Evening star., 1943-03-17
North American Co.
Reports G,530,753
Profit for 1912
Net Of Sl.72 q Share
Compares With Sl.8l
A Share for lo4l
By EDWARD e STONE

Consolidated net income Of the
North American Co and subsidiaries
tCr 1882 amounted to Sl8,530 1873
after expenses and taxes. equal to
81 y per share on the common stock.
compared with Sl6l per common
share for the year l9i1, F. L, Shea.
president. announced TO-DAY
Operating revenues tCtaled SAB
992 ,252 again 1923 709,757 III I94l
Total operating charges, including
depreciation, amounted 10 Sll4.452.-
743, compared with $97 893.8l6 leay-
ing net operating revenues of 500
$50 500, against s30,8l5,94l year
ago.
Incorporating revenues included
dividends on stocks of the Wash
irgton Railway & Electric Co.
amounting TO $l.9l7630, against
50 ,395,778 in l941. Gross tOtaled
s36 ,923 ,246, compared with S29868,-
897. The report showed total assets
at the end Of the year of 1869 .569,-
1917. against 1859 994 1888 in 194l.
Total consolidated tax provisions
for 1912 amounting to more than
$33C00000, were % per cent higher
than corresponding provisions in
1914; equal to 50 95 a share on the
common stock. VS. $308 in l94l
Taxes We're equivalent to 235 Of
every dollar received for service 10
customers, the total tax increase
during 1912 beirg s6988000
Gas Stock Sale Planned.
Authority has been requested by
the Washington Gas Light Co. of
the Public Utilities Commission to
issue and sell 21024 shares of s.
preferred stock which represents
the shares remaining unsold of the
10000 shares Of this stock which
was authorized by the commission
on April q, 1912, it was learned
today.
The 81 .024 shares of S. preferred
stock will be first offered by the
company to the holders of its out
standing shares of common stock
for subscription by such holders
in accordance with their pre- emp
tive rights. at 500 per share.
The company has entered into a
contract with group of under
writer's the terms Of which ere
substantially the same as the terms
Of the previous contract, dated
April 81, 1912 for the sale of the
S. preferred stock The contract
provides that underwriters, the
same group who handled the first
sale, will purchase 10000 shares
Of this stock and will also agree
to use their best efforts to sell the
remainder of the stock not taken
up by the common stockholders.
The proceeds derived by the sale
Of the stock will be used to paw
1900 900 principal amount of un-
secured notes Of the company pay
able to banks and to reimburse the
treasury of the company for ex-
pendltureS made for property ad
dltionS and Improvements, the ap-
pliCation says
War Loans Reach Huge Totals.
The impressive part the Nations
. banks are playing in war loans and
commitments for war production is
wildly pictured in a report just re-
ceived by Wilmer j. Waller. vice
president and cashier of the Ham,
llton National Bank. who is a men,
Der of the War Loans Committee
Of the American Bankers Associa-
ton.
Reports from Ala of the largest
! banks in the United States in los
/ cities showed that loans for war
production outstanding on Decem-
/ Der 81 totaled S2,527 ,0O8.959, and
/ commitments for future loans
/ amounted to s3.395.342.309 Com.
blned loans and commitments OF
war purposes on December 81 ag-
/ gregated S5922,351368. comparec
with total of only s2,229 ,289 ,46C
at the end Of l94l.
/ The Union Trust Co. Club me-
/ in the boardroom after banking
hours yesterday and enjoyed two
fine motion pictures furnished BY
the Department of Agriculture.
/ The fourth annual dinner of the
/ District Building and Loan Bowling
| League will take place next Monday
! evening at the MavflCwer Hotel
t. w. Blumenauer, jr., chairman
! announced today.
Mark J. Sullivan. formerly witt
the War Production Board ha,
| Joined the Washington staff ot
| Texas Pre- -Fa bricated House r. Tent