Evening star. [volume] (Washington, D.C.) 1854-1972, 1928-08-29

| a member of the Board OF Trade.
! Other officers elected were: George
! A. Provost. advanced to first vice presi'
dent; DR.. Wade H. Atkinson, second vice
president: A F. Jorss. third vice presi-
| dent. and Robert S. Stun, vice presi'
| dent and cashier.
| Reports to directors of the Park Saw
| inss Bank which has made conSpicu'
/ osu success as a community bank in Co
| lumbia Heights, showed that earnings
| for the past six months were the best II
/ its history The book value OF the stock
| is high. Deposits at the time OF the
+ last call Of the Controller of Currency
/ June 80, were $3.326,l10.63.
/ Electric Output Increases.
! Electric output of subsidiaries of the
/ North American System, which in
/ cludes the Washington Railway d Elec-
| trio Co. of this city. has been running
well ahead of the third quarter OF 1927
| according to the Wall Street Journal
| In the period from July l to August
| is. weekly gains ran as high as 2l.4l
| per cent over corresponding weeks OF
| 1927 while at no time during this
period was the increase less than IA
! per cent. with the average gain above
! IL per cent. These indications, the
| Journal predicts, point to "a good gain
! for the year as whole
For the twelve months ended June
30 North American earned 9,908,2 O3
| for the common stock after all charges,
including ample depreciation reserve.
This was equivalent to $435 share
on the average 4,547,955 shares OF stock
outstanding during that period and
compared with 1919 on the 4.l42,62l
average shares outstanding during the
corresponding period OF 1927.
w. r. g. e. Control
Formal aquisition" of the Washing
| ton Railway e. Electric Co. is called
by the Journal IAN important factor
| which will have a Salutary effect on
ner share results during the coming
| year 49,.
while for some time" said the
journal ''the North American Co.
owned approximately IS per cent OIL tne
| common stock of this company 1t did
! not have the required percentage 10
| effect voting control, due to the fact
| that the preferred stock OF washington
Railway e. Electric has equal voting
power with the common. BY the end
| of the first quarter OF this year. how
ever. North Americans holdings oil
Washington Railway e. Electric voting
stocks were increased to more than
| so per cent of the total voting preferred
and common stock. while its common
stock holdings advanced to about 30
per cent.
After this accomplishment the
Washington properties were included in
/ the North American system beginning
/ April /, this year. AS OF December 81.
I i,4x e. ERtnrfT1F
| had outstanding $1,000 shares OF COM
mon stock and $4,000 shares OF pre-
| ferred. Company reported earnings OF
| Si7.66 a share on the common stock.
| Washington Railway g. Electric.
| however. owns all of the common stock
| of its subsidiary, the Potomac Electric
| Power Co, which earned S2,789.46S for
! it's common stock. whereas Washington
! Railway only took down from his
/ amount as dividends on Its holdings
| 81 .080 900. Giving effect TO all earn
! ings of Potomac Electric Power. WASH
| ington Railway 81 Electric earned ap-
| proximately $44 a share on its 5000
! shares of common in 1927.
| North Americans percentage OF this
| on approximately $4,000 shares OF
| Washington common, would be 50 AL :
| 900, or about so cents share on the
4,77l TIT shares outstanding June 80
! instead OF cents a share on the basis
of the SIS annual dividend declared
| by Washington.
Balance sheet Of North American
/ Co. Of June 30, just published, also
shows the effect Of the acquisition OF
the Washington properties. Most Of
/ the increase in plant investment to
/ s698.486. 1854 from $500. 1884, 1913 March
] ~ ha addition
| Of the plant accounts Of the Washing
| ton system. which December 81 totaled
approximately 100000.
| Other Compa mics Affected.
Item investments in stocks and bonds
Of other companies also was affected
/ BY this transaction by transfer OF the
value of North Americans holdings in
/ preferred and common stock Of Wash
| ington Railway TO the property and
plant account and by addition OF the
| investments OF Washington Railway IL
| Electric North American also pur-
chased this year additional common
stock of North American Light 81 Power
| Co, which 1t controls with insult in
/ tereats"
| The Interstate Commerce Commits
/ sion today placed a tentative valuation
+ III hEDDU1t ID Oh the HSeu pIDDETLY oi
/ the Postal Telegraph Co. and sub
sioiafy companies as Of June 30, 1919
/ The tentative valuation placed on the
total owned property of the companies
was 1868 ,225 as Of the same date
The weekly estimate Of the tota
/ quantity Of bituminons coal produced
| in the United States, prepared by thu
! National Coal Association, shows q
/ total for the week ended August % 81
9I25. 900 net tons. Little change ha'
appeared IN the weekly rate OF soft
coal output for several weeks
Ways and means OF forming a trus
or fiduciary section Of the Distric
Bankers Association were considered
at meeting Of the council OF admin
istfation today after the weekly lunch
con, with Robert v. Fleming president
presiding establishment Of such a new
section was recommended al the an
nuai meeting of the association al
| Montauk Point Long Island,
The committee on commercial trade
activities Of the District Bankers Asso-
citation has been subdiyided under thu
heads customariiy used for distributing
the work Of the committee. The dtyl-
sion Of work, named by Frederick y, II
Sidd0na, chairman and approved bS
Robert " Fleming, president OF thu
association, includes the following Sub
committee on real estate and building
James II Baden, chairman, John r
Waller, Samuel M Thrift, II. l. Y0uni
and J. Frank White. subcommittee OF
aut0motiye trade and finance, Charlie
D. Boyer, chairman: g II. Pope, Joshn'
Evans. tr.. Fernando Clniberti, William
f. DE fsaghmutt. subcommittee ~
finance and mortgage companies, Bar
mum H. Cotton. chairman r. p. Haf
man, jr.. H. u H0skinsOn, H. PeTctvs
Wilson, subcommittee on merchant
and manufacturing, Victor y Deybef
chairman, Harry " Haynes, Lanier +
/ MeI.aehlen Robert l., Flatller ani