Evening star., 1937-07-28
NORTH AMERICAN
EARNINGS CLIMB
Net for II Months Equals
$2.01 a Share, Against
S1.52 Year Ago.
BY EDWARD C. STONE.

Net earnings OF the North American
Co. and subsidiaries for the u months
ended June 30 were equal to $201 a
share on the outstanding common
stock against Sl52 a share year
ago and an increase of 1912 per cent.
President J. T. Fogarty stated in his
quarterly letter to stockholders re-
ceived here today.
Operating revenues were sil9,l62.-
$50, an increase of 674 per cent. OF
this amount electric revenues ac-
counted for Sa4445,657 an advance of
839 per cent, At the same time op-
Grating expenses We're up. the total
II s67,8sO,ls6 being more than per
cent.
Electric output of the subsidiaries
n the first half of this year broke all
'ecords with a IL per cent gain. In
his the washington and st. Louis
areas played vital roles, their weekly
outputs in June and again in July
exceeding the old peaks which we're
reached last Winter.
The electric refrigerator. the first
major electric household appliance to
be widely used, continues as a leading
contributor to the connected load of
North American Subsidiaries During
he first half of 1887 approximately
12800 additional electric rofrigerators
were connected to their lines. or two
thirds as many as we're added during
all of 1886.
Additional installations OF complete
electric kitchens, each incilGing re-
frigerator, range and other appliances,
n homes in tie Washington territory
Of Potomac Electric Power Co. in
creased % per cent over those installed
during the corresponding period a
year ago.
Electric air conditioning installa-
tons connected to the lines Of North
American subsidiaries during the half
year numbered 493, an increase of 50
per cent over the number installed
during the corresponding period year
earlier. These represented total ad-
dltlonal connected load of more than
$500 kiloWatts, an increase of "a per
cent over such load added during the
first half Of 1886, President Fogarty
states
Brawner on Bank Directorate.
Edgar N. Brawner, vice president of
the Chevy Chase and Chestnut Farm
Dairy Corps, now units of the Ma
tional Dairy Products Corp, today was
elected director of the National Bank
OF Washington, President j. Frank
White announced. He fills the va
cancy on the board caused by the
recent death of his father, Henry N.
BraWner, jr.. who had served the bank
most efficiently for many years. E. N.
BraWner, the new director, is widely
known in Washington business circles
as well as belonging to an unusually
prominent family.
Convention Plans Started.
Letters are being sent out from the
head Office of the District Bankers
Association to all members regarding
the annual convention of the Amer
ican Bankers Association at Boston in
October. 1t Is requested that members
make their reservations at once
through the District association S
Office.
The Washington delegation will be
led by Thomas J. Groom, president
of the District Bankers Association,
and a large number of local bankers
will attend the sessions.
Robert " Fleming, former president
OF the A. B. A. will no doubt be
on the platform when the convention
comes to order. Chairmen of the Dis
trlct Bankers Associations standing
committees will be especially inter-
ested in the Boston meeting.
Rural Sales Best in East.
Daily average sales in small towns
and rural areas for June showed a
larger increase IN the East than IN
other parts of the country as COM
pared with June, 1886. Estimates of
the Bureau of Foreign and Domestic
Commerce indicate that sales in the
East were about q per cent above
June Of last year. Increases of about
10 per cent were recorded for the
three other regions.
The dollar volume of retail financing
OF new passenger automobiles showed
decline of 2 per cent for June as
compared with June, 1886. but an in
crease of IS per cent as compared
with June, 1885, according to the De-
partment of Commerce.
Virginia Bankers in Session.
The Loudoun-Fauquier- Prince Will
liam Clearing House Association held
its meeting and dinner at the War
Va. with about 40 present represent
ing the banks of the three counties.
The speakers we're Dr.. Kinkead, Of
the University of Virginia, economist
of the Federal Reserve Bank of Rich
mond, and J. r. Tucker, also of the
Richmond Federal Reserve Bank.
The Bank Women's Club of WASH
ington held its monthly dinner meet
ing at the Highlands on Monday eve
ming, with the president, Miss S.
Winifred Burwell, in the chair. The
feature of the program was an address
by Mrs. Lillian Cox Athey. writer for
The Star and widely known as the
author of Along Natures Trail" The
meeting was one of the most interest
ing held in several months
Banks Would Repay Treasury.
Legislation under which the Federal
Reserve banks would repay money
which they received from the Treasury
for the purpose Of making commercial
loans was introduced in the House by
Representative Steagall, chairman o1
the Banking and Currency Committee
The bill, which Mr.. Steagall's Office
said was drafted by the Federal Deposit
Insurance Corp, also provides that the
reserve banks shall pay the Treasury
2 per cent interest on money giver
them for commercial loans.
The Treasury payments to the re.
serve banks in connection with com.
mercial loans were provided for il
1884 after the reserve banks purchasee
from their surpluses sl39,OOo,000 O.
stock in the Federal Deposit Insuranc.