Evening star. [volume] (Washington, D.C.) 1854-1972, 1926-08-17
GREATER ACTIVITY
IN EXCHANGE HERE
Capital Traction Sells on
Slightly Lower Market.
w. R. & E. at 81.

The Washington Stock Exchange
was more active TODAY. with volume
OF trading larger than on the opening
or the week. Bonds held Arm 10
strong under buying which wound VI
/ the after call period with excha rre
or $4,000 Potomac Electric Construc
ton 5s At l0l. Capital Traction 5s
| turned over at 10l, Potomac Electric
- at los. Washington Gas as at
| 1908 and Ga al 102a.
| 'apital Traction sold on slightly
/ declining market from lO4 10 IoSs.
"hiie ~ shares of Washington Rail
way went at 81. National Mortgage
ana investment preferred sold i'm lots
'otahng 1870 shares at from 81. tos.
Federal Reserve banks have been
notlned by the Treasury that the
government VIII go into the marker
again In September for more 6nanc;ns
aiter having gone through the Last
quarter without the necessity or bor.
rowing. Details are carefully qua Rad
DN the Urea srrr and no inkJinc 40
Iar has leaked out as To what the
nature OF the offering i'm Septenh.,
VIII be. The Government must NEE,
4eoVoO.oOO In maturities and will
nave coming in AT the time receipts
from the third quarterly income tax
miscellaneous taxes since July duo
10 the new revenue law. which aho,
lshed the capital stock tax nm tb.t
date. But the tax on Corpora lions 10
expected 10 help somewhat In making
up the deficiency.
Farm Loan Rate Cut.
The Treasury and Federal Farm
Loan Board plan reduction in Tho
oh
loans through Federal land hank.
as rapidly as is possible.
A cut from 5i2 to p,r cent IN
me rate on loans issued hv Tho
"lchita. kans.. Land Rank. effective
yesterday, was announced nv com
, missioner Williams of the Farm
| Loan Board.
! Later. Acting Secretary Winston
! OF the Treasury indicated that II ts
intended TO pursue this policy I'm the
| DINER land bank districts and no
hoped mat rate OF at least per
| cent might he obtained generally for
farmers. he thought. however. There
was nttle possibility thar the rata
! would drop below per cent.
MI. Winston believed such action
| would assist farmers materially. bur
ne contended their difficulties includ
| ed other problems. as well az fsca
ones. The Urea surr. he said had nor
, been advised of the program ~ the
Farm League now being considered nv
! President Coolidge and Secretary
! Hoover
Brokers' Loans Increase.
| Loans held by brokers and dealers
from New York City Federal Reserve
member banks amounted TO sra
| '"z'o"o for the week ending August
| II. compared with $26SS.7l7 900 fo,.
| the previous week. IL was announced
! by the Federal Reserve Board.
/ The United States had a favorable
| trade balance of S31 .O0O, 900 for July.
the first month Of the new fiscal wear.
on the basis Of preliminary esti-
| mates by the Commerce Department
! Exports were valued at $3.50 ono HoO
| and imports 1898 900 600
For the seven months ending with
] July. however. there was an sxcess
Of imports over exports Of sS4. SIS. 49,
Imports for thar period totaled g..
responding period Of 1925 NJ S25i.-
! 456.432. and exporte totaled S2.s7s.
2a2.37a. decrease Of s1zs.sS7. eos.
July exports increased approxi-
mately $31,000.000 over June. Will.
imports increased about $1,000 900
Gold imports during July exceeded
exports by $14,75O.51s. with a total Of
$1s,s19.ssO against s5.O69.472. FIX
ports Of silver totaled 37.ao0.279 and
! imports $6.s4S,630
North American Grows.
The North American Co.. whose
holdings in the two street railwa v
compa MES Of Washington have hee n
a Mt AA
scribed in an article In the current
issue OF the Msgazien Of Wall Street
az the second largest public utility
holding company In the United
States"
Outlining the cOmpany's progra m ~
expa nsion. Ralph Rushmore. the au.
thor. declares that the system com
prises properties with annual gross
earnings Of over 500. 900 600 and com.
bined assets Of around $3.50 .OOo. 600.
This sta nding now gives " prorni-
hence, he continues. as one of our
great American industries. ranking
with the American Telephone and
| Telegraph Co. with 81 ,93S 600 900 ~
assets. the United States Steel Cor
poration with seas. 900 900. tha
Sta ndsrd OIL Company Of New Ter
sey with 1858. 00o. 900. General Mo
| tors Corporation with 1904 00o. 00o
| and Ford Motor Co with s747.s13 .ooo.
Has Many Subsidiaries.
! North American subsldia rfss in
! clude more than twentv-hv" OPERA
| ing compa MES. which have been in
terconnected. so that the system has
| principally been consolidated into
/ four large power situa lions centering.
| respectively, at C1evela nd. ST. Louis.
Milwaukee and San Francisco. Sub
| sidiarie Of the North America con'-
pany serve a total populs ton NJ over
| $500 900.
! This company. Mr.. Rushmore est
mates. Is factor in over 10 per cent
Of the electric light and power bUs
! ness Of the United States. This
rapid growth in electric output" ne
says. means Of course greater earn
ing power for the per cent cumula
| tive preferred stock. There are sos.
O0n shares OF preferred listed. the per
value being $50. There was earned
| on each share Of preferred in 1s"4
$500 and in 1925 S2191. As divi-
dend requirements Of per cent call
| for So per annum. IL follows that
dividends have been earned more than
seven times. An increase Of per
cent In net earnings for 1925 would
! mean that $3.50 will he earned on the
preferred The preferred sells for
| about S51 or not even three times an
! nual earnings. and yields SIS per
cent"
! Personal Mention.
! Francis NJ. Savage. president 81 The
I Central Savings Bank. has returned