Evening star., 1927-10-19
COLUMBIA SAND Co.
MARKET LEADER
Preferred Issue Scores New
Top Price-FederaI -Ameri.
can Co. Gains.
BY EDWARD C. STONE.

Columbia Sand & Gravel preferred
scored another new high on the Wash.
ington Stock Exchange today, reach.
ing lO3A and closing at 103. Poto-
mac Electric Power 6 per cent pre-
ferred also Init a new peak when il
sold at 112. Federal-American Co.
common sold at Al, which is also the
pest price for this issue which has
Deen attained since it was listed, the
turnover being 20 shares.
The Sand & Gravel stock led the
market in volume. 80 shares changing
hands. Potomac Electric 51 per cent
stock was quiet today, selling at 1861
and v. In a sale of so shares of
Washington Railway & Electric pre-
Ierred the price was still 9912, a half
point from par.
capital Traction was off point from
yesterdays close, two 10-share lots
moving at Ill. Union Trust bank
stock sold at 302 for only two shares
National Mortgage & Investment pre-
ferred came out at IN.
In the bond division Washington
Gas 5s brought 1929 and a baby
Gas 6s, Series A, 1925.
Metropolitan Elects Director.
At meeting of the board Of direc-
tors of the National Metropolitan
Bank held today r. NJ Kaufman
was elected to the directorate, ac-
cording to, announcement by the pres
ident, George w. White.
Mr.. Kaufman was chosen to fill
the vacancy on the board caused by
the recent death Of his father, Ru-
dolph Kauffnann, who for a long
period of years was a most valued
member of the Metropolitan's direc-
torate.
1t is interesting to note in con-
nection with today's election that the
new directors grandfather also served
the same bank most efficiently for
several years.
Bankers Hold Fall Meeting.
Chairmen of the various commit.
tees of the District Bankers Associ-
alton reported on their present activ-
tiles and what they hope to accom-
plish during the remainder of the
year, at the first Fall meeting yester-
day afternoon at headquarterj.
President w. w. Spaid was in the
chair and there was large attend
ance at the session, some 25 banks
being represented. Resolutions pre-
sented by Howard Moran paying
Eberly, vice president and director
of the National Capital Bank. whose
death occurred a short time ago.
were adopted.
The remaining business was of
routine nature. Practically all the
committee chairmen were present.
Bank President Notes Birthday.
A huge basket of flowers gave away
the fact that yesterday was the birth.
day of Edward j. Stellwagen, presi.
dent of the Union Trust Co. Through.
out the day he received many hearty
congratulation The veteran banker
is In excellent health and is watching
with keen interest the daily progress
made on the big addition to the trust
company which is now being erected
on H street adjoining the west side
Of the present bank
Mr.. Stellwagen has been at the head
of the Union Trust Co. since 1900. He
is a director in the Capital Traction
Co.. the Raleigh Hotel Co. and the
Capital Park Hotel Corporation. He
is also a member of several clubs, al
though he admits frankly that he is
more fond Of his home than any other
place in the world.
Business Men Discard Old Ideas.
A long succession of discarded proc
esses, antiquated ideas and obsolete
policies are monuments to the prog.
ress Of American business since 1921,
according to DR.. Julius Klein, director
of the Bureau of Foreign and Do.
mestic Commerce.
Speaking in Chicago last night, DIR.
Klein said there can be no doubt that
our recent commercial progress and
present momentum have been due
largely to the disposal Of the incum.
brances which were discarded along
the way as business has climbed out
Of the postwar pit.
Among these abandoned antiques"
he pointed to the old devotion to ex.
cessive business secrecy, the fear OF
losing some small temporary advan-
tage by adopting the "new-fangled
notions" of simplified practice. the
suspicion that statistics and efficiency
programs are academic and the con.
tempt for associated effort.
Moran Opens New Offices.
c. E. Moran & Co. has moved from
its offices in the Southern Building
to 1716 II street to what will be known
as the Moran Building. This building
has been extensively remodelled and
these dealers in investment securities
will occupy the entire ground floor.
Tho fifth district debts in the
REPORT OF CONDITION