Evening star., 1926-11-09

treasury OfnclaI. VINO addressed Stock
Exchange Convention I'm St Louis.
s per. cent mortgage gold bonds had
been fully five times oversubscribed
and the books closed. Subscriptions
in excess of $500 900 had been re-
ceived and it was expected that re-
quests mailed late yesterday and not
yet recorded i'll the Office might swell
that amount considerably.
President Ord Preston. as we'll as
all the other officials and directors,
was delighted with the generous re-
Ception accorded the bonds. Work OF
allotting the new issue will be started
at once. When this is completed no.
tice of the apportionment will be sent
/" each subscriber and five days al
lowed in which to make payment In
fun or the first installment according
: to the plan of purchase.
OF course. the method of allotment
cannot be anticipated. However. other
utility companies in alIotting similar
bond issues have usually attempted
ito take care of as many Of the smaller
investors AS possible. the heaviest
scaling down coming on those who
want several hundred thousand dol
lars worth OF the issue. This has
been considered the fairest way of
dealing with all concerned.
Exchange Prices Hold Up Well.
Georgetown Gas IS sold at 9.i4 on
the Washington Stock Exchange to-
day and one $l00 transfer i'm Wash.
lngtOn gas 6s was made at 100l2 Rail-
way 4 Electric As were also out, this
issue selling at SO.
Two bank stocks appeared on the
board, "a shares of Farmers and Me
chanics' National Bank selling at 2S5
and one share Of American Security
and Trust going at 3701s.
Fifty shares OF the recently listed
ed hands at 30 an advance OF 3
points over the opening transa ction in
this stock last week.
Peoples Drug Sales Gain.
Sales of Peoples Drug Stores. Inc.
for October amounted to $537,752 com
pared with $428,1 for October. 1925.
an increase of s129.6oi, or 20.29 per
cent. Sales for the first 10 months of
this year amounted to s4.942 ,467, com
pared with $4,246, 1855 during the CORE
spending period of 1925. an increa sc
of $6922S2, or 1910 per cent.
October sales OF S. s. kresge Co.
rose to $t0.934.S37 from $9.992 234 in
the same month last year and for
the 10 months of 1926 to SS7.810, $50
from $78.5o6.Sl4 in the corresponding
period of 1925.
The chain of 440 Liggett Drug
Stores, subsidiary of the United Drug
Co. of Boston, had sales of $4876, ,239
In October. the largest in the history
of the business, an increase OF more
than 81 100000 over october last year
Sales for the 10 months of 1926
reached $4S S,044,S47 a gain of $S.248,215
over the same period of 1925 or more
than % per cent
Establishes Chicago Office.
Establishment of the irst out of.
town branch of the Great National
Insurance Co. of this city, was an
nounced in a telegram received at
local headquarters from Representa-
tive Fra nix r. Reid of Illinois. presi-
dent, which stated that offices had
been taken in the Peoples Gas Build
ing. Chicago.
This marks the first step in a pro
gram Of expansion which the Wash
ington company plans for the ensuing
year. The Chicago office, which will
be in operation within a short time.
VIII act as a hub OF activity for II
states surrounding the metropolis and
will enable the Great NATIONAL
company writing automobile insur-
ance and owned practically entirely
by Washington shareholders-to tap
the rich country of the Middle West.
Will Vote on New Issue.
Stockholders of Virginia Electric
Power Co. will vote November 23 on
a proposed issue of $4,000 900 first
and refunding mortgage bonds, in ad-
dition to the $3,000.0OO now outstand-
ing. Action also will be taken on an
amendment to the charter reclassify-
ing 81, 900 par value of unissued Z
per cent cumulative preferred stock
'and provide for it's issuance as s per
cent cumulative preferred.
Dinner Plans Completed.
Victor B. Deyber chairman OF the
COMMITTEES on the complimentary din
ner 10 Howard Moran, president Of
the District Bankers Association, and
Harry V. Haynes. manager Of the
Clearing House Association. for hon
Ors thrust upon them in connection
with the A B. A. convention, reporte ed
today that everything is in readiness
lot inc aHdlf, Wnlch taxes place To-
morrow evening at the Willard at 7
o'clock. The party will include some
25 bankers who attend the weekly
luncheons.
Montgomery Back From Trip.
President William Montgomery of
the Acacia Mutual Life Association
has returned from two.month in.
spection Of the company's offices i'm
the West. He attended many agency
conferences and looked over the
ground with view to establishing
an office in Panama