Evening star. [volume] (Washington, D.C.) 1854-1972, 1936-10-29
NORTH AMERICAN
/ OUTPUT MOUNTS
Sharp Gain Brings Profit of
SLIGO a Share for
IL Months.
BY EDWARD C. STONE.

1dCIOTS III Tie edTlllIB VI Vl .OU per
share in the IL months ended Sep
TENDER 80, against $l.23 year ago,
President j. F. Fogarty announced in
q letter to stockholders received here
today. The third quarters output
was l1.19 per cent greater than for
the corresponding period in 1885 and
220 per cent better than the previ-
Gus high record established in the
fourth quarter of 1885.
There was comparatively little
Summer dizziness to retard the con-
tinued growth of business during the
third quarter of 1886, the report adds.
Operating revenues for the year end
ed September 30 increased per cent.
and electric revenues alone increased
S.21 per cent.
Greater fuel costs resulted from the
drought in the Middle Western States
because steam electric generating
plants had to be operated more fully
to replace water power. Heavy rain
fall in September ended this extra
expense, probably for the remainder
of 1886.
The gain in net earnings for the
year was 29.46 per cent over last
year. Total provisions for taxes
amounted to $16,663,964, up Is per
cent. Appropriations for deprecia-
ton reserves totaled $13,983, 928, or
1927 per cent of operating revenues,
equal to $l63 per share on common
stock. A year ago such appropria-
tions were equivalent to s1.5S share.
President Fogarty states that North
Americans subsidiaries secured 26,-
473 new customers during the year
for residential electric service. Com
pared with the IL months period end
ed September 80, 1885, sales to resi-
dental customers increased 10 per
cent. sales to commercial customers
u per cent and sales to industrial
customers 10 per cent. Representa-
sives of the Potomac Electric Power
CO. placed a high percentage Of in
creased lighting in the homes OF
Washington, the report adds. In
staIlation of electric refrigerators,
ranges and ir-conditioning equip
ment has steadily increased, the presi-
dent says.
Bank Loans Up $500, 100000.
The Federal Reserve Boards latest
review covering September and the
first three weeks of october states that
loans of reporting member banks N
leading cities, other than loans on
securities. continued to increase In
September and the first half OF Octo.
Der. On October IA the volume OF
these loans was more than S400, 600, 900
larger than on July 90. About half OF
this increase was at New York City
banks and the remainder principally
at banks in Western and Southern
cities.
Holdings of United States Govern
ment obligations have declined in re-
cent weeks at New York City banks
and have increased somewhat at other
banks. Deposits of reporting banks
have continued to increase.
EXCESS reserves of member banks in
creased by S410,OO0,0O0 in the five
weeks ending october 81, rejecting
reduction of $500, O000O0 in Treasury
holdings of cash and balances at the
Reserve banks and an increase CT
$3.50 100000 in monetary gold stock,
the effects of which were partially off,
set by a seasonal increase in money In
circulation and further growth N
required reserves, the report says.
Heard in Financial District.
The Securities and Exchange Com
mission announces that the Washing
ton National Cemetery Corp. of Wash
dngton has filed a registration state
ment covering $225,000 of 5 per cent
mortgage bonds due October l, 1916,
and 450 shares of no par value COM
mon stock. One share of common
stock is to be given with each $500
bond purchased, it is stated. The net
proceeds are to be applied to the
payment of an outstanding flrSt
mortgage, the discharge OF existing
Indebtedness, for the benefit of for
mer stockholders, and for working
capital. William C. Lancaster of New
York City is president Of the COM
pany.
The Western Maryland Railway
reports for nine months ended Sep
TENDER 80, 1886, net income Of $685.
1903 after taxes and charges, equal to
$3.50 a share on 1T 400 shares OF Z
per cent first preferred stock on
which no dividends have been pa1o.
This compares with $588,745 or 1892
q share on 7 per cent preferred stock
In first nine months OF 1885.
Maryland Displays Thrift.
Mutual savings banks in Maryland
are now carrying total Of s2,372,119
in 52,032 accounts in Christmas Saw
angs Club funds, according to a re-
port from the national association,
which announces gain of more than
$4,000 900 in Christmas savings in the
mutual banks in IA States during the
present year.
Bond statesmen in the financial dis
trict expect another telephone issue
will be placed on the market this Fall,
the Ohio Associated Telephone Co.
planning to put out about $3.50, 600.
The proceeds will be used to refund
the outstanding issue of IS, which are
callable at los. Bonbright & Co. Is
expected to head the underwriting
syndicate.
The Commerce Department reports
that average daily sales Of chain stores
in September were So per cent higher
than in September, 1885. The greatest
gain was shown in fountain sales,
which were up 16 per cent. Tobacco
sales decreased a fraction Of l per
cent.
Heard in Financial District.
Farmers cash income in September
was 16 per cent larger than in the same
month last year, largely as the result
OF unusually large marketings of cotton
and live stock, the Bureau of Agricul-
ture Economics reported yesterday
Cash income in September was $754,-
100000, the bureau estimated, COM
pared with $685.. 000, 900 in August and
s648, 000 900 in September, 1885.
The Connecticut Mutual Life Insur-