Evening star., 1927-11-29
v. R. & T. COMMON
REACHES NEW TOP
Climbs 20 Points From Pre-
vious SaIe-Gain for Year
Is 279 1-2 Points.
BY EDWARD c. STONE.

Washington Railway & Electric
common skyrocketted to a new high
mark on the local Stock Exchange
today when 10 shares changed hands
at 455 and 10 more sold points
higher at AGO. The 460 quotation rep
resented an upward bound Of 20
points over the last sale a few days
ago. AS the low mark for the year
in Railway common is 1907, today's
advance meant a gain of 27912 points
over the minimum quotation re-
corded early in 1927. The company's
preferred stock also appeared on the
board today, but to the extent of only
five shares, which sold at 100.
Columbia Sand & Gravel preferred
was the most active stock on the list.
l35 shares selling in six transactions
at the strong price of 103. Next to
this stock in volume of trading stood
Sanitary Grocery preferred with an
So-share turnover exdividend at
l0212. Potomac Electric Power 51a
per cent preferred maintained it's
recent strength, moving at 1865.
Merchants Transfer & Storage pre-.
ferred sold at the high mark of 105.
One share if Lanston came out at
LOG.
once again Washington Gas Light
bonds got all the attention in that
department. Gas IS, series A. opened
with $500 sale at 107, followed by
$1,000 sale at the same price and a
$500 transfer at the close at 1868.
The series bonds figured in a $500
turnover at their yesterdays peak
price of 1879.
SeabOard Earns S1,487,941 Net.
The Seaboard Air Line earned ST.
4S1.941 after fixed charges in the first
10 months of 1927, or 5.95 per cent on
the adjustment bonds, thus more than
covering years requirements on
that issue. But a sharp decline of
$2,021, 1862 was suffered in comparison
with last year.
October income available for the ad-
justment bonds was $124,852, com.
pared with $437,S54 in the same
month of 1926. Gross operating rev.
enues for the month were down $780,
O90 to $4,S93,S30, and for the 10
months amounted to $51 ,909,816, com
pared with $56,3S8,5S5. Fixed
charges were $1,541, 1893 above the
Discount Policy Is Changed.
1t is understood in financial circles
that the Federal Reserve Board has
changed its discount policy since the
recent meeting of Gov. Roy A. Young
and the heads of the II reserve banks.
NO formal statement has been issued,
but it is reported that Gov. Young IA
vors letting each bank, with the ap-
nTnEal M hnn nrI Gxr
discount rate. This means that the
tate does not necessarily have to be
uniform all over the country
New York will naturally make or
ask for few changes, as any readjust-
ment there would affect European
bank rates. At the same time the
present Reserve Board does not feel
that Western banks should be bound
by the rate policy in New York.
The policy of giving each Of the
II Federal Reserve Banks a larger
right in debating discount policy
which was thrashed out at length
IN the Fall meetings of the govern.
ors of the reserve banks and the
Federal Reserve Advisory Council
1t is said, will prevent any disputes
such as was raised last Summer in
the Chicago rate case
Miss Lois A. White presided at
the monthly dinner of the Bank
Women's Club last evening at Club
st. Marks. There was a large attend
ance of the membership. Guests pres
ent included Miss Marie Bohrman.
Miss Beulah Coleman, Miss Lavinia
Gray and Miss Margaret Buckley,
American Security & Trust Co.; Miss
Anna E. White, Federal-American
NATIONAL; Mrs. Helen V. Reed, Burk
& Herbert, Alexandria; Miss Etlan
Shotwell, Falls Church Bank, Falls
Church, Va; Miss Lula T. Carey, Pc.
tomac Savings Bank; Miss Catherine
G. Barrett, Miss Harriet L. Potter,
Second National Bank; Miss Edith M.
Whitton of the Public Service Com
mission, Alexandria, Miss Betty c..
Moran, Security Savings & CONNER
cial, and Mrs. Arnold l.. Engel, Com
mercial National Bank.
1t was decided to have the annual
Christmas party on December 10,
Miss Ellen Crawford of the American
Security & Trust Co. being made
chairman.
Hardware Outlook Brighter.
With Thanksgiving over, the hard
ware trade is looking for a very active
holiday and Winter trade, Hardware
Age will say tomorrow, in it's weekly
market summary. Reports from the
West and Middle West indicates very
favorable conditions in respect to
Christmas business, which is already
under way in good volume. General
observations show that an increasing
number of hardware stores are adding
toys and other gift items more freely
than ever in the past.
Reserve Bank Borrowing Up.
The Federal Reserve Boards con-
ditiOn statement of 659 reporting
member banks in leading cities as of
November % shows increases for the
week of $19,000,000 in investments,
$42 100000 in borrowing from the
Federal Reserve Banks, and Of $24,-
100000 in time deposits and declines
of $36 100000 in net demand deposits
and $204 100000 in Government de-
posits.