The New York herald., 1922-11-25
Big EXCHANGE BARS
NO. AMERICAN OIL
Trading Halted Pending In
quiry Into Unusual Fluctu-
.atiOns After Listing.
JUMPS TO s32 FROM $40
Curb, Where Old Company
Was Listed Before Merger,
Sells Shares at So.

The governing committee of the New
York Stock Exchange has suspended
trading in shares of the North Ameri-
can Oil Company pending an investiga-
ton begun yesterday into the causes
of the erratic market action of the
board two days ago.
At the same time the New York Curb
Market suspended dealings in stock of
the North American Oil and Refining
Company owing to the great reduction
In the floating supply of those shares
resulting from their exchange for stock
of the nov North American 'Oil Com
pany on the basis of one share of the
new company's stock for two of the old
company's shares.
Following the listing OF the stock OF
the new North American Oil Company,
along with the securities of about twenty
other companies, by the formal action OF
the governing committee of the Stock
Exchange on Wednesday, the stock
opened at $32 a share on Thursday
morning and on a turnover of / 500
shares advanced to 325s and closed at
so. At the opening yesterday the stock
was offered at $40 share with no bids
Discrepancy in Prices.
When North American Oil stock was
selling at $32 share on the Stock Ex-
change on Thursday the shares of North
American Oil and Refining Company.
two of which were equal to one of the
old company's shares. were changing
hands at prices as low as So and SIS II
share on the Curb. sN
When this condition became known
yesterday morning the leading Stock Ex-
change houses Immediately refused
further orders to buy or sell North
American OH Company stock and the
investigating machinery of the Exchange
was set to work, beginning with ses-
sion Of the committee on stock list
A member OF the governing committee
Of the Exchange said last evening that
the exchange authorities had been try
Ing to get into communication with Of
fcers of the company all day, but with
out success. He stated also that every
effort was made by the listing committee
to establish the good standing of the
company when it made application for
the listing of its $40 shares of capital
stock Of no par value. with permission to
list 4S3.093 more shares en- official no.
tice of their issuance in exchange for
stock of, subsidiary companies that are
being consolidated into the one company
Thirty-fve letters of recommendation
were received from various parts of the
country, besides several from prominent
financial institutions in New York city,
vouching for the concern.
Working Capital x25,OOO.
The combined balance sheet of the
North American Oil Company as OF Sep
tember 30 1922, showed current liabilities
of $l,156. 759 and current assets OF 81 ISL
759. leaving net working oapital OF only
s25 .02f. Current assets included inven-
tories (at cost or market. whichever
was lower) amounting To only s62 sos.
Total assets of sl9,92l4 45s included net
property accounts amounting to sS.-
0S3 75a.
At the offices of the North American
Oil Company in the American Surety
Company Building. 100 Broadway, II
was stated that none of its higher Of
ficers was present and that an official
statement, if any. would not be forth
coming until to-day.
Under a plan for consolidating the
Noco Petroleum Company. Noco Mexi-
can Petroleum Company, Puritan OIL
Company and North America Oil and
Refining In the North American oil
Company IL was stated that exchanges
of the stock have been in progress since
early October and that the temporary
certificates are being sent out rapidly
to replace receipts for the old stock.
No information was available at the
Stock Exchange or at the company's
offices as to who underworld or stood
sponsor for the stock preceding or fol.
lowing the listing on the Stock Ex
change.
G. +. Colhord. who was president
of the North American OIL Company at
the time of its organization several
months ago. announced at that time
that the new concern was a merger OF
ten petroleum companies with a total
authorized capital of s35. 900, 900. The
principal companies of the amalgama-
ton were the North American OIL and
Refining Company and the Noco Pc
troleum Company. Mr.. Colhord said
that the new company had obtained a
charter in Delaware and would open
executive Offices In New York city.