Evening star., 1937-10-28
NORTH AMERICAN
EARNINGS CLIMB
Years Net at S17,600, ,320,
or 28 Per Cent Above
Previous Period.
BY EDWARD C. STONE.

tions including depreciation reserves
and preferred dividends. amounted to
s17,6o0, 800, or s2,05 a share on the
common stock, compared with S160
share in the like period year ago,
an increase of 2s per cent, it was re-
ported today.
Operating revenues amounted to
s120, 0,7705 582. an increase of per cent,
and included electric revenues of $685.
e48,297, an increase of 7.66 per cent.
At the same time operating expenses,
maintenance and taxes called for $685.
S58,825, an increase of over per cent.
Provisions for taxes totaled $l7,342,-
$50, equivalent to more than IA cents
out of each dollar of operating reve-
nues, or s2.02 per share on the COM
mon stock, the report said. Speaking
of the electric output of subsidiaries,
the report stated that the Potomac
Electric Power Co., Washington, made
new weekly records in July and August.
Gas output among other subsidiaries
showed 10 per cent gain.
Market Views Differ Greatly.
Thomas R. Taylor former professor
of economics at Swarthmore College
and more recently economic adviser
to the late N. R. A., under Gen. Hugh
johnson, recently collected some typ
ical explanations of the "stock market
decline" or the baby depression.
Without his quarry knowing it, DR..
Taylor interviewed an internationalist,
a celebrated statistician. broker,
builder, monetary expert, business
man. a royal economist and a labor
economist.
Seen separately, all gave different
and divergent views of the business
sides in Washington, chuckles as he
contemplates the result of his labor
of love.
Standard Oil Employees Aided.
Approximately s4000.O00 is to be
spportioned shortly among employees
of the Standard Oil Co. IN. j. and
its affiliates, with each employe re-
ceivine minimum credit of $50, ac-
cording to an announcement made
today by w H. Evans, manager of
the Delaware -Maryland-Distr of
Columbia division. This allotment will
be made through contribution by
the company to the account of each
employe participating in the annuity
and thrift plan, with approximately
$4,000 benefiting. An additional 1000
employees not participating in the
plan. but with one or more years of
service also will be credited with $50
each in a supplemental thrift fund
account established for them.
After the contribution of $50 to
each employe. there will be approx
mately s2,750000 remaining in the
special appropriation, which will be
prorated to employees in the thrift
plan on the basis of credits they have
accumulated in the past year, approxi-
nately % per cent of their own and
the company's regular contributions
between November l, 1886. and No.
vember this year.
Hamilton Employees Form Club.
The Hamilton Bank Club was
formed last night by 10 employees
of the bank, ito sponsor social, edu-
cational and athletic activities, to pro-
vide funds for gifts and tokens of
sympathy through payment of reg
ular dues, and to support such other
activities as may be for the best in
terests of the members" These Of
fcers were elected:
Edward j. Clarke, main Office. presi- |
dent; George NJ Rowzee, main Office, !
first vice president; Lois A. White, |
main Office. second vice president;
Dorothy Werner, Pennsylvania avenue
branch, secretary, and Julian o. Car
din, Northeast branch, treasurer. The
directors include Kenneth o. Hulse,
w. o. Rabbit and Frances Werner, |
all main Office; William H. Martin, |
jr., Brookland branch; Robert B.
Morris. Dupont Circle branch; Thomas
N. Leef, Northeast branch; William |
John Grady, Pennsylvania avenue |
branch: John T. Fletchall, Potomac |
branch; Mary Louise Sweeney. Sew
enth street branch, and Thomas S.
Mallon, jr., Woodbridge Langdon
branch.
E. c. Graham. president of the
bank, addressed the members. COM
mending them for their interest and
enthusiasm in the organization of the
club.
w. ]. Waller, vice president and
cashier, also expressed his gratifica-
ton at the organization OF the club.
Brokerage Offices Crowded.
Lowering of margin requirements
from SIS to 40 per cent by the Federal
Reserve Board aroused intense in
terest in stock market circles today
and brought another rush to the board |
rooms for the opening of the Ex-
change. Observers witnessed a much |
higher opening and heavy volume
1t is generally believed here that in
the long run the lower margins will |
be helpful to the market, especially to
the volume of trading. The action |
comes after long and vigorous pleas |
from Exchange officers for reduction |
In margins.
E. c. Baltz, secretary of the Per-
petual Building Association and re-
Gently elected president of the United |
States Building g. Loan League, will |
be honored with testimonial luncheon |
by the members of the District of |
Columbia Building g. Loan League on |
Saturday. it was announced today. The |
annual election of officers of the Dis |
trict League will take place on No. |
vember %. The members are elated |
over having the president of the ma
tional organization as one of their |
number.
Heard in Financial District.
Former Senator Robert L. Owen, |
who was chairman of the Senate Com |
nittee on Banking and Currency for
some years. said today that the lower