Evening star., 1925-11-02
ROBERT V.FLEM|NG
TO SUCCEED ALLIES
Reports in Financial District
Say He Will Be Next Head
of Riggs Bank.
BY CHAS. p. SHAEFFER.

Robert V. Fleming, vice president
and cashier of the Riggs National
Bank. will unquestionally be named
president of the institution at the
regular meeting of the board next
Monday. according to the general un-
derstanding in financial circles today.
As the successor to Mr.. Allies, who
died last Friday, Mr.. Fleming will hs
, one of the youngest bank presidents
in the country, and incidentally head
of one of the largest banking insti-
tutions outside the larger cities. He
is but 80 years old, but already has
mastered all the intricacies of his pro
fession and is credit to his vocation.
North Americans Net Grows.
The consolidated income statement
of the North American Co. and its
subsidiaries for the II months ended
September 80 fast, made public this
morning, shows gross earnings of
S87, ,032 ,448, an increase of 1885 per
cent over the previous year, and net
| income of $37,348,716, an increase OF
1928 per cent.
This statement reveals a healthy
and consistent growth of the North
American system" said President
! Frank L. Dame, "and the figures
| show that the management is con-
tinuing it's policy of reinvesting
| large proportion of earnings in the
properties"
| Balance for depreciation reserves,
| dividends and surplus amounted 10
| $2l ,456 ,479, an increase over the pre-
Vious 12 months Of $4,404 ,682. or
| 25.SS per cent. Reserves for depre-
citation were SS,765 ,673, or 1907 per
| cent of gross earnings. The balance
! for depreciation reserves and divi-
dends on common stock amounted 10
! S626. or 62.61 per cent per share "f
! common stock outsta ndinG September
J 30. 1925. The balance after depreCia
! equal to $3.iS. or 34.77 per cent. per
| ferred stock dividends amounted 10
| s10.945. .S32, an increase of 1888, ,19l,
| equal 10 S34S or 3477 per cent per
| share of common stock outstandine
| Carried to surplus after all reserves
| and dividends on North American pre-
! ferred and common stock were earn
| inEs of S7,915,4S6. or 25.14 per cent on
| common stock outstanding.
Electricity in Greater Demand.
! Electric output of the North Ameri-
| can system reflects the greatly in
! crea sing use of electricity in terri
| tories served. which include Clevela nd,
st. Louis, and Milwaukee. For the J. :
months the total electric output
/ amounted TO ISIS $3.50 kilowatt
/ hours, an increase of $50, ,395, 736 kilo-
watt hours, or 1896 per cent. During
! the same period 70,55S electric Gus
| toners were added, 6SG.203 being
/ served on September 80, 1925.
! Following is the statement for the
! twelve months ending September 80:
/ Gross earnings Ss7 .03@ so"
! Operating expenses and taxes. 53.4u5 $50. q
! Net income from operation .S93 6e6. 59l x:
! .. = 1 l
Total Observation-Disclosures S37 .34s 7l6.56
Interest chsr-cs.. sII 34e $685."
sidisr,es ''..'.'.......... 3Isi 3aa -,
/ Minority interests s.......... 1851 1881
/ Total doduc,ions ..........s SIS s92 ,a36 So
7 Balance for depreciation re-
! plus ............'.. SCI 456.47a .o6
! Ro,c'vc- for depreciation. s.165.613.l /
! 81. $50 .sOe So
pre terred sto@k! IA ass 90
S1O.945 s3s.s
! common stock. i..."...o. 5000 $50 -
/ To surplus after ali dividends
! and reserves for L. months s. Hlo 4S5 So
! Total to depreciation re-
! serves and to surplus after
= all dividends. .Sl6.6S1 .l5s.'l !