Evening star., 1923-04-04
BANK DEPOS|TSAT
NEAR HIGH RECORD
Local Stocks a Little Firmer
Convention Papers on
Branch Banking.
BY i, A. FLEMING.

BY j. A. FLEMING.
Bankers are wondering at the de-
Hay of the controller Of the cur
|rency in making the first call on ma
|tional banks, and in this city on all
banks, for statement of condition
IThe forms for reports have been In
1.-THE hands of the bankers for over a
week and have been distributed all
lover the country.
Between the last call and the one
January Disbursements have added
greatly to individual deposits. whiGh
in turn have been reduced materially
by the heavy payments made on ac-
count OF income taxes and through
Investments in the last Treasury
Blotation. Considerable money VIII
fesult from redemption of victory
hoteS.
1t is probably that the call. II It
show a large increase in deposits
|over the final call of last year.
Look for Big Free Issue.
Financiers anticipate a large of
fering of Federal Land Bank n, bonds I,f
fere5t the jams haSe fss one
maturing with May ! and the re-
funding operation will call for
|lerger amount than the one re-
deemed; DE- { ,,t perhaps si5:Ooo;ooe;t the the
time by the land banks.
The last previous offering was for
the amount named, ten tWenty-year
bonds. bearing Az per cent interest;
offered at 1O1 and interest to yield
4 as to optional date and Az there
latter.
Chapter Activities.
Preparatory to final examinations
general reviews of the years work
will be conducted before the Wash
being in session tonight. with Prof.
|P. J. Donahue of the Catholic Uni.
|versity presiding. The law class VIII
meet tomorrow night. for the final
r. 3. Dickey.
On the stock Exchange.
Railway preferred was firmer at
73% to "a. The common was nom
inal, but stronger in that the asking
price was again advanced to 65. but
the bid remained around 63k.
|ps =. Washington Gas, 50ia. Amer
fCan Security and Trust Company
sold at 80, and Banking Trust and
Mortgage Bank stock on the unlisted
[ist at 10 the same price as yester-
Hay. Continental Trust brought 90R
ia share.
Bonds were rather quiet, at 81 for
Potomac Electric first SIS and 100 for
Zthe debenture IS of the same COM
tpany.
Bank Employees Outing.
The first outing of the year by the
metropolitan Social Club will be run
|off next Sunday. About forty Of the
Employees of the National Metropoli
tan Bank will travel toward Quantico
and picnic enroute.
Wants Information.
The Consolidated Exchange has
asked for statement from all mem
|hers as TO stock position of members
doing a commission business, num-
Der Of shares long, number short,
|number Of shares in the box. loaned
Tor borrowed; number of shares that
should have been delivered but not
received, number Of shares to be de-
livered and number with other
Calls for information on position
will he sent out at different times
during the year. in this way enabling
the officials to keep closer tab on the
technical position of the market
On Branch Banking.
The three best essays for branch
written by members of the chapter,
will be read at the D. B. A. conven-
tion at Hot Springs.
Analysis of North American Company.
Crane, Paris & Co. are distributing
TO investors an interesting analysis
of the North American Company
which diScloses the remarkable fnan-
cial position of that company
The North American Company is one
Of the oldest and largest public util-
tty holding companies in this country,
owning or controlling, among other
properties, the electric light and pow
er operating companies in Cleveland,
st. Louis and Milwaukee. Its sub
sidiary utility companies serve an
area of approximately 1000 square
miles and a population In excess Of
75 per cent of it's net income from
the electric business.
The North American Company has
no funded debt, its capitalization
consisting only of preferred and COM
continuously for more than fourteen
years. Since 1910 close to 36,000,-
600 of earnings have been reinvested
in the company's subsidiaries, which
is equivalent to almost IA times
standing December 81, 1922.
Capital expenditures aggregating
over S33,000,000 were made by sub
sidiaries in 1920, 1921 and 1922. Ex-
penditures for renewals and replace
ments during 1922 amounted to
The North American Company
shows earnings available for COM
mon stock dividends. depreciation
and surplus, for the year ended De-
cember 81, 1922, of more than 4s
per cent on the common stock, and
for the twelve months ended Febru-
ary %, 1923, these earnings were in
excess of "a per cent on the common
stock. In 1910 gross earnings
amounted to s10,953.415 and increased
to s55.234.492 for the year 1922
AS quarterly dividends Of 2h per
cent on the common stock are paid
in stock, stockholders receive a 10
per cent return even on an increased
market price. At the present price
of approximately s22 per share the
return is $2.20 per share, and IL the
stock were to sell at $50 per share
the return would be SIS per share
More than $4,000 residents of the
territories served by The North
American Companys subsidiaries
own upwards of s25.000,0OO of the
securities of these companies