Evening star., 1943-08-22
North American Co.
Reports Stable Net
As Output Scars
BY EDWARD C. STONE.

Consolidated net income of the
North American Co., public utility
holding concern, for the quarter
ended June 80 amounted to $4,422,-
500, equal after preferred dividends
to 40 cents share on the common
stock, same as shown in the June
quarter last year, it was announced
yesterday.
For the l2 months ended June 80,
net income of North American and
subsidiaries was $18,548, ,425, equal to
$172 a share on the common stock,
against $19,929 ,052, or $188 share
a year ago.
President E. L. Shea reported that
in the quarter ended June 80 the
electric output of North Americans
consolidated subsidiaries showed an
increase of more than 18 per cent
over the same 1912 period, highest
second-quarter record in the COM
panys history.
In his quarterly letter to stock
holders Mr.. Shea noted that the
Potomac Electric Power Co. on July
7 placed in operation a new 50,000-
kilowatt turbine which is tempo
rarily connected with the boiler
equipment of a turbine undergoing
repairs. All the new units auxiliary
facilities are expected to be in use
early in September.
War Bond Support Pledged.
Marked enthusiasm over the COM
ing 15-billion-dollar War bond drive
was manifested by speakers at the
conference of building and loan
leaders at the Statler Hotel Friday
night. Speakers said associations in
the District Building and Loan
League will be called upon to buy
double the War bonds they bought
in the last drive and to increase
their efforts in the sale of these
bonds to the public.
In reply to questions by o. K.
La Rogue, president of the Federal
Home Loan Bank of Winston
Salem, 1t became evident that inter-
est rates paid building and loan
association shareholders are almost
certain to be reduced. One big as
sociation here is already paying only
2R per cent, such action being
forced by the limited number of
loans being made. The Government
bonds, now being so widely pur-
chased, yield only 21a per cent, as
was noted by several speakers.
Conservative Loans Favored.
There was great diversity of opin-
ion among the 125 loan leaders pres
ent on probable trends in real estate
values after the war. Lenders were
urged to take middle ground in ap-
praising and making loans in the
present real estate market, which
is considered to be mildly inflated.
Having built up their regulations
as thrift organizations, the building
associations were urged to take all
the money offered by patrons. If
the money cannot be placed in
sound loans, it can be put in Gov
ernment bonds, the speakers as
serted.
High Government officials were
present, including John B. Bland
ford, jr., national housing admins
traitor; James Twohy, governor,
Federal Home Loan Bank System:
William P. Folger, chief national
bank examiner; Oscar Kreutz,
chairman, Federal Savings and
Loan Corp; Waverly Taylor, direc-
tor, Federal Home Loan Bank of
Winston-Salem; 1t. Charles K.
Fletcher, president, California Build
ing and Loan League, and others.
Institute Courses Urged.
Dollars and Sense, publication of
Washington Chapter, American In
stitute of Banking, out yesterday,
urges the great number of new bank
clerks to enroll for institute classes
during the week of September 6 and
the week of october 4. The impor-
tance of this work to new bank
employees is made clear by George
Earnshaw, chapter president. The
magazine is edited by A. E. Henze
and Miss Rose Royce.
New Airlines Office Opened.
Pennsylvania Central Airlines yes
terday announced the opening of
a second Washington city ticket
office on the lobby floor of the Will
lard Hotel. The other Office is in
the Statler Hotel Howard Ken
nedy, Pea district traffic manager,
will be in charge of both offices.
Bank Women Plan Picnic.
Miss Mary Craven, president of
the Bank Women's Club of Wash
ington, announced yesterday that
arrangements have been completed
for a picnic supper for members of
the club and their friends at the
Palisades next Wednesday at 6
o'clock. A large attendance is as