Evening star., 1943-11-09
North American Co,
Reports Years Net
Of SITS a Share
BY EDWARD G. STONE

NolIii AIHcIlCdL 20. 1Or the II
months ended September 30
amounted to $l8,864,522, equal to
sl.75 per common share, against
sl.81 for the 1912 period, President
E, L, Shea reported in his quarterly
letter received here today. Net in
tome in the third quarter was equal
TO 43 cents per share on common
against 40 cents a year ago.
Corporate net income, which in
cludes only that part of subsidiary
earnings received in dividends and
income earned by other investments,
was equal to $12O per share on
common for the II months COM
pared with SLAB In the previous II
months.
Electric output was l8 per cent
higher than in the Il months ended
a year ago and 81 per cent higher
than in the prewar period ending
September 3O 1899. Sales of power
to industrial customers were 144 pei
cent over the 1899 period. Operat-
Ing companies are producing almost
twice as much electricity as Wher
the war broke out in Europe foul
years ago, Mr.. Shea says. Earnings
are no higher, as tax payments have
more than doubled.
The Potomac Electric Power Co
finished the four-year expansion
program in July and has increased
its capacity SO per cent since 1899
The report states The plan for re-
organizing the North American Co
IN compliance with the Holding
Company Act death sentence" is
still before the Securities and EX-
change Commission. 1t has received
much favorable comment from
stockholders. the report concludes
Equitable Adds New Officer.
Directors of the Equitable Co.
operative Building Association, fol-
lowing their reelection by the
shareholders at the annual meeting
yesterday named Milton R. John
son as an assistant secretary. The
lew officer, native of Washington
and a product of Eastern High
School. has been in the employ of
the Equitable for 25 years.
The associations S resources reached
new high mark during the year
Edward L. McAleer, secretary, told
the shareholders, rising to S9,197 900
Despite falling off in real estate
loan applications, satisfactory wear
was enjoyed.
Officers reelected we're Walter S.
Pratt, jr., president; Harry G. Meem,
vice president; Mr.. McAleer, secre-
tary; j. Harold Mcdowell. assistant
secretary, and Mr.. Johnson, assistant
secretary.
Directors: Ralph P. Barnard
Charles H. Doing, Arthur B. Heaton,
Robert l.. Lewis, Theodore w. Noyes,
Frank j. Stryker, Wilson L. Town
send, Dr. William Charles White and
Messrs. Meem, McAleer and Pratt.
Late Banking Hours Friday.
This weeks to $50 late banking
hours will come on Friday instead
of Thursday. the Armistice Day
holiday. Bank officers have received
many inquiries about the late hours.
Instructions covering the late
hours state that whenever a holiday
comes on Thursday. the bank will
observe late hours on the next busi-
ness day.
The Washington Stock Exchange
will also have another day off on
Thursday
To limited number of patrons,
the late banking hours are consid-
cred very useful. The same may
be said of the building and loan as
ISOLATION hours.
Branch Office Opened Here.
Kirchofer & Arnold, Inc, invest
ment bankers of Raleigh and Char
lotte. N. c.. and New York, today
opened branch Office in association
with J. G.. White & Co., Inc. at 729
Fifteenth street NV. The firm
handles all types of investment
securities.
The Washington Office was opened
in connection with move to expand
the firms investment facilities in
the Southeast, President r. c..
Kirchofer stated. Members of the
firm are already known here. as they
have been active in the Southeastern
group of the Investment Bankers
Brokerage Offices Crowded
New York Stock Market followers
crowded Washington boardrooms
long before the opening today to
get comments on yesterdays SELL
ing wave and see the early quota
tions appear on the tape The OPEN
ing indicated that selling pressure.
for the moment at least. had been
lifted, AS many stocks showed gains
as losses.
Brokers say there has been some
selling in the market to establish
tax losses or gains. They also re-
port a lot of switching in recent ses-
sions. Peace talk. however. has been
the big factor in the decline.
international Telephone. the most
active stock on the Exchange YES
terday. is very widely held here. 1t
dropped IL points although rated
as peace stock
State Section Head Expires.
Washington bankers were sur
prised to learn of the death in st.
Louis of Wood Netherland, who was
elected president of the State Bank
Division at the recent New York
He was Sd and had not been in
good health for four years. He
attended the New York meeting and
was advanced from division vice
president. He possessed an unusual
knowledge of farm credit conditions.
Bank Stock Hits New Peak.
Washington Loan g. Trust Co.
stock hit another 1943 peak today
when a small lot changed hands at
23O, a gain Of 3 points since yes
terday. The stock has now gained
an even 30 points this year
In coming out yesterday at 227
the trust company issue showed
7-point advance. The final bid in
today's market was 227, with none
offered at any price.
New Industries Listed
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