Evening star., 1925-03-12
HARRINGTON MADE
SAVING BANK HEAD
Succeeds E. H. Jones at
Chevy Chase-other Lo-
cal Financial Notes.
BY CHAs. y. sHAEFFER,

LIT. Frederic Il. harrington has been
named president of the Chevy Chase
Savings Bank to succeed Edward H.
Jones, who recently resigned. He was
formerly secretary
DR.. harrington, who is head master
OF the Chevy Chase School for Girls
was one of the incorporators Of the
oank' and continuously since it's or
ganization has served as a director
and member of the executive com
mittee.
Clyde D. Garrett was elected sec
retary to the board of directors to
M the vacancy created by DR.. Far
rlngton's elevation.
North Americans Earnings
The North American Co. reveals
largest gross and net income in itq
80 years Of operation in it's report for
Gross revenues of the COMPANY for
the twelve months amounted to $50 :
I4''|=o' an Increase of 6.l6 per cent
over the previous year, while the net
income from operation was $685.
80, an increase of 1923 per cent over
1873. The balance available for de-
probation, reserves. dividends and
surplus totaled s1S.37S,576. an advance
from $40 to 1856 on the common
stock.
After allowing for preferred diyi-
dends and depreciation. earnings Of
the company were equal to a return
OF ol.o per cent on the common stock
of $40 par value.
Treasury Offering Closed.
Total subscriptions to the recent
offering of securities for March
financing Of the Government we're
ABOUT S747,0o00O0, Secretary Mellon
announced last night, stating the
books closed Tuesday.
Inc Offering included an issue of
per cent certificates Of indebted
ness. maturing next December Is, and
additional Treasury 4 per cent bonds
or l944-54 issued last December
SUBSCRIPTION to the bonds totaled
$SSZ 100000. OF the 1865. 900, 600 sub
scrlbed for the certificates approx
imately S271.0o0, 900 was in cash. the
remainder being taken up by the ex-
chanse or securities maturing March
The Treasury followed the prece-
dent set last year of taking ali sub
scriptions under $4,000 each and
prorating the larger subscriptions
The proceeds will provide funds 10
carry the Government through to the
next taN-paying period on June Is.
Savage Home From Tour.
Francis NJ Savage, president of the
Northwest Savings Bank has return
ed to Washington after a three
month sojourn in the West.
Mr. Savage declares that approx
mately 70 per cent of the bank diff
culties in that region is due 10
droughts and reaction from the war,
Is per cent to faulty administration
and the remainder chargeable to bad
judgment. chiefly due to the basic in
dustry Of stock and loans on stock
The West does not favor branch
banking. Mr.. Savage says. In Cali
fornia there is some anxiety of the
tinues to spread.
Railroad Revenues Gain.
Gross operating revenues of class
railroads amounted to $4S4.773,6oo in
January, according to statement to-
day by the Bureau of Railway
Economics. This represents an in
crease of s15,7S7, 400, or "a per cent
over the same month of last year
The net operating income for these
carriers amounted to s65,S42.0o0, an
increase of s14,454,S 500 over January
of last year
Trading on Local Board.
The Washington StocN Exchange
was held somewhat in restraint in
today's trading. Two issues, however.
established new highs, Lanston selling
upward to 81 on small lots and is
shares of American Security and Trust
Co, broke into new high ground at 32J
Holders of Railway. common, boost
ed the asked" price to los, widening
the spread" in this issue to three full
| points The preferred stock eased off
| to S2Iz on limited sales
National Mortgage and Investment,
| preferred. was heavily traded in, go
shares being sold at 914. Capital
! Traction was pegged at 9GL. as
was Washington Gas at fract.onally
above 60.