Evening star., 1932-03-12
NORTH AMERICAN
/ NETS $341 IN 1881
Report Shows Strong De.
mand for Electricity in Area
Around Washington.
BY EDWARD c. STONE.

The North American Co.'S conSoli-
dated income statements, made public
today. shows 1881 gross earnings were
$117 ,S21 800. Balance for common stock,
after all charges including preferred
dividends, amounted to $22,452,917, a
decrease of 1886 per cent from 1890,
and was equal to $3.41 per share on
the average number of shares of North
American common stock outstanding
during 1881, compared with $4.53 per
share for 1880. The percentage of gross
earnings represented by appropriations
for depreciation reserves increased from
the 1881 appropriations were equivalent
to S2.05 per share.
THE North American Company's
forty-Second annual report for the year
1881" said President Frank L. Dane.
covers period in which operations of
subsidiaries were somewhat curtailed
and revenues consequently diminished,
these effects of the general depression
having been experienced by practically
all business. We express satisfaction
with the results achieved under the
extremely difficult circumstances and
we reaffirm our confidence in the op-
portunitieS for progress in the future
Under the company'S policy of pay
ing dividends on its common stock in
common stock at the quarterly rate of
"a per cent our earnings have been
conserved and, together with the liberal
provision Tor reserves, have provided
substantial part of the funds necessary
for the development of plant facilities
of subsidiaries
From Inauguration of the stock divi-
dend policy April l, 1928 to December
81, 1881, outstanding common stock
increased 202 per cent, while net earn
ings gained 232 per cent.
Residential Demand Gains.
Electric business contributed sc per
cent of net operating revenues. Output
of present subsidiaries which operate in
territories centering in Cleveland, Mil
waukee, st. Louis and Washington was
4,829,446,204 kilowatt hours in 1881, a
decrease of 4.49 per cent, and customers
numbered 1,o74,44S at the end of the
year, slight increase over 1880.
Although industrial use of electricity
in 1881 declined 1867 per cent and
commercial use 3.51 per cent, residential
use increased 7.55 per cent. The total
amount paid by residential customers
was only 3.42 per cent greater than in
1880, and average cost for household
use decreased from 4.72 to asa per
Elowatt hour.
= At the end Of 1881 there were 9503
holders of preferred stock and 53,854
holders of common stock, the latter an
Increase of 81 per cent over $780, At
the end of February, 1882, common
stockholders numbered 55,799, of whom
81 per cent held less than 100 shares
each.
North Americans local subsidiaries,
the Washington Railway & Electric Co.
and the Potomac Power Co. made their
annual reports several weeks ago, both
showing substantial earnings for the
year.
Banking Conditions Improve.
Further improvement in banking
conditions all over the country has been
reported during the present week. The
United Business Service of Boston re-
ports today that conditions are best
in New England, Delaware, Maryland,
District of Columbia, Wyoming, New
Mexico and Arizona
These territories also rank relatively
high in general safes results Other
sections of the country are expected
10 show improvement as the Recon-
struction Finance Corporation gets well
started and as the Federal Reserve
banks are able to aid in the re-
opening of closed financial institutions
Such action will make available enor-
nous amounts of money now tied up,
Business Service asserts.
1t was reported recently that the
first loan of $500,000 by the new
Finance Corporation was made in
Akron, Ohio, and that since that time
bank deposits in that city have in
creased $2000,000.
Bank condition statements as of
March showed a continuation Of the
encouraging trend recently in evidence.
Outstanding in Importance was the
s39 100000 currency circulation decline,
which is unusually large for this time
OF year and marks the fifth successive
weekly reduction in this item. A year
ago the decline was $21 600, 900 and in
1880 was $11 900, 900.
Pennsy Seeks S55,OOo, 900 Loan.
The Pennsylvania Railroad has asked
Interstate Commerce Commission ap-
proval of loan of S55 900 900 from
the Reconstruction Finance Corpora
tion, to be used to partially finance its
electric line project between New York
and Washington.
Other purposes of the loan will be
to make terminal improvements at
Philadelphia, Baltimore and Newark in
this connection.
The collateral offered for the loan
includes 300, 900 shares of Pittsburgh,
Fort Wayne & Chicago Railway COM
mon stock at $125 a share, or a total of
$37, 500, 900, together with 362, 900 shares
OF Pittsburgh, Cincinnati, Chicago &
st. Louis r. R. common stock at S85
per share, or $30,770,000. The total
collateral is S68,270,0o0.
U. S. Treasury Issues Listed.
The National City Co. has compiled
a list OF 81 United States Government
obligations at present in the hands of
the public and bearing interest. The
total amount outstanding as of Feb
ruary 29, except the Treasury bills
which are taken as of March Q, is
$l7,459, l56,290. The first series of 2
per cent Treasury certificates known as
the baby bonds are also listed.
The obligations outstanding with
which are given their principal fea-
lures, including the tax exemption pro-
visions OF each, as applied to individuals
and corporations, are $13,5l7, $40. 200 in
- issues Of Liberty and Treasury
bonds; $685., ,977, 500 in issues Of
Treasury certificates of indebtedness.
$500, ,446, 200 in l issue Of Treasury notes;
$5l8,795, 900 in issues of Treasury
bills, and $789, ,567, 800 in 7 issues Of
Consols. Panama Canal, Conversion
and Postal Savings bonds
Savings Bank Votes Dividend.
The directors Of the United States
Savings Bank have declared the reg
ular quarterly dividend of 7l2 per cent
due at this time. 1t is payable March 81.
Norman Call, former vice president
Of the Richmond, Fredericksburg g.
Potomac Railroad, has been elected
president, to fill the vacancy caused By
the death of Eppa Hunton, jr.
Controller Pole reports there have
been only two national bank failures
since February IT. this remarkable i'm
provement in banking circles being
largely due be saws To the activities