Evening star. [volume] (Washington, D.C.) 1854-1972, 1931-03-11
NORTH AMERICAN
CO. HAS &.53NE:T
Decrease of so Cents a Share
Over 1929 Shown in
1880 Report.
BY EDWARD C. STONE.

Oh EDNhhD y. SIONE.
The North American Co. today re-
ported net income In 1880 Of $4.53 on
common stock compared with S5.O3 a
share In 1929.
The business of the company during
1880 maintained an "enviable eduiIih-
rium." F. l. Dame president. says In
the annual report mo material inter
ruption" of the coI1fpany,s growth oc-
CURED in that period.
Mr.. Dame says that the eompany's
policy OF paying common stock divi-
bends In common stock will be con-
ttnued. About SO per cent of the COM
panys consolidated net income from
operations was derived from electric
current. The output of electric current
OF the North American Subsidiaries in
creased 2.27 and sos per cent, respec-
lively, during the first and second quar-
tiers over the corresponding periods OF
1929. The third and fourth quarters
showed respective declines of 1853 and
$50 per cent. Consumption Of cleo
tricity by large power consumers wa was
The balance of net income available
for dividends, IS previously disclosed in
the preliminary report, amounted to
928, 1881 an increase Of $16,295 over
1929. After deducting preferred divi-
bends totaling 81 ,820.034 the net income
was equivalent to $4.53 common share
on the average number OF shares out
standing compared with $500 common
share on Q smaller number in 1929.
Common dividends amounting to S.
s47,4S7.25 were paid in 1890 by the iSsu-
ance Of 594,74S 29-40 common shares
capitalized at $40 share.
Elected Storage Co. Director.
Charles S. Baker, a Washington at
torney, was yesterday added to the
board of the Federal Storage Co. Mr..
Baker served as assistant United States
attorney for the District Of Columbia
from 1920 to 1923, when he resigned
to enter private practice. Mr.. Baker
Is identified with the American Bar
Association and the District Bar As
scciAtion. He Is member OF the Chevy
Chase Club and the University Club
also q member Of the Board of Trade,
Chamber Of Commerce, American Le-
9ion, Temple Moves Lodge Of Free and
Accepted Masons and the Columbia
Historical Society.
Mr.. Baker served in the United States
naval aviation service during the World
War, having the rank Of lieutenant,
senior grade, when he was discharged
in February, 1919. Recently he received
q special appointment as a lieutenant
commander In the Naval Reserve. He
attended Western High School and was
graduated from Cornell University in
the class Of 1911. being q member of
Delta Kappa Epsilon Fraternity. He
received the degree of M. A. ct Column
bia University In 1912 and the degree
Of IL B. from George Washington
University in 1914.
At the same meeting the directors
OF the storage company declared the
regular quarterly dividend on the pre-
ferred stock Of the company. payable
April IS TO stockholders OF record
March 81.
More Gas Bonds May Be Sold.
According to the circular announcing
the placing on the market Of $4,000, 900
washington 81 Suburban Cos. 51z per
cent collateral gold bonds, the indenture
under which they are to be issued will
provide for the issuance Of maximum
Of $500, 900, of which the above sum
is now being offered, and IAN additional
50 900 900 principal amount thereof to
be issuAble against the initial collat-
eral in accordance with the terms Of the
indenture
This means that after the present
offering has been disposed Of the hold
ing company can. If increased earnings
permit such action, place the additional
$4,000, 900 on the market. The addi-
tionAl issue would have the same Sc
curtty, that is, 81 per cent of the CON-
mon stock Of the Washington Gas Light
Co., all the capitalizations OF the Alex
andria Gas Co. and the Washington
Suburban Gas Co., which serves nearby
sections of Maryland.
The capitalization Of the Washington
and suburban companies is Of general
interest to the financial public. Re-
garding this, the announcement made
In connection with the s6,500,00 bond
issue says:
Warrington and suburban COM
panies, after giving effect to the pres
ent financing and transactions In con-
nection Herewith, viii have the fol-
lowing shares and funded debt out
standing: Common shares (no par
value), l7l,lS8 shares So cumulative
preferred shares (no par value), 10000
shares; 5iz per cent collateral trust
gold bonds, due l94l (this issue, $6,-
100000.
IN addition there are SI5,I15,752
bonds, notes and minority common
stocks Of the operating companies out
standing in the hands OF the public,
taking common stocks at their par value.
The announcement today that the
Central Public Service Corporation Of
Chicago is the real power back Of the
Washington g. Suburban Companies
explains why the Continental Bank &
Trust Go. is trustee for the new bond
issue instead Of some New York bank
ing institution. II had been rumored
for long time that the Chicago Arm
was after control of gas interests in
this territory, but the report was always
denied.
Plan 10 Expand Bus Service.
At the monthly meeting of Tide Water
Lines, Inc, held here yesterday after
noon, the directors unanimously decided
TO apply to the Public Service Commits
sion Of Virginia for franchise to oper-
ate buses over the Virginia highway
from Colonial Beach to Williamsburg,
Va. The companys present lines run
from washington TO Southern Mary
land. and 1t is planned to establish the
interstate route from Washington TO
Morgantown, Md. thence by ferry to
Colonial Beach and over the historic
highway to Williamsburg by way of
Yorktown. Maurice Otterback president
of the Anacostia Bank is one Of the
officials Of the company.
Today's Trading on d. C. Exchange.
The Washington stock market session
opened today with two 81 900 sales in
Potomac Electric Consolidated SIS at
1921. Two $1,000 sales in Washington
Gas IS were next recorded at 104 and
l0414. Other sales were two $500 sales
at s7s..
Ten shares of Capital friction stock
sold AZ 364, 10 of Potomac Electric
Power 51z per cent preferred came out
at loe9s, and the same number Of Mer-
genthaler Linotype moved at 1914, ex-
dividend
The market closed with two small
sales in Columbia Sand g. Gravel pre-
ferred at 81, the recent advance in this
stock being due 70 the change In owner.
ship OF the company.