Evening star., 1927-12-04
TRADING IS LIGHT
ON EXCHANGE HERE
Prices Are Firm-Washinu-
ton Loan & Trust Sells
at 502 ID.
! BY EDWARD C. STONE.


One share of Washington Loan &
Trust Co. stock sold on the Washing
ION Stock Exchange yesterday al
OK, the highest price this bank issue
has recorded this year. The last sale
was made at 500 and the previous
high point was 500k.
The week ended on the local ex
change with prices firm and trading
rather light. Washington Railway &
Electric preferred led the market In
volume. After 46 shares had sold at
par the last sale was made with 10
shares selling at 1905.
Washington Gas opened at 84s4 and
closed at san, the days turnover be-
ng 40 shares. Federal American Co.
common sold at 3S12. 100 shares of
National Mortgage & Investment pre-
ferred came out at Ga, and two shares
of Lanston were bought at 106%.
In the bond division Washington
Market 5s sold at 961a. Wardman Park
Hotel 512s changed hands at sc, there
was $1,000 sale in Washington Rail-
way & Electric As at 90h, and the cur
tain was rung down with a $4,000
transaction in Potomac Electric Con-
solidated 5s moving at 10314. Trading
during the week as a whole was UNI
Usually ItoNSs pOIluS dtbI ulOi Z
than usual attention.
Praises SOuthern's Expense Cuts.
Walter s. Case, a director in the
Southern Railway, who was in Wash
ington the other day after a tour of
inspection, reports that the roads
policy of continued improvements 10
the property is being carried on stead.
lily. He believes the most significant
feature of the roads reports for the
last few months has been the manage
ment's holding down of expenses.
while traffic has shown a Decline
Net operating income from rail-
way operations amounted to $780,
900 In October as compared. with
S3,6S3,000 in October. 1925. For the
first ten months of the year net
operating income was $27, ,426, 900, as
against S29, 900 in the same period
of last year. After allowance for all
fixed charges, deductions and pre-
ferred dividends, estimated net in
come available for the common stock
was equivalent to $3.50 a share, as
compared with $1.SS in October,
1925. For the first ten months Of
the year, estimated earnings were
equivalent to s11.62. as compared
with 1881.
In the last two months of 1926"
Mr.. Case adds, "Southern's net
earnings, available for dividends on
common stock, amounted to $685.
600, equivalent to S2.53 per share on
the present capitalization. While we
expect no increase in gross during
the last two months of this year,
we look for some increase in net.
With earnings equivalent to $11.62
per share for the first ten months,
we feel assured that our forecast of
$14 for the year is approximately
correct"
Bank Stock Speculation Discussed.
1.-THE speculative craze in bank and
trust company stocks, creating vio-
lent fluctuations and excess market
values in New York, and to lesser
degree in other large cities, cannot
be ascribed as due chiefly to pro.
fessional enthusiasm" says Trust Com.
panies Magazine. "It is rather symp.
tomato of more deep-seated conditions
and changes which are affecting the
structure Of American banking, par
ticularly in the leading financial CEN
ters.
"It may be more truly traced to
the play of unseen but intensive move
ments under the surface which have to
do with attempts to obtain stock con-
troll, the merger of banks and trust
companies into ever-larger units and
the quest for favorable branch loca-
tions.
Formation of bank stock holding
companies, buying from numerous
newly created investment trusts and
a somewhat belated genuine public in
vestment interest, have all contributed
to set the pot boiling to point which
gives occasion for real concern among
conservative banking and trust com:
pany arrangements"
School Savings Nearly "a Million.
One Of the gratifying developments
emphasized at the Houston convention
was the remarkable increase in school
savings. Nearly 4,000,00 pupils in
the schools of the country are partici-
pating with savings deposits Of almost
S24,000,000. Within the past seven
years the number of schools reporting
savings facilities has increased from
2,736 to 1858, and number of enrolled
pupils from LOIS, ,653 to 4.658,1 1856. In
Pennsylvania, school savings are in
excess, of $4,000.000; in New York over
$3,000,000, and with other leading
states, including California. Connec-
ticut, Illinois, Indiana, Massa chusetts,
Michigan, Minnesota, New Jersey,
wv ISCUllSiu dlu OiilOs
More Foreign Securities Offered.
Foreign securities publicly offered
In the United States for first IL months
of 1927 amounted to 81 ,494 900. 900, or
about SITS, 100000 more than in the
u months of 1926, the Department of
Commerce reports.
The November total of foreign loans
was SITS, 100000, or about $40, 900, 900
higher than the same month of 1926,
but about $90,00O000 less than the
high total for October.
During November only one German
loan was offered in the American mar
ket, this being the $4,000 900 issue of
The North German Lloyd Steamship
Co. One of the new features of the No.
vember foreign financing was the ac-
tive entrance of Scandinavian coun.
tries into the American financial mar.