Evening star., 1935-08-02
NEW RECORD SET
| BY PEPCO OUTPUT.
North American Co. Reveals
Largest Capital Total
for Half Year.
BY III, b, ROGERS.

dock Light & Power Co., was greater
than for any half-year period in the
history of present subsidiaries.
This was recorded in the quarterly
report of President J. F. Fogarty to
stockholders of the North American
Co. The improvement in electric out
put noted in the 1884 annual report
has continued to be substantial, says
the report, the volume of 1926, 1877, ,755
kilowatt hours for the second quarter
being only slightly less than during
the first quarter, in spite of the usual
seasonal decline.
For the 12-month period total op-
Grating revenues were $l03, ,250,914 an
increase of 1.38 per cent over the II
months ended June 80, 1884.
Capital Transit Co., of which the
North American owns 5l.3 per cent of
the capital stock. was not included in
the consolidated income tabulated
statement, nor was the North Amer
lean Light & Power Co.
Transit Report Delayed.
Capital Transit up to noon today had
4lOU 414Cb 1lo dCIoJCd 1CPOLl WlO41
the Public Utilities Commission at the
District Building North American re-
port, however, refers to this company's
half-year perioo in part as follows:
THE proportion of the consolidated
earnings, In excess of dividends paid,
of Capital Transit Co. and subsidiaries
(Subject to the adequacy of the pro-
vision for depreciation of the latter
company and its Subsidiaries) and Of
the deficiency of consolidated earnings
of North American Light & Power Co.
and subsidiaries (after provision for
unpaid cumulative preferred dividends
of the latter company and its sub
sidiaries for the respective periods)
applicable to the holdings of the
North American Co. and subsidiaries
from the dates of acquisition stated
above, combined, amount to a net de-
f1ciency of Sl,184,0O3.62 applicable to
the period ended June 80, 1885, and
of S1,168,S37 SO applicable to the
period ended June 80, 1884.
Operating revenues, operating ex-
penSes and az other details of the in
come of transportation properties con-
Veyed by Washington Railway & Elec-
trio Co. "a subsidiary of the North
American CO.. to Capital Transit Co.
on December /, 1898, are included for
the five months ended on that date in
the income statement for the period
ended June 30, 1884"
A. b. A. Attitude Outlined.
Attitude of the American Bankers
Association toward the pending bank
bill in conference is communicated to
members of the A. B. A. by R. S.
Hecht, president, ia a letter dated
from Washington, yesterday, more in
the form of message of information
than of argument or appeal.
After outlining the status of the
bill before the conference, Mr.. Hecht
says:
Among the differences to be ad-
justed by the conferees the two that
seem most important to us are: First,
to change the provision in the House
bill, which provides for compulsory
assessment of one-eighth of / per cent
by the Federal Deposit Insurance
Corp, to maximum of one-twelfth of
/ per cent, as provided in the Senate
bill second, to maintain the principle
of adequate representation of the Fed
Grad Reserve banks on the Open Mar
ket Committee with full voting powers,
as provided in the Senate bill, instead
of letting such representatives be a
mere advisory committee without vote,
as provided in the House bill.
1T is impossible, at this time"
wrote Hecht, Ito predict the outcome
of these conference meetings, but we
are hopeful that an agreement will
be reached some time during the
month of August.
I'VE wish to take this opportunity
to express our sincere appreciation for
the fine cooperation which has been
given to your officers and committees
by bankers throughout the country,
and we shall attempt to reciprocate by
keeping you informed on future i'm
portant developments.
Business Outlook Hailed.
Banking, official publication of the
American Bankers Association, COM
ments optimistically on the business
outlook.
There is a steady undercurrent of
business improvement" it says, large
ly independent of Government aid and
more apparent in comparisons of sea-
son with season than month with
month. The process of recovery,
while slow, seems fairly sure, although
doubts are inspired by the political
outlook, continued Federal deficits and
the possibility of labor disputes. Two
other factors must be put down as
unfavorable. One is that production
in some instances has been main
tanned above consumption, with the
prospect that stocks will accumulate
and force price recessions. The other
is the tendency of business to hold
back until the works relief program
can be properly forecast and evalu-
ated. Business in general, however,
is preparing for substantial rise in
trade and industrial activity this Fall"
The conservative National CITY
Bank of New York, in its current
bulletin declares: Trade and in
dustrial reports during July have been
better than even the optimists had
looked for. The month is not ex-
pected as rule to provide any event.
ful business developments other than
the Fail merchandise openings, and
after the good showing made by the
industries during the first half year,
considerable let down in Midsummer
season would not have been surpris-
ing"
Notes of Financial District,
P. J. Mcmahon, vice president and
assistant treasurer of the Munsey
Trust Co. is at Atlantic City on va
cation.
c. ]. Gockeler, assistant vice presi-
oent of the Hamilton National Bank
leaves tomorrow on vacation at Mar
gate, N. j.
j. R. MCMILLAN, assistant vice pres
ident of Riggs National Bank has
gone to North Carolina on vacation
D. j. Callahan, jr., assistant cashier,
n orIA of