Evening star., 1932-02-20
NORTH AMERICANS
NET $341 ASHARE.
Report for 1881 Shows Slump
in Earnings-Seaboard Air
Line Move Explained.
BY EDWARD C. STONE.

LDU AMI O1ONEs
The preliminary consolidated income
statement of the North American Co.
and subsidiary companies for the year
ended December 81, 1881, shows $22,-
operating expenses, interest charges,
depreciation and all other reserves and
preferred dividends.
These earnings for common stock
represent decrease of 1886 per cent
compared with those for the year
ended December 81, 1880, and are equal
to $3.41 per share on the average num-
ber of shares of North American COM
mon stock outstanding during the year
1881. compared with S453 per share for
the year 1890 Appropriations for de-
probation reserves equal 11.45 per cent
of gross earnings for 1854. compared
with 1867 of gross earnings for 1880.
Gross earnings for the year 1881 do
of that period Of the former California
subsidiaries which were sold on June
IL, 1880, to Pacific Gas & Electric Co.,
while gross earnings for the year 1890
include those of the California subsidi-
aries for the months and IL days
to June II, 1880.
North Americans president, Frank L.
Dame, in his quarterly letter to stock
holders, comments on the reduction Of
rates charged for electricity by the
Potomac Electric Power Co. as follows
Potomac Electric Power Co. OF
Washington, D. c., put into effect on
February | the eighth consecutive an
nual reduction of its electric rates.
Savings to customers for this year un-
der the new schedules will amount to
approximately $860,000. The reduc-
tions apply to all classes OF service, ana
in addition to a lower initial rate Tor
all residential customers the promo
tional type of rate provides further re-
ductions based on greater use OF elec-
tricity"
President Dame also calls attention to
the declared dividends Of rs cents per
share on the preferred stock and 212 per
cent per share on the common, the
latter being paid in script.
Details of Seaboard's Plan.
Permission by the court to the Sea-
board Air Line Railway Co. to issue
$4,000, 900 receivers certificates to take
care of the roads obligations for the
next three years has turned special at
tention to the new plan. 1t Is an
nounced that interest will be paid only
on the receivers certificates.
Holders of S32000,000 of underlying
divisional mortgage bonds, under the
plan, are to forego collection Of any in
terest on the bonds until February l,
1885, and also agree not to file fore
closure proceedings except under certain
eyentualities stipulated in the plan.
1t is claimed that with the refunding
plan taking care of obligations for
three years, including those falling due
in 1882, and the saving of $4,000, 900 to
be effected through 10 per cent wage
reduction agreed to by receivers, OFF,
GERS and employees, the roads financial
outlook has been improved consider
ably
The $l5,000,OOO refunding program
will retire approximately $4,000,000 of
receivers certificates due May l, 1882,
and also equipment trust obligations
for 1882, 1888 and 1884 amounting to
approximately S10,00O,0O0. The order
also paves the way for the receivers to
meet other obligations of the railroad
amounting to approximately $1,000, 600.
Mergenthaler Yields Per Cent.
The hundreds of local holders Of
Mergenthaler Linotype STOCK were deeply
interested in the announcement by the
company officials that the quarterly div
idend had been cut from $l.50 to rs
cents pending an expected pickup in
business before very long. The stock is
now selling around SO on the Washing
ton Stock Exchange, so that 1t still
yields per cent year on the new
SO basis.
Next in importance to the dividend
announcement was the statement that
George Hewett Myers of this city and
Harry L. Gage of New York had been
elected to the directorate. The Wash
ington selection was enthusiastically
received by local stockholders, on ac-
count of Mr.. Myers wide business ex-
perience and because Of his special
financial interest in this particular
company. Mr. Gage should also prove
a marked addition to the board. as he
thoroughly familiar with the product
which Mergenthaler manufactures.
Mergenthaler stock has been one OF
the most active issues on the Washing
ton Exchange for many years. No
doubt it will assume its former status
when trading becomes more active. 1t
sold yesterday at 46.
som Life Reports for 1881.
New life insurance totaling $527, ,000,-
900 was written last year by the Sun
Llle HSSul dllCC w. VI SdAloAo, coy %
its annual report. This indicates, the
company asserts, how generally the
public turned to life insurance as a
sure and tested refuge during a trying
period.
T. B. Macaulay, president. said at
the annual meeting that Sun Life OF
Canada paid s93.000,000 to policy
holders and beneficiaries last year and
that since organization it has paid
VI cE00 mn nm osSofS
are 1924 900 900 and total insurance
In force is more than $4,000 100000
Substantial Gain Reported.
Profits Of the G. c. Murphy Co..
Operating chain stores) and its real
estate subsidiary, the Mack Realty Co.,
show substantial gain for 1881 as
compared with the previous year. Net
profit for the year ended December 81,
1881, totaled 1865 1927, after deprecia-
ton, interest and taxes, equal after
preferred dividends to SALT per share
earned on the 149 933 common shares
outstanding The net profit Of $780,
639 reported for 1880 was equal to $2.81
a share.
Total sales for the year 1881 amounted
to s19,238.362 against $17,498,023 for
the year 1880, an increase Of 81, TAG. .339
or SO per cent. The company was
operating 172 stores at the close Of
1881, against 166 at the close Of 1880.
Heard in Financial District.
Robert v. Fleming president Of the
Riggs National Bank, is passing the
week end and Washington's birthday
with friends in Florida.
Maurice Otterback, president Of the
Anacostia Bank, is basking in the sea
breezes on a short Winter vacation at
Miami Beach. Fla.
Gerald D. Grosner Of Grosner's. 1925
F street, has been elected vice president
of the National Association Of Retail
Clothiers and Furnishers, the first
WASHINGTON man to be given an once