Evening star., 1938-07-26

1llS.
The report just
sent to stockholders includes the
earnings of the Potomac Electric
Power Co. but does not include Capt.
tai Transit Co. earnings, although the
North American owns 5l.3 per cent OF
the capital stock All the subsidiaries
are in a position to profit by whatever
revival of business occurs. the report
states, in covering the present sltua-
ton in detail.
President Fogarty says that the
three largest items in the subsidiaries
cost of doing business are pay roll
costs, tax provisions and fuel expendi-
lures. Pay roll costs were higher than
in the preceding period. So were taxes.
Total tax provisions for the II
months ended June 30 amounted to
sl7673,261, equivalent to 1897 cents
out of each dollar of operating rev.
enues. The requirements for taxes
we're per cent greater than the bal
ance remaining for North American
stockholders, both preferred and COM
mon, on a consolidated basis, and
were SuulNdl6llI W Quo pei VA
North American common stock.
Expenditures for fuel during the
second quarter of 1888 were less than
for the corresponding period of 1887
because of reduced output and larger
proportion of hydroelectrlc generation,
Mr. Fogarty explains.
Increase in Output Here.
n1octrir
service by industrial customers ac-
counted for the decrease in the 1888
output of subsidiaries operating in the
st. Louis. Cleveland and Milwaukee
areas. The subsidiaries in the Wash
ington Cd. c. area, representing
about one-seventh of the aggregate
output for the four groups, have not
put has shown an increase each week
during the first half of 1898, the sur
vey asserts
Electric customers of North Ameri-
can subsidiaries on June 80, num-
bered l,196,900. of whom 1.043,546
were residential customers, represent
ing an increase of 1851 during the
last IL months.
Approximately $4,000 additional re-
frigerators we're connected to the lines
Of subsidiaries during the first half
of 1898. This compares with $4,000
installed during the first half of 1897
and $4,000 during the second half of
that year.
Total additions to the industrial
and commercial connected load of
North American subsidiaries during
the first half of 1888 approximately
equaled the total for the first half of
1887. New business of this kind
showed increases of Is per cent in the
st. Louis area and 43 per cent in the
Washington area, the letter to stock
holders says
B. & o. Net Shows June Drop.
Net railway operating income of
the Baltimore g. Ohio r. r. in June
reported today, totaled sl,381.337,
against s2,0l9,6l8 for June, 1897,
decrease of s638,28l.
Railway operating revenues in June
amounted to s1O,8ol 1886, a drop of
s37o2,738. Freight income was of
over So, 100000 and passenger revenues
were also under June a year ago, by
$4,000.
Substantial improvement was made
IN cutting operating expenses, which
totsled S8l8l,643, in comparison with
the higher figure of l1,422,148 a year
ago, or saving this year of $3,24O,505.
Net revenues from operations were
s462O00 lower than year ago in June.
For the first half of 1888 the B. g.
o. reported railway operating revenues
OF s61,612,l4l, a decrease of s26.39e.-
528 from the first half of 1887. Rail-
way operating expenses in the half
year we're reduced to S5l,560615,
cut Of sl4,6l7,95O from last year.
After all other deductions, the B
d Q. reported net railway operating
Income in the half year amounting to
S2,sl4320, against s13, 1853 $50 in the
f1rst half Of 1887, decrease of $ll,-
249,540.
Maryland Bond Issue Sold.
A new issue of $4,000 Harfore
County, Md, per cent public school
construction bonds, due February IS.
1914 to 1851, has been purchased bv
Alexander Brown Il Sons of Baltimore
The issue was sold privately.
The Pennsylvania Railroad TODAY re-
ported net railway operating income
in June as $5.o46 o96, a decrease of
$l,408,056 from June, 1887. Net rail-
way operating income for the first
Six months of this year totaled sl8.-
934,624. decrease of s18,66O 1926. the
report said.
The National Dairy Products Corp.
which has two Washington units, re-
ports that cool, rainy weather in Nav
and June retarded the ice cream busi-
ness and was responsible for the small
decline in earnings in the first half
year to II cents share on common
from IS cents a year ago.
Rutherford j. Dooley, cashier of the
National Bank of Washington, is pass
ing his annual vacation at Atlantic
City.
Joshua Evans, vice president of the
Hamilton National Bank, is vacation
ing at Bethany Beach after a motor
tour in Pennsylvania and a visit at
Atlantic City.
Exchange Trading Lively.
Yesterdays bull market on the
Washington Stock Exchange, when
four new high marks. were reached,
continued again today
The market opened with a 50-share
sale of Washington Gas Light pre-
ferred stock at the strong price of
997s. Ten more shares also changed
hands in the next transaction.
One of the largest bond sales in
long time was registered when $4,000
Potomac Electric Power 4As appeared
on the board at 1865, the highest
price reached this year.
The days trading closed with a
small sale in Potomac Electric Power
5l7 per cent preferred stock moving
at ll41a, unchanged from yesterdays
new high mark.