Evening star., 1926-05-24
NORTH AMERICAN
SHOWS BIC GAINS
Local Exchange Session Is
Interesting-0ther Finan-
CiaI News.
BY EDWARD G. STONE.


Substantial gains are shown In
many items in the annual report of
the North American Co. and sub
sldiary companies made public today.
the consolidated balance sheet being
OF wide interest in Washington, where
a large amount of the stock is held
and where the company's interest in
the local traction situation gives ii
added Importance. The fiscal year
closed on March 81 and at that time
the property and plant account
amounted to S535 ,653 634, an increase
during the 12-month period of ap-
proximately S235, 900 900. Current and
working assets of $53,213,357, inciud-
ing cash amounting to $23,S5I.07
represents an increase of over SO, 900
600. Net current assets amounted 10
S3l ,236, ,941, an Increase for the period
or Sl.16l,7 ,7S9. Reserves amounted To
So8,3lS,249, an increase of over
sZl Zl.O00,O00. Surplus account increased
during the year, S8,660,14O.
funded debt of subsidiaries iri-
creased SOB 3,520,351. largely due to the
ADDITION OF funded debt of companies
acquired. Preferred stock of sub
salaries increased S80.4S9 $50. of which
over S52 2,OO0.O00 represents sales Of ad
dtlonal preferred stocks following the
established policy of financing po.-
ton Of subsidiary companies require.
ments by sale of preferred stock
locally.
during the 12-month period CON-
mon stock of the North American a..
increased SS,001, ,517, of which $4,748.
so par value of common stock and
common stock scrip were issued In
payment for shares Of stock of com
panies acquired. Common stock and
comon stock scrip of $3,253,18S par
value were issued in payment Of div.
dendS on the common stock.
Interesting Market Session.
Stock Of the American Security &
Trust Co. led trading on the Wash
lngton Stock Exchange when the
weeks business opened today The
stock opened with two sales. totaling
70 shares, 3S3. The next 10 shares
We're sold at 3S312; 10 more went at
383A and the market closed with a
| transfer of five shares al 3S4.
Washington Railway & Electric pre-
1erred also was active, 10 shares sell
ing at S94. 10 at S9is and 40 at So
| fiat. Washington Gas Light sold AZ
6S@s and shares of I.anston came
out at 50. This completed the stock
Trading, but there was more than
usual interest i'll the bond division.
Anacostla x Potomac IS sold at 91
Potomac Electric consolidated IS stood
at 100A; Washington Gas 6s were
transferred at 10012: Washington Gas
os registered 1902 and Potomac Elec-
trio first 5s figured in one saleat 1OO1y.
The bond market closed with a small
sale in Chesapeake & Potomac Tele-
phone Co. of Virginia IS at 90.
Governor Albert c. Ritchie of Mar.
land, addressing the Bankers Club of
Detroit, said:
Growth of corporate securities haS
not only changed the character os
wealth., or at least the character Of
ownership. but what is more impOr-
tant' IL mas changed control of wealth
AS a result, control of industry in
this country is slowly passing over 10
the pankerS--at any rate 70 the invest
ment bankers.
tohSiuer the extraordinary com
ninlnS. consolidating and pyramidinc
.iidI mas gone on IN the public utilities
Ileld, with the volcanic eruDtion NJ
new securities there: take tho rar,;d
growth of investment trusts credit
companies, mortgage concerns. and all
the lnnnIte variety of Investment
devlces; note how extensively our ke,-
INDUSTRIES that control the very as
sentals of life have passed 10 what is
practically banker control-transno1.
tauon, mining. metals, textiles. build
ing supplies. oil. meat. food. etc. and
then ASK yourself what all this nor
tends IN the social and political order
ana whittier it may lead"
Bank President Entertains.
Ezra Gould. president of the Wash.
ington Mechanics Savings Bank. enter
tanned the directors. officials and ON
pioEeS or the bank, as we'll as those
connected with the recently organized
mortgage company, at his home
, Hillside Villa. in Edgemoor. yester.
day.
Mr.. Gould gave the leading talk
taking personality as Needed In
Banking as his subject. His re-
marks were of a highly interesting
as we'll as practical, nature. " n
Bagby, vice president of the bank. fol
lowed with humorous talk i'm which
he also made number of pointed re
marks at the expense of President
Gould.
Dinner was served, which the
guests enjoyed fully as much as they
did the speeches.
Cooper Reports. $50, 100000 Saved.
r. A. Cooper. chairman of the Fed.
erai farm Loan Board. addressed the
Alabama Bankers Association at
montgomery recently on Federal In
| termediate Credit Banks"
He declared the system for the first
time had made available money to the
farmer at approximately 51a pei. cent
per annum. saving the borrower l Der
cent and erecting economies in Amer
lcan agriculture each year To the
amount of $50, 1000 900.
In the nine years since the Federal
land banks and the joint stock land
banks came into existence, land hanks
have loaned to 500.0 900 borrowers upon
real estate security $1,S75. 900 900
while Federal intermediates banks in
three years have advanced s351 600
600 to almost 100000 farmers. or, in
other words. provided for the credit
requirements OF agriculture to 1.5OO-
600 farmers the sum of So .227, 900 .Ooo.
these figures being to April 1.
Other Financial Notes.
William d. Hoover, president of
the National Savings and Trust Co.
was back at his desk today after an
absence OF 10 days passed in New
York and vicinity. Among other
things, he attended the wedding of
his son, which took place at the
brides home, on Long Island.
w. s. Clifford, president of the
American Telephone and Telegraph
Co., has gone to Europe for two
months. 1t is the first time he has
been abroad since he became head
Of the company.
H. G. Hoskinson, chairman of the
committee on transportation for the
bankers convention at Hot Springs.