Evening star., 1925-05-26
NORTH AMERICAN
VOTES DIVIDENDS
Regular Disbursements Sup
plemented by Policy Change
in Common Payments.
BY CHAS. p. SHAEFFER

Directors Of the North American
Co. have declared the regular Quarter.
ly dividend of 2h per cent in common
stock on the common outstanding and
75 cents share on the preferred.
both payable July 1 to stock of record
June 5.
In announcing their action, direc-
policy or payments on the common
issue, resulting in an increased pay
ment to holders who elect to accept
cash in lieu of stock.
The custom of declaring the com.
mon dividends at the rate of 2h per
cent quarterly, payable at the rate of
lao share Of common or in cash Is
maintained, but provision Is made to
distribute cash at the rate of the,
market value on the date of pay,
ment instead of the fixed rate of S5
cents share. At the current price
for the common, those who elect TO
take cash instead of stock would re-
ceive about $1.25 share. The dis
tribution will be made, however, at
the market value of the dividend
stock on July l, when the dividend is
payable
North American securities are wide
ly held in this vicinity due mainly
to their local aspect created by the
company's rather extensive holdings
in local transportation systems.
Scouts Speculative Excesses.
Speculative excess in business is
extremely unlikely" according to Ray
Vance, president of the Brookmire
Economic Service, in a message today
to The Star.
Our consulting staff" writes Mr..
Vance, has for the last two weeks
been busy replying TO those who con
tend we are on the verge of business
imitation, with commodity prices eX-
ceeding the 1920 top. The most out
standing reason for this belief seems
to be the present ease of money, but
this will be taken UP by the reason
able resumption of business activity,
which we are looking for. Our gem
eral conclusion is that there will be
some stiffening of money rates, that
business will improve and that no
great speculative imitation with money
rates at present or lower levels is TO
be expected"
w. b. and A. bid" Price Up.
Mergenthaler Linotype sold off
points today on the local board, sales
of 43 shares being recorded at III TO
177as. Other securities were firm at
recent levels.
Stock of the Washington Gas Light
Co. was stronger at 81, with sales Of
eased off slightly from it's opening, but
continued firm at SO and fractionalIy
above. Capital Traction sold at 95ls
and preferred stock of the National
| Mortgage and Investment Co. sold
upward to 9as on sales of 300 shares.
Five per cent bonds of the Wash
ington, Baltimore and Annapolis Co.
registered an increase of points IN
| their bid price to 65, with none
i%F1 b,yz
strued in local circles as one purely
to partly bridge the breach between
the Washington and Baltimore mar
kets, which represented an IL point
difference yesterday, with 81 bid here
and 6S in Baltimore. The ~ point
advance in these bonds yesterday in
Baltimore, their central market. was
actuated by ardent though uncon-
firmed rumors of absorption by
stronger concerns who sought a ter
minal here and in Annapolis.
Bishop Visits Baltimore.
New interests named as being in
terested in an amaigamation include
the Consolidated Gas, Electric Light
and Power Co., the Pennsylvania
Water and Power Co. and the West
ern Maryland Railway.
George T. Bishop, head of the
! Cleveland interests, which dominate
the short line, is in Baltimore today.
and 1t was inferred at his office this
morning a statement would be forth
coming later this afternoon.
| Earnings of the carrier have shown
some improvement lately. Net in
come after charges for the first four
months of 1925, including April which
| is the big revenue producer. due to
| Spring racing, show an increase of
10 per cent over the corresponding
period of last year.
The properties of the company
were given a thorough inspection
several months ago by a firm of en-
gineers.
Golf Before Business.
Members of the District Bankers
Association will preface their bust
ness meeting tonight at the Columbia
Country Club with a round of golf
on the clubs links this afternoon.
| The meeting will follow an informal
dinner at o'clock.