Evening star., 1934-04-28

mon stock were
S1,16 share, against sl57 year ago.
In his report, Mr.. Fogarty took
occasion to say that the annual
salaries of the IA officers of the COM
pany totaled $327.900, with the maxi
mum salary paid to any officer
$50,000. He considers all salaries as
reasonable.
In answer to questions from stock
holders as to the advisability of pay
ing stock dividends, Mr. Fogarty said
that the growth of the business would
require investment of substantial
funds, and that full consideration to
every factor will be given at each
dividend meeting of directors.
Commenting on municipal opera
tions of utilities, Mr.. Fogarty pointed
out that at the end of 1882 there
were l 1.802 municipal electric systems
throughout the country, as compared
with 2198 at the end of 1927. The
municipal systems sell less than per
cent of all electricity used in the
United States, he said.
Mr.. Fogarty said that neither the
North American Co. nor any of its
subsidiaries has any bank loans or
financing problems. In the aggre-
gate, he continued, they hold more
than $26,0C0000 of cash and United
States Government and prime short
term securities.
The number of residential electric
customers of North American sub
sidiaries totals 933,500, an increase
having been shown each month since
May of last year, the president said.
Gas output during the first quarter,
he added, increased approximately II
per cent.
Washington Gas Net Jumps.
Operating revenues of the Washing
ton Gas Light Co. in the first quarter
of 1884 totaled 81 1,ssS,s52, in compari-
son with s1,668,425 in the correspond
ing three months of 1888, gain OF
S23O,5OO.
Operating expenses required ST.
2O4,184, against Sl,080,853 year
ago, an increase in operating costs
of Sl23,331, leaving net operating
revenues for the quarter of S694,741,
as compared with $587,572, or a. gain
of S107,1 ,169.
Interest deductions during the pc
riod absorbed S211 ,546, against S277,-
IT'S a year ago, saving of S66,229,
and leaving a first quarter net OF
s505 ass, while last years net in the
like period was S328,598. or a gain
so far this year of Sl76,S67.
AS already noted, net income in
the month of March revealed a net
income increase of s68,444. Due to
cold weather and business improve
ment in the Capital gas sales in the
first quarter piled up lat per cent
increase over the same months in
1898. These sales gained by 346,0l7,-
900 cubic feet.
A. 1. b. Delegates Elected.
Washington Chapter, American In
stitute OF Banking, has elected the
following delegates to the national
convention to be held in this city
June lila.
Harold w. Burnside, j. George
Dagenais, Constance D. Fogle, P. M.
Garnett, Robert M. Poole, 1. J. Rob-
erts, George o. Vass and Kenneth
?. Brooks, Riggs National; s. Wnl-
fred Burwell and George B. Earnshaw,
National Metropolitan; William A.
Cady, James C. Dulin, Frank M. Per-
ley. Paul j, Seltzer and Alfred w.
Sherman, American Security & Trust
~ A,,h TlnnlpU Walton L.,
Sanderson, Wilmer J. Waller and Lois
A. White, Hamilton National; Joseph
r. Fitzpatrick and Stuart S. Ogilvle,
Second National; G. Elmer Flather.
Union Trust Co.; Ruth 1. Gordon and
T. Hunton Leith, Security Savings q
Commercial; A. E. Henze, j. Earle
McCreary and Katharine w. Mccall
mont. W. B. Hibbs & Co.; Robert H.
Lacey, Columbia National; William H.
Laughlin, Mabel " Royce, Rose l..
Royce and Norman E. Towson, Wash
ington Loan & Trust Co.: Robert E.
Lee, Richard A. Norris and James A.
Soper, Lincoln National: Francis E.
Robey, Bank of Commerce & Savings;
E. Wallace Schreiner and Robert G..
Whitton, First National, Alexandria,
Va. and Gertrude C. Wick, Liberty
National.
Reports on Freed Deposits.
Controller of the Currency J. F. T.
O'Connor reports that up to April 10,
s1,375,317,O 900, or 62.2 per cent of the
S2.2O9,843, 900 of deposits tied up In
national banks which were not
licensed to reopen at the conclusion
of the March, 1888, banking holiday,
had either been repaid or shortly
would be repaid to depositors.
I'm addition, it should be remem-
bered," he said, that there will still
be substantial future dividends by re-
ceivers of insolvent banks; while it is
possible that some of the 81 national
institutions with disapproved reorganl-
Zation plans may yet evolve acceptable
reorganization plans, and thus be per-
mitted to reopen and to repay de-
positors, at least in part
With reference to the insurance of
deposits. Controller O'Connor says
that as of March 81, 1884, the number
OF banks which held membership in
the temporary insurance fund was
1904. LII IlleSt llSlllutlOlio, OO,oo''-
1877 individual accounts were insured;
insured deposits totaled SIS, ZOO, 49,
857, and total deposit liability was
S38,157,019,979. Thus the ratio of
insured to total deposits was Ais
per cent.
Heard in Financial District.
W. w. Spaid of w. B. Hibbs & Co.
was reelected ice president of the
Association of Stock Exchange Firms
at the annual meeting in New York.
Jules S. Bache of the brokerage house
bearing his name was again made
treasurer, and Curtis B. Dali Of Fem
ner & Beane was reelected one of
the governors. Edward A. Pierce is
on the Advisory Committee. G. M. p.
Murphy was one of four new governors
elected.
Frank C. Lyons, former branch
manager of the Washington Office of
the Frigidaire Corporation and now
connected with the central office in
Dayton, Ohio. has been made director