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vanuages 1935 1934
$69,566,923 $55,737,297 January 49,091,924 60,956,281 February March 62,209,874 74,112,669 April 77,447,954 61,297,334 North American Net Better. In a letter to stockholders, J. F. Fogarty, president of the North American Co., reports in improved net of the first of 1935, Speaking direction of quarter progress earnings. the he says: 'While the rate of increase in operating revenues during these three months was somewhat less than that for the full year 1934, it must be remembered that the first quarter of the year 1934 was an unusually good one. These figures indicate some stabilization in operating costs, with an operating ratio for the 12 months ended March 31. 1935. of 56.85 per cent, as compared with a ratio of 56.71 per cent for the year. 1934, and a ratio of 54.22 per cent for the year, 1933. Appropriations for depreciation reserves for the 12 months ended March 31, 1935, were equal to $1.54 per share and aggregate 13.01 per cent of total operating revenues, compared with eppropriations equal to $1.57 per share and 12.97 per cent of total operating revenues for the 12 months ended March 31, 1934. "The earnings of $9,236,291 represent a decrease of 4.57 per cent from those reported for the corresponding period ended a year ago, but an increase of 2.94 per cent over the earnings for the calendar year, 1934. On the basis of the number of shares now outstanding. the earnings per share were $1.12 for the 12 months ended March 31, 1934, $1.04 for the full year, 1934, and $1.07 for the 12 months just ended. Thus it will be seen that the increasing volume of business is now having an effect upon net earnings. However, the margin of improvement is not large and while it offers some degree of encouragement there is as yet scarcely any basis for optimistic forecast. Claim on Bank Is Refused. The Nebraska Supreme Court has refused the request of the Maryland Casualty Co. that its claim of $13,000 against the failed South Omaha State Bank be given a par status with the claims of depositors. This sum represents the amount the company paid the City of Omaha as one of its surety company bondsmen for deposits lost when the bank failed. The city assigned the claim to the casualty company, but the Supreme Court holds that as the city had required the bank to pay the premium on the surety bond and thus depleted its assets, it did not remain on a parity with other depositors who had no security for their money. The cost of living today is nearly 40 per cent above the level for 1913, while the domestic rate for electricity has been reduced nearly 40 per cent below the rate for that year, according to Dr. David Friday, economist for the Committee of Public Utility Executives. In a brief filed with the Senate Interstate Commerce Committee, in connection with the hearings on the pending public utilities bill Dr. Friday declared that electric rates for domestic use are unique in that they alone, of all the large price groups, have pursued a steady downward course throughout the last 50 years. years 1910-1914 100," Dr. to index price "Taking of of all the commodities Friday amounted said, as "the the 116 in March, 1935, the price of farm products was 112. the cost of living was 139, while electricity for household use amounted to only an index of 59. Bonds Lead Exchange Deals. The largest bond sale on the Washington Stock Exchange today was a $3,000 transfer in Capital Traction 5s, at 98, off half a point from the last previous sale. Washington Gas Light 5s, 1960, figured in the same volume of business, three $1,000 transfers taking place at 1151/2. Capital Transit stock came out today at.19 on a small turnover and the first sale of the week. After call Mergenthaler Linotype appeared on the board in a small lot sale at 28, off a half point from yesterday's close. B. Howard Griswold, chairman of the Code Committee of the Investment Bankers' Association, announces that efforts are being made to place the investment code under the Securities Exchange Commission, taking it away from the N. R A. There is wide sentiment in favor of the move, the aim being to get all investment matters under one Government authority. Secretary Morgenthau announces that approximately $605,000,000 of the First Liberty Loan bonds had been exchanged up to Monday for the 1 per 'cent Treasury notes series A-1940 and $305,000,000 for the 2 1/8 Treasury bonds of 1955-60. Subscription books will remain open until further notice. The Interstate Commerce Commission has authorized receivers for the Seaboard Airline Railway to issue $27,859,000 of receivers certificates, $13,615,000 to be exchanged for matured certificates and $13,983,000 to be exchanged for matured and maSeaboard turing trust obligations installments of the of equipment and of the Georgia, Florida & Alabama Railroad Co.