Evening star., 1927-02-16

to sell the same shares one year ago
when urged to do so he had obtained
approximately S2,000,000 more than
would have been possible at that
time.
The consent of the Deutsch Bank
was not given in the previous in
stance.
Local Bankers at Convention.
Several local bankers are attending
the midwinter conference Of the trust
division of the American Bankers
Association, which opened at the Wal
dorf- Astoria in New York today. The
program includes a wide variety of
topics of special interest to all banks
making a speciality Of handling trust
funds. Among the Washington bank
ers attending the meetings are Lanier
=. McLachlen, head Of the McLachlen
Banking Corporation; Luther E.
Schreiner, vice president Of the Mer-
chants Bank and Trust Co.. and David
N. Houston, assistant trust officer at
the American Security & Trust Co.
Several others are planning to attend
the banquet on Friday night.
North Americans Net Increases.
The preliminary consolidated income
statement of the North American Co.
shows gross income for 1925 of S115,-
850,466 and net of SIS, 400, which
is equal to $3.S5 a share on the COM
mon stock outstanding December 81.
1926. Gross earnings of $115, ,466 show
an increase of 24.5 per cent and net
income from operation of SOL .467 ,5S9,
an increase of 35.3 per cent.
The regular quarterly dividends of
IL per cent on the preferred and 2R
per cent on the common stocks of the
company have been declared. payable
April l to stockholders of record
March 5, 1927. The dividend on the
common stocks will be paid in COM
mon stock at par rate of One.fOrtieth
share for each share held.
After depreciation and all other re-
serves, interest, preferred dividends of
subsidiaries, minority interests and
North American preferred dividends,
net earnings amounted to 15,743, 400,
an increase of 361z per cent.
Reasons for C. & o. Merger Fight.
1t is reported in Richmond that the
minority stockholders of the Chesa-
peake and Ohio Railway will fight
--latest merger plans of Van Swer-
ingens" on the ground that Chesa-
peake and Ohio should first care lib.
orally for its own stockholders before
seeking to go into speculative pur-
chasing" Unofficially, it was stated
that there would be objection to the
linking of Erie with Chesapeake and
Ohio under any conditions.
New High Marks on Exchange.
Bank stock sold on the Washington
of ha
highest mark since the bank was
organized; and so shares of Federal
American Company common sold at
35, which is the best price this stock
has ever attained.
Railway Electric preferred led the
market, 290 shares changing hands
during the session, the opening price
being 9034 and the closing quotation
901s. Two sales totaling 81 shares
were recorded in Capital Traction at
1864, off - from yesterdays close.
Commercial National sold at 245
and Continental Trust at 107. Poto-
mac Electric Power preferred came
out at 10S&. In the bond division
Washington Gas 6s, series b, opened
at 1047s and closed at 105. Potomac
Electric Power first 5s sold at par
and three quarters.
Bankers Decide On Seattle.
Seattle, WASH, was selected yester-
day as the 1927 convention city of the
Investment Bankers Association of
America. The sessions will be held
either the last week in September or
the first week in October.
Last year the Investment Bankers
Association met in Quebec at the
Chateau Frontenac. In 1925 the an
nual convention was held at ST.
Petersburg. Fla. Several Washington
members of the association always at.
tend these conventions.
Cordial Greetings for Simmons.
President Graham of the Board of
Trade said today that every one of the
1000 seats in the United States Cham.
ber of Commerce auditorium would be
filled TO hear President e. II. H. SIM
mons of the New York Stock Exchange.
This is special meeting of the Board
of Trade to which the bankers of
Washington and their friends have
been invited. Mr.. Simmons will dis
cuss both domestic and foreign securi-
ties, and his address is sure to prove
most helpful to bankers and all in
veStorS.
Extra Voted OH Mergenthaler.
AT the meeting or the directors OF
the Mergenthaler Linotype Co. in
New York yesterday afternoon. the
regular quarterly dividend of S1.25
was declared. and also an extra of
25 cents per share. This was the
same action as taken in the preceding
quarter. Both dividends are payable
on March 81 to stock of record on
March 5.
The meeting was attended by Di.
rectors Edward J. McQuade and
Frederic d. McKenney of this city.
Heard in Financial District.
President Robert V. Fleming of the
Riggs National Bank plans to leave
for New York tomorrow night and
sail for Havana, where he will take a
Today rest in Cuba.
Secretary Mellon expresses his be.
lief that the McFadden banking bill
will surely be passed at this session.
b. A. Bowles, vice president of the
Potomac Savings Bank, who has been
in Florida while recovering from a
recent illness, is reported as greatly
improved.