ington Chapter, Americ"1 Institute
Of Banking, will have j, Halloween
dance at the L'Aiglon on Saturday
evening. October 20.
The tickets are now in the hands
or consuls of the various banks and
large attendance is anticipated, as
the. music is of the best and with the
other features, should provide good