Evening star., 1926-12-03

to 76.43 from 1857 per cent, and was
higher than the ratio of the system
as a whole, which stood at 72.2 per
cent.
At the same time that discounts at
Richmond were declining sharply the
volume for the IL banks combined In
creased $17,972,000 to $645, ,416,OoO.
Bills bought in the open market also
increased $27,534,O00.
New Coal Issue Out Today.
A new issue of $1,35O,ooo West Vir-
ginia Southern Coal Co. first mort
gage and leasehold gold bonds, z per
cent series, due 1947, is being offered
lby a syndicate headed by John NICK
, erson & Co. and A. l.. Chambers q
Co., Inc. The bonds are priced at 81,
to yield about 7.10 per cent, and carry
detachable stock purchase warrants
emitting holders to purchase common
stock mo par value) at $40 per snare
! at any time on or before January 1,
1947, except as otherwise provided IN
the mortgage, at the rate of 20 shares
of stock for each $1,000 principal
amount of the bonds. The company
is being formed to acquire the assets
Of nine coal mining and selling prop
critics in the non-union fields of West
Virginia.
The next meeting of Baltimore and
Ohio directors will be held on Decem-
Der Is. instead of the last Wednesday
of the month, December 29, the usual
time of the dividend meeting. The
question as to whether the next quar-
terly dividend will be raised to Z
per cent basis probably will be
settled at that time. AS only few
| weeks remain in which the company
may exercise it's rights to subscribe to
Reading coal stock, a decision as to
what disposition will be made Of the
rights may also be decided on that
occasion.
Baltimore and Ohio can either ex-
ercise the rights by making cash
payment by January l and decide in
the following six months what it will
do with the coal stock, or dispose of
the rights outright in the meantime.
Cageless Counters Popular.
Bankers from many parts of the
country continue to come to Wash
| ington to inspect the new ''cageless
counters" inaugurated by the Federal
American National Bank. Similar
counters, according to President John
Poole of the institution. have been
! installed by two banks in Louisville,
two in Knoxville, and banks in
| Toledo, Hartford and New Britain,
Conn.,; Philadelphia, Pittsburgh,
Fredericksburg, Va; Orlando, Fla;
Chattanooga, Tenn, and many others
are understood to have the new type
| under consideration.
Central Savings Bank announced
today that it would be open in the
future until SIS pm. The transfer
of Christmas savings accounts to
regular savings accounts in the bank
were said to have been in excess of
25 per cent.
Personal Mention.
Norman e. Towson, manager of the
foreign exchange department of the
Washington Loan & Trust Co., will
address the class in banking funda-
mentals of the Washington chapter,
American Institute of Banking, this
evening.
John NJ. Riordan, cashier of the
Bank of Commerce and Savings, has
returned from q trip to the Philadel-
phia exposition.
Clarence F. NOrment, chairman of
the board of directors of the National
Bank of Washington, has returned
after a visit to Atlantic City.
George S. Sloan, assistant cashier
of the Federal Reserve Bank of Rich
mond, is a visitor among local banks
today.
Other Financial Notes.
Moody's weekly review of financial
conditions says during the next month
or two the year end disbursements
may have a dominating influence on
the security markets. I'VE may
roughly estimate or rather suppose
that the disbursements, plus savings,
may amount for this month and next
to about S2,113, ,000,0 900"
s. w. Strauss & Co. report a No
vember sales increase throughout the
entire country Of 22.S per cent over
November, 1925, the best previous
November in the companys history.