Evening star., 1927-10-16
LOCAL SECURITIES
REACH NEW PEAKS
Traction, Potomac Power
and Merchants Transfer
at Years Tops.
BY EDWARD C. STONE.

BY EDWARD C. STONE.
-Four new high records in 1927
quotations We're scored on the Wash
ington Stock Exchange yesterday
: ar1 three others were equaled.
In lively trading Capital Traction
after opening at 10S. advanced to 109
where it closed at the best price of the
year having advanced to that point
from a 1927 low of 103i5.
Potomac Electric Power per cent
preferred came out at 111h, the
highest mark since the stock was
listed on the exchange. Potomac
Electric Power II per cent preferred
was not to be outdone, however, and
reached Jog for the first time, the
days turnover involving so shares in
Ave different sales.
Washington Gas Light stock was
very strong on a 40-share turnover.
opening at 81. advancing to SIX and
closing at 81 u. This is another local
stock that has been in new high
ground during the past week. Gas
bonds, series B, also touched their re-
cent high of 106 on a $1,000 sale.
Storage Stock at New Peak.
Merchants Transfer & Storage pre-.
ferred was one of the days leaders,
opening at 1885,, rising to u, Is ana
reaching the new peak OF 1O4, the
transactions totaling So shares. Ten
shares Of Security Storage also ap.
peared on the board for the first time
since the recent four-for-one split'up,
selling at 1921.
Washington Railway & Electric
common, known as the General
Motors of the local board" came out
on a 10-share sale at 375, the high
point for the year made recently. Tne
same corporations preferred stock
sold at its recent top price Of 9SB,
sales involving a 60-share turnover.
Two bank stocks were strong, Com
mercial National selling at go to the
extent of 10 shares, and 20 shares OF
American Security & Trust moving AT
464. In addition to these sales, 11O
shares of National Mortgage & Invest
ment preferred sold at 71s, and five
shares of Sanitary Grocery at 1Ol R.
The closing sale in bonds was a $4,000
transfer in Potomac Electric Consoi-
dated SIS at 10S.
Veteran Member Returns.
The session was enlivened by the ar.
rival in the midst of trading OF Jim"
O'Donnell, who is sometimes referred
70 by his associates as the Jesse LiV-
srmore'' of the Washington Exchange.
Mr.. O'Dennell was at Newport all sum
mer and has just returned home. TRAD
ing was suddenly suspended while
every member extended the glad hand.
While he was largely an interested OBJ.
server at yesterdays session, his
friends state that he knows just what
has been taking place on the local ex-
change while he has been away and
will soon be back among the leading
bidders.
At the close of the session some ad-
ditional humor was injected into the
proceedings by an inquiry as to the
status Of B. & o. stock following
fumor that President Daniel Willard
had been kicked by an iron horse"
The rumor proved false, although 1t
was agreed that Mr.. Willard had got a
great kick out of the Fair Of the Iron
Horse.
Vital Issue Seen In Rate Row.
The Chicago Reserve Board contro-
versy is significant. according to Trust
COMPANIES Magazine, Gin that 1t re-
news the slumbering issue of banking
versus political control OF money
rates. The obvious policy of the Fed
eral Reserve Board has been to carry
out the promise of the Coolidge re.
gime, which is committed to low dis.
count rates and easy money as a stifn-
ulant to continued prosperity and as
favorable to agricultural interests. 1t
is quite conceivable that such politi-
cal enunciation may be antagonistic
to sound banking judgment.
at is also likely that the specula-
tive inducements Of low rates may
lend encouragement to stock market
operations, excesses of installment
financing and issuance of securities
beyond corporate earning capacity.
which is offensive to conservative
financial opinion"
Gain I'm New Life Insurance.
New paid-for life insurance produc-
ton during the first three quarters or
this year was 1.3 per cent greater
than during the same period Of 1926.
Such insurance during September was
As per cent less than in September
of last year, according to statement
by the Association of Life Insurance
Presidents. The figures represent the
new business Of As member companies,
which have 81 per cent of the total
volume of life insurance outstanding
in all United States legal reserve COM
panies.
FOR the ulu6'LuOIlIH peTlOOs LuG LOIdI
new business of all classes written by
the 45 companies was $685., ,00o. 900.
against $8,244, 100000 during the cor.
responding period of 1926. Ordinary
insurance amounted to $5,S81 600, 900.
against $5,743. 100000, gain of "a
per cent; industrial amounted to ST..
937, 900, 900, against S1,876, 100000. an
increase of 3.3 per cent; group amount
ed to S534, 100000, against $625, ,000, 900,
q decrease of 14.6 per cent.
Predicts Increased Retail Buying.
Fall and Christmas retail buying
throughout the United States will
unquestionably be on a higher dol
lars-and.cents level this year than
it has ever been in the history of
this country, with the possible ex-
ception of 1926" said Harvey r.
Young, president of the international
Association of Newspaper Advertis-
ing Executives. General business
conditions throughout the country
are promising and manufacturers
and retailers almost without excep-
tion are optimistic about business. In
fact, the country will end 1927 and
enter 1928 with prospect that general
business conditions will be unusually
stable and prosperous"