Evening star., 1935-04-30


1885 1894.
January go. $50 ,566 1923 SIS, 1877 ,2s7
February e.. 6O,956,28l 1901 1924
March .... 74,112,669 62,209,874
April -..... 77,447,954 61.297 ,334
North American Net Better.
In a letter to stockholders, J. F.
Fogarty. president of the North
American Co., reports progress in the
direction of improved net earnings.
Speaking of the first quarter of 1885,
he says:
While the rate of increase in
operating revenues during these three
months was somewhat less than that
for the full year 1884, it must be re-
membered that the first quarter of the
year 1884 was an unusually good one.
These figures indicate some stabiliza-
tion in operating costs, with an
operating ratio for the IL months
ended March 81, 1885. of 56.85 per
cent, as compared with ratio of
567l per cent for the year, 1884. and
ratio of 5422 per cent for the
year, 1888.
idIlOllS 4Ol
reserves for the IL months ended
March 81, 1885, were equal to $1.54
per share and aggregate 1901 per cent
of total operating revenues, compared
with appropriations equal to $1.57
per share and 1897 per cent of total
operating revenues for the IL months
ended March 81, 1884.
THE earnings of s9,236,291 repre-
sent decrease of 4.57 per cent from
those reported for the corresponding
period ended year ago, but an in
crease of 294 per cent over the earn
ings for the calendar year, 1884. On
the basis of the number of shares now
outstanding. the earnings per share
were SLIP for the IL months ended
March 81, 1884. $1.04 for the full year,
1884, and SLOT for the IL months just
ended Thus it will be seen that the
increasing volume of business is now
having an effect upon net earnings.
However, the margin of improvement
Is not large and while it offers some
degree of encouragement there is as
yet scarcely any basis for optimistic
forecast"
claim on Bank is KefuSe0.
The Nebraska Supreme Court has
refused the request of the Maryland
Casualty Co. that its claim of $4,000
against the failed South Omaha State
Bank be given par status with the
claims of depositors. This sum repre-
sents the amount the company paid
the City of Omaha as one of its
fOv.
lost when the bank failed.
The city assigned the claim to the
casualty company, but the Supreme
Court holds that as the city had re-
quired the bank to pay the premium
on the surety bond and thus depleted
its assets, it did not remain on
parity with other depositors who had
no security for their money.
The cost of living today Is nearly
40 per cent above the level for 1918,
while the domestic rate for electricity
has been reduced nearly 40 per cent
below the rate for that year, accord
ing to DR.. David Friday, economist
for the Committee of Public Utility
Executives. In a brief filed with the
Senate Interstate Commerce Com
mittee, in connection with the hear
ings on the pending public utilities
bill DR.. Friday declared that electric
rates for domestic use are unique in
that they alone, of all the large price
groups, have pursued steady down.
ward course throughout the last so
years.
Taking the years 1e10-1914 as the
index of 100," DR.. Friday said, "the
price Of all commodities amounted to
116 in March, 1885, the price of farm
products was 112. the cost of living
was 139, while electricity for house
hold use amounted to only an index
of SO.
Bonds Lead Exchange Deals.
The largest bond sale on the Wash
ington Stock Exchange today was a
$1,000 transfer in Capital Traction SIS,
at SO, off half point from the last
previous sale. Washington Gas Light
IS, 1860. figured in the same volume
of business, three 81 900 transfers TAX
ing place at lisa.
Capital Transit stock came out to-
day at. l9 on small turnover and the
first sale of the week. After call
Mergenthaler Linotype appeared on
the board in a small lot sale at %,
off q half point from yesterdays close.
B. Howard Griswold. chairman OF
the Code Committee of the Investment
Bankers Association, announces that
efforts are being made to place the
investment code under the Securities
Exchange Commission, taking it away
from the N. r. A. There is wide senti-
ment in favor of the move, the aim
being to get all investment matters
under one Government authority.
Secretary Morgenthau announces
that approximately $605,000,000 OF
the First Liberty Loan bonds had
been exchanged up to Monday for the
1sa per cent Treasury notes series
A-1940 and s305, 100000 for the 2Ns
Treasury bonds of 1955-60. Subscrip-
ton books will remain open until
further notice.
The Interstate Commerce Commis-
sion has authorized receivers for the
Seaboard Airline Railway to, issue
S27,859,000 of receivers certificates,
s13,615,000 to be exchanged for ma
tured certificates and $13,983,0 900 to
be exchanged for nnatured and ma
turing installments Of equipment
trust obligations of the Seaboard and
Of the Georgia, Florida q Alabama
Haif~~aA