Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-02-21
NORTH AMERICAN
EARNINGS INCREASE
Mere Than Five MiIIion-DoI.
lar Gain Shown Over
Year 1927.
BY EDWARD C. STONE.

bI EDWARD c. STONE.
An increase of 1888 per cent in bal.
ance for common stock for 1928 over
1927 is shown in the preliminary con-
solidated income statement of the North
American Co. and subsidiary companies
Such earnings, after all operating ex-
penses, interest charges, depreciation
and all other reserves and dividnds on
preferred stock, were S22, 582, 721 80, or
$5.l43, 095.40 greater than in 1927.
These earnings are equal to $4.68 per
share on the average number of shares
OF North American common stock out
standing during the year 1923, compared
with S4.06 per share for 1927.
Gross earnings were $l35, ssh ,899 OF,
an increase of 1926 per cent. Operating
expenses, including maintenance. taxes
and all reserves except depreciation.
were ST. ,l52, 64678, an increase of 8.95
per cent. The operating ratio, or the
proportion of gross earnings required
Tor operating expenses, maintenance and
taxes decreased from 53.46 per cent in
1927 to 52.49 per cent in 1923. Net in
come from operation was $64, 399 252 "a,
an increase of 1926 per cent.
The preliminary statement is subject
to completion of verification in the
course of the annual audit now in prog
ress. The annual report to stockholders,
containing final financial statements
and general review of 1928 operations,
will be issued during the latter part of
March.
Chaplin Sacks Directors Reelected.
At meeting of the stockholders of
Chapin-SackS Corporation held in Rich
mond February 10, 1929, all directors
were reelected, as follows: E. S.
Perot. jr.; H. j. Adair, j. A. M Adair,
James Mullen and G. j. Gockeler. A
statement presented at the meeting in
dicated that the company had had
satisfactory year.
Bonds Listed on ID. c. Exchange.
The Washington Railway g. Electric
general and refunding mortgage per
cent 10-year gold bonds, which have
been called for redemption on May /,
are listed on the Washington Stock Ex-
change. The last sale in the issue was
at 102A. They are to be redeemed at
102 and accrued interest, so that they
are now selling very close to the re-
demption price. The corporation an
nounces that these bonds may be
redeemed before May at 102. and
interest to the time of purchase If the
holders prefer to run them in prior to
the above date.
Mergenthaler at New High Mark.
An advance in MergenthaIer Linotype
was one of the features of trading on
the Washington Stock Exchange today.
The stock opened at 10TH, went to
1912 and closed at 1918. The new
high followed yesterdays close at 1852.
Other issues were firm. Potomac
Electric Power per cent preferred
moved at Ills and the 51a per cent
at 1882. Peoples Drug Stores changed
hands at 1852. Twenty shares of Riggs
National Bank sold at 576 and Park
Savings Bank stock, in the unlisted
department, sold at 81.
The bond market was quite active
and prices maintained recent levels.
There was sale in Washington Rail-
way g. Electric general refunding IS at
1918. These are the bonds that have
been called at 102 and accrued inter-
est on May /.
The exchange voted to close tomor-
row and Saturday.
Theater Stock Half Subscribed.
Maurice Otterback, president of the
Anacostia Bank, announced today that
more than half of the stock had already
been subscribed in connection with the
erection of motion picture theater in
Anacostia. The stock is being put out
by the Fairlawn Amusement Co. through
John w. WEIGH g. Co.
The company plans the erection OF a
building, go by IS feet, on Good Hope
road between Thirteenth and Four
tenth streets, at cost of about $4,000.
Mr.. Otterback, who has always been
deeply interested in the development Of
Anacostia, believes that theater of the
kind proposed is much needed He
points to the recent rapid growth Of
Anacostia and is enthusiastic over this
latest enterprise The company is char
tered under the laws of Delaware.
Bankers Magazine Out Today.
Dollars and Sense, the official publ
cation of Washington Chapter, Ameri-
can Institution of Banking, was dis
tributed throughout the financial dis
trict today. 1t is edited by Aubrey 0.
Dooley, assisted by John r. Keener,
Hilda M. Shomo and Robert E. Lee.
Raymond D. Lewis is business manager
and o. Lehman circulation manager.
1t is an unusually fine number.
Among the distinguished contributors
are Secretary Roy o. West of the De-
partment of Interior, who writes on
Administering lnQlan trust funQS
UnderSecretary Ogden L. Mills, on 'The
Administration of the Federal Income
Tax" and an article on "Air Transpor-
tation and Banking" by Maj. Clarence
NJ Young, director of aeronautics, De-
partment of Commerce.
The work of the American Bankers
Association is discussed by Gurden Ed
wards and Joe Evans, vice president Of
the A. I. B., is another able contributor.
The usual space is given to the work of
the local chapter, different features Of
this lively organization being covered
by President James A. Soper, Frank M.
Perley, A. e. Henze, Mable v. Royce and
others.
The American Telephone g. Tele-
graph Co. has declared the regular
quarterly dividend of $2.25. payable
April is to stock of record March IA.
Washington's financial district will be
closed up entirely tomorrow, both the
banks, brokerage and all investment
houses taking the holiday of.
Sales of the Childs Restaurant Co.
for January, as reported to the New
York Stock Exchange, totalled $2,l84,-
427, a decline of Sl6l,l38 compared
with the same month in 1927.
W. w. Spaid, Francis G.. Addison, Jr.;
Lanier P. McLachlen and Frank Stet-
son will leave Washington late today
for Virginia Beach for some holiday
golf.