Evening star., 1924-08-20
NORTH AMERICAN
OFFERS NEW ISSUE
S10,000,000 in Stock to
Have $50 Par VaIue--Lo-
cal Exchange Trading.
BY CHAs. r.. sHAEFFER,

a new issue OF s10,000,000 of North
1 american Company 8 per cent cumu-
! idttFe preferred stock, par value $50,
~ being offered the public today. The
STOCK IS preferred as to assets and
nlVldehds. 1T Is being offered at s4S
per snare TO Yield 6I4 per cent
Inc continued progress Of the com
pany and IFS subsidiaries is reflected
IN the consolidated balance sheet of
June "p 1928, made public this morn
ing The important changes during
I the twelve months ended on that date
| are the following:
| property and plant account. which
amounted to S271.I62,0S1 increased
| S4o'32S,351 representing additions to
! the plants and systems of subsfdi-
aries. Cash on deposit with trustees
| increased S2,SS1.GG5, and amounted to
| s4o35,3O3, substantial part of which
| IS cash avdila bic for further additions
TO the subsidiary companies prop
critics Net current assets amounted
TO s23.6Q5,179. an increase OF
S11694,585
The funded debt Of subsidiaries
| amounting to sI61.eSa.6S2. increased
! s29 .26J,233, and preferred stock Of
| subsidiaries increased s1G.506.46a, ami
amounted to $3G,97G.4j4 North Ameri-
can preferred stock and scrip increased
S3.S4e, and North American common
gained s4,32l,77&, including the com
mon stock dividend payable July
1924. Reserves increased SS,54G.8iA
and after all charges, including q
write-off Of S2471,53l excess Of book
value over par value of securities Of
, subsidiaries. surplus increased S2.44S-
S64. Or June 30, 1924. reserves ana
surplus amounted 10 S63I92g52.
B. and .. Seeks Bond Rights
The Baltimore and Ohio Railroad
Company made application today tn
! the Interstate Commerce Commission
10 issue S75, 5,000,0 900 of first mortga-a
> per cent bonds to retire and refund
an equivalent amount Of prior lien
mortgages. The issue has already been
sold at $50 per cent of par to kuha
Loeb d Co. subject TO the commits
sions approval
The Northern Central Railway
Company was granted authority BY
the commission to issue $4,000, 900 OF
general and refunding mortgage :
per cent gold bonds to be delivered
at par to the Pennsylvania Railroad
| Company in partial settlement OF
certain expenditures made for addi-
tions and betterments.
The Pennsylvania Railroad was
authorized to assume obligation and
liability as lessee in respect to the
! bonds, with the stipulation that the
bcliuS di' 10 bt SDlu at not less tlau
80 per cent OF par.
Trading on Local Exchange.
Preferred stock of the National
Mortgage and Investment Company
recovered TO ., its initial level on
the Washington Stock Exchange this
! morning. featuring the session. Trad
was brisk and heavy, augmented b.
sale of a 500 share lot. In all S4l
shares changed hands
Washington Gas continued its up
ward tendency. an odd lot selling at
/ 5O4 Capital Traction was again off.
an odd lot of this same issue bringin.
g.
Bonds were in fairly good demand.
Metropolitan Railroad 5s recording a
half-point rise from par to 11Oi.
| Pepco consolidated 5s brought 97@,.
and Railway refunding 6s, 90 Gas
! 6s sold at lo0%s, and Railway Is al 75
Plenty of Cars Available.
Surplus freight cars in good repair
and Immediately available for serv-
ice on August !, totaled 296496 a de-
crease of 26.034 under the number re
| ported July 81. the American Railway
Association reports. Virtually no car
shortage is being reported