Evening star., 1925-05-23
NORTH AMERICAN
POSITION IS FIRM
Assets Total 1881, ,409, ,743,
Gain of S64,774,92e Dur
ing Past Year.
BY CHAS. p. SHAEFFFR

The consolidated balance sheet NJ
the North American Co. and subsid-
iary companies, as Of March 81 last,
which has just been made public. dis
closes the strong position which the
constant increase in earnings has fore
shadowed.
Total assets were 1881 ,4oe,743,
gain of s64,774.s29 In the year. Prom.
erty and plant account amounted to
Sooo,o45'li7, an increase of $42,576,927
during the year. Current assets
which amounted to s45,128,151, were
Sl4,404,320 larger than the wear he.
iore, while current and accrued liza
bllltles decreased $418,313 Net work
ing capital gained $14,822,633 to s29.-
ol5,l5l. Cash and Government securi
tles, which last year amounted to $40
SZ0,l54, increased to S24,796,942. while
cash and securities on deposit with
trustees amounted to s3,770,942, a de-
crease OF s3,056,777 due principally
70 the redemption of bonds of sub
sldiary companies. The company's pre-
ferred stock increased SIC, 900 900 and
common stock gained s2,815.7l0. The
1unded debt of subsidiary companies
gained $23, ,273 ,0S9, and their preferred
stock increased S14,78S,404.
The increase of S14,788,404 in pre-
1erred stock of subsidiary companies
chiefly represented issues sold in the
territories in which they operate.
RESERVES increased S7.32l,758. and
surplus gained S5,759,03I, a total in
crease of $13,080,789 after all charges
and dividends. On March 81 reserves
and surplus aggregated S71,873.2I8.
Large expenditures for additional
facilities of subsidiary companies are
required tolprovide for the continuing
substantial growth of the electric
business, reflected in the output of
4lO,O57,859 kilowatt hours for the
IL months ended March 81, 8.65 per
cent more than for the preceding ~
months. During that period electric
generating capacity was increased
129,25O kilowatts, transmission and
distribution facilities were greatly en-
larged, and 45,S02 new electric Gus
toners were added, the number served
on March 81 being 654,S42.
Trade Reports Improve.
Warmer weather, slightly more
cheerful crop reports and considerable
strength in wheat and cotton prices
made for a slightly more cheerful tone
In distributive trade in some indus
tries, notably building and the auto
mobile and kindred trade, according
to Bradstreet's in their weekly review
of trade.
Distinct gains over recent weeks or
months do not appear notable and it
is probable that some of the better
feeling has its rise in the increasingly
better comparisons which present ap-
proximately steady trade seems to
make with a year ago, when crop
outlook was rather poor, and trade
and industry were receding rather
swiftly toward the intense depressing
characterizing midyear of 1924
Trading on Local Board.
Trading on the Washington Stock
Exchange was negligible today. Stock
transactions were restricted to odd
lot sales, six shares of Mergenthaler
selling at 179A, while Railway pre-
ferred and Lanston both changed
hands to the extent of a single share,
at 8312 and SO, respectively. On the
bond side of the market the only sale
was $1,000 Capital Traction at SO.
Unlisted Securities Prices.
The following latest IBID" and
asked" prices for unlisted securities
are quoted for the guidance of hold
erS Of these issues:
Rid Asked