Evening star., 1925-02-20
ADAMS IS ELECTED
ASSISTANT CASHIER
Columbia National Bank Fills
vacancy-Otner Finan-
Cial Notes.
BY CHAS. p. SHAEFFER.


Dorsey c. Adams was elected as
sistant cashier Of the Columbia Ma
tional Bank at the meeting of the
board late yesterday afternoon. sue
ceeoing to the vacancy created last
month by the elevation of Arthur \.
Mitchell to the cashiership.
Mr.. Adams, still in his thirties, has
had 18 years of banking experience,
the last Is OF which have been spent
with the Columbia. He began his
career with the National City Bank
OF Washington Oater absorbed by the
Commercial NationaD as a general
utlllty man, going to the Columbia
National in 1910 as individual book
keeper. At the time of his promotion
ne was general ledger bookkeeper.
North Americans Earnings.
The public utility business of the
North American Co. expanded in 1924
with gross earnings of $S0,117.255, a
gain of nearly $5.O0O,00O over the year
oe1ore. Net income increased to
ss,Z5I.s23, equal to 1915 share on
the common stock, against S8,242,436.
or VII share, in 1923. The surplus
after provision for dividends was
s6,422,095, an increase of more than
s1,000.000.
North American common pays a 10
per cent dividend. To the uniformed
~ may SteHl Impossible TO pay 10 per
cent when the net is equal to only
s5.l6 share. The answer is, of
course, that par for North American
common is $40 and not the ordinary
s1OO, so earnings of 1916 in this case
actually means 31.6 per cent
The consolidated statement for the
year follows:
Gross earnings ........ $50 III oa5 az
Operating expenses and taxes. so 18i, 7ea. 81
Net income from operation. .s2s e55, ,4s2 o.
Other net income .............. 1855, $50 .5s
Total .......................s3 .s31 $40, s22. s3
Deductions:
Interest charges .............. 50. .ss2, 17s SO
Preferred dividends OF subsid-S
iaries .....-. .-...--....-... = 4S9, 40. 40
Minority interest ..-....---..- 1,lS0. .356. So
Total deductions .........SIs 46o 246 81
Balance for depreciation reserves,
dividends and surplus .-..... SIS ,3TS, 575 &c
Reserves for depreciation. ....... 1895, ,slI 10
s1o,5s2, ,7e477
Dividends on North American
preferred stock ............-. 1.344, 941. 10
81. ,sc3 o.
Dividends on North American
stock s2s15, 1875
To surplus after all dividends and
reserves for u months S6,422, oeo.i'
Total to depreciation reserves,
and - surplus after all divi-
dends sl4.o17 I .ao6 .a6
sUnderwritten on basis giving stockholders
option OF receiving sc, ,93s, ,346.e5 cash in lieu
of dividend stock.
Tax Legixlatfon Discussed.
The desirability of State Legislation
to promote uniformity in inheritance
taxes was the general topic discussed
at the closing session of the trust
company section, American Bankers
Association, in New York City. 1t
was brought out that great multiple
ity exists in this particular assess
ment, rendering administration diff
ficult and uncertain. The conference
expressed the belief that remedial
measures, promoting uniformity,
should be taken.
The 14th annual banquet of the sec
tion, concluding the conference, which
was held last night, attracted large
number Of bankers from all over the
country. fully 1000 Representatives
being present.
Local Stocks Higher.
Prices were slightly higher on the
Washington Stock Exchange, with
American Security and Trust Co. and
Riggs National Bank setting the pace.
Stock of these institutions sold at the
years high figures, the former at $40
and the latter at 10 points higher.
Lanston Monotype improved frac-
tionally to 7Sss, as did Capital Trac-
tion to e2ls.
Richmond Bank Report.
Rediscounts of the Federal Reserve
Bank of Richmond gained s5,131,o 900
to s27,606, 900 at the close of business
February IS. AS result, earning as
sets of the bank increased from $685.
47s, 600 to 36.23S,0Oo.
Carl Robertson Kurtz of Stroud,
Kurtz & Co. left Washington this after
noon on an inspection trip to North and
South Carolina and New Orleans, in
company with a group Of New York
bankers.
Cities Service Earnings.
Gross earnings Of Cities Service Co.
for the IL months ending with January
81. 1925, were $17.733,060. as compared
with 16,605,49S in the corresponding
period of the preceding year. In the
same IL months net earnings amounted
to S17,017,127, as compared with SIS
100,s37. Net to stock and reserves was
s15,0s7, Sol, which is 2.s4 times the pre-
ferred stock dividends, as compared
with s13,531, ,1S4 for the 12 months end
ing January 81, 1924, which was Ell
times the preferred stock dividends.