Evening star., 1938-10-27
NORTH AMERICAN
! EARNINGS SLUMP
Net of $1.59 Per Share on
Common Stock Compares
With $2.05 Year Ago.
BY EDWARD c. STONE.

for the II months ended September
80, 1898, were equal to SO per share
on common stock, as compared with
$l68 per share for the II months
ended June 80, 1888, and $205 per
share for the IL months ended Sep
tember 30, 1887, President j. F. Fogarty
reported today.
Consolidated net income of the COM
pany and subsidiaries for the II
months ended September 80 was SIS
445,2l6 The balance for common
stock. after all deductions. including
preferred dividends, was S13,626, 139
This was decrease of 22.5S per cent
from the balance of Sl7600320 for
common stock for the - months ended
September 80, 1887.
Operating revenues for the II
months ended September 80, were
$l16,967.l65, a decrease of 3l5 per
cent, compared with the II months
ended September 80, 1887 This in
cluded electric revenues of $93,670,727,
a decrease of 2.37 per cent Operating
expenses, maintenance and taxes were
$69594,ll2, an increase of LOT per
cent
Output Record in Capital.
The larger part of the increase in
total expenses was represented in total
tax provisions, which amounted to
$ls332,742, equivalent to 1857 cents
out of each dollar of operating reve-
nues, as compared with 1896 cents a
year ago.
Business conditions in the Washing
ton area and the demand for electric
service, which is largely for residential
and commercial use, are usually not
subject to the wide fluctuations COM
mon to industrial centerS. There has
been an increase. the report says, in
the electric output of Potomac Electric
Power Co., as compared with the COR
responding week of last year, for each
week during the first nine months of
1888. A new weekly output record was
esta bllshed during August. exceeding
by per cent the previous peak
which was attained last December.
Linotype Assets Lower.
The annual report of the Mereen-
thaler Linotype Co. was distributed
In the financial district today. Mer-
genthalers total assets as of Septem-
Der 30, 1888, were s24,458,604, COM
pared with s24,817,982 on September
80 1887 Surplus was So ,868. .268.
against $685., 900. The report shows
the company has no funded debt
Current assets as of September 30
last, including s917982 cash and
$662.876 marketable securities, at cost
and accrued interest. amounted to SIS
5l2,475 and current liabilities were
Sl43,501. comparing with cash of ST.
172,576, marketable securities S671 .998,
current assets of sl569l .752 and cur
rent liabilities of S2O7,725 at the end
OF the preceding year Inventories
were s7,374627 against s6,4l8,309.
Sales for the fiscal year totaled So
80,7o4.09 as compared with s8483,-
1927 in the previous year. Operating
expenses amounted to S6.7O3,45845
against $Slls,90o.5O year ago. At
the end of the year the company had
net loss of S34.37249 against a net
profit of $751; .l03.l1 or s23 cents per
share in the previous year
President Joseph T. Mackey reports
that sales fell off particularly in the
last half of the fiscal year, especially
IN America. volume being about 20 per
cent under 1897. Recent new models
have been we'll received he added.
Aside from the effect of European con-
dltlons, there is a general feeling
that business is on the mend" the
president concludes.
Private Bond Sale Defended.
The decision of the WASHINGTON Gas
Light Co. to sell S8,5OO,0O0 4 per cent
refundlng bonds privately rather than
publicly was defended before the Sc
curltles and Exchange Commission by
Robert c. Overs, vice president and
treasurer. Mr.. Overs said it appeared
to the company that private sale to
insurance companies could be COM
pleted quicker and at less expense. He
added that he had been able to find
no record where gas company similar
to the washington firm had been able
to sell a security on as good a basis
AS the pending private sale arranged
by the First Boston Corp.
Asked whether Chase National Bank
has discussed the matter of placing
director or representative on the
board of Washington Gas Light. Mr..
Overs said he had no knowledge of
any such intent. He stated that several
banks owning the controlling interests
in the company's common stock may
have occasion to do so.
Mrs. Avery Guest Speaker.
Mrs. Edwina Avery, assistant editor
OF publications for the Bureau of Plant
Industry, Department of Agriculture,
and chairman of the Government
Workers Council of the National
Women's Party, gave the first of
series of lectures before the Womens
Committee, American Institute of
Banking, last night at headquarters
In the Bond Building. She spoke on
personality and its important bearing
on customers relations.
Mrs. Avery declared that women
cannot expect economic equality unless
they are willing to accept equal re-
sponsibility, forget that they are
women and share equally in the ad-
versities and hard work necessary for
success. Women in business should
never fail to remain feminine, she
cautioned.
The speakers own experience has
been unusually varied. She is a grad
uate of National University and at
present dean of Province II of Kappa
Beta Phi international legal sorority.
She is also regional director of the
South Mid-Atlantic region of the Ma
tlonal Association of Women Lawyers.
In 1884 Mrs. Avery was president of
the Women's Bar Association.
Joins Johnston. Lemon & Co.
Johnston. Lemon e. Co. announced
today that Henderson S. Dunn has
become associated with the firm. MIR.
Dunn resigned as an assistant vice
president of the Federal Storage Co in