Evening star., 1925-08-24
CHAP P|N-SACKS, |NO.,
HAS NEW OWNER
Florida Subsidiary of Ice
Cream Plant AbsorbS Hold
ing Company's interests.
BY CHAS. p. sHAEFFRR.

The Southern Diaries, Inc, The
Florida organ of Chaptn-SCacks Cor
poration. today announced that 1t had
made plans to acquire Chapin-Sacks
Inc, which owns 95 per cent of the
stocks Of the ice cream manufactur-
ers, through an exchange of stock on
a share for share basis.
Stockholders Of Chapin-Sacks are
given the right to exchange their
stock for the class a stock Of South
ern Diaries which is non-voting, but
the holders of which are entitled 10
non-cumulative dividends at the rate
OF $4.00 a share. In addition 10 thS
offer, Chapin-Sacks stockholders are
offered the privilege of subscribing
for 10000 shares Of class B stock Of
the Southern Diaries at $40 a share.
The acquisition can best be de
scribed as merely a change in the
name Of ownership. Southern Dair.
les, Inc, is branch of the Chaptn-
Sacks Corporation chain, formed TO
function in Florida where it has al
ready purchased or absorbed three
companies engaged in similar pur-
suits in Miami. West Palm Beach
and other popular resorts Besides.
plant for the purchase of milk viii
be set up in Montgomery, Ala, -
act as feeder TO the Florida. pla.r-s
which heretofore have been getting
their milk from the Middlewest
Southern Diaries, Inc, has an aII
thorized capitalization of 100000 class
A shares, no par value, of which II0.-
OOO are outstanding, and 500. 900 shares.
| no par value, Of class 3, Of which
100000 are outstanding. The class 4
Is entitled TO a 4 per cent return be
fore the will be considered
North American Surplus.
Consolidated balance sheet Of the
North American Co. as of June 80 last
| made public today at noon, shows a
| surplus and reserve Of ST5,723,283. an
increase Of $12, ,530,429 over the CORE.
| spending period of last year.
Property and plant account on June
| 80 amounted to 1907 .909 ,451. a gain OF
| s36 .l47 $40 as compared with the same
| date Of last year. Current assets of
| S43,559,74o were $8,881,459 more,
! while current and sccrued liabilities
| decreased $2,269,923. Net working
| capital. amounting to $27 $4,000. in
| creased $11, Isl .382. Cash and United
| States Government securities totaled
| S22, ,594 $50, an increase of $l4,376,1 ITS
| Cash and securities on deposit with
| trustees We're S3.1S3,4S4 a decrease Of
| SS51.s
| Preferred stock of the company In
! creased $4,000, 900 and common stock
| gained S2,SS5, ,450 Funded indebted
I ness Of subsiderary companies gained
| S1S,4S6 SOC, and their preferred stock
! increased s11, ,4S1.623. For the most
| part, the increase in preferred stock
! represented customer ownership" Is
| sues mainly sold in the local terrific
| ries of the subsidiaries.
Increased Demand Noted.
| Throughout the territories served
| by the North American system, in
/ Guiding Cleveland, st. Louis and Nil
waukee. consumption Of electricity
| has steadily increased at rate which
| has required subsidiaries TO enlarge
/ transmission and its distribution
facilities. For the II months ended
/ June 80, last, the electric output to-
| tailed 2,502 ,536 ,647 kilowatt hours, an
/ increase of 1917 per cent over the
! preceding period. The number OF
! electric customers rose from 624,92r
to 668.673, or per cent increase
In a statement Issued with the bal
ance sheet President Frank L. Dame
of the North American Co. said:
| Balance available for common
stock for the u months ended June
30, 1925, was equal to S3.4S per share
on 3,011, ,461 shares of common stock
par value $40 per share) outstanding
June so, 1925, as compared with s2.76
per share for the IL months ended
June so, 1924, on 2,7S2,916 shares out
| standing June 80. 1924. These earn
ings set a new high record for the
company
Railway Common Strong.
Preferred stock replaced Washing
ton Railway and Electric common Is
the headliner on the Washington
! Stock Exchange this morning, regis
tering an advance of points TO IS.
the highest price touched in years.
The advance was gradual, the Issue
| opening at S612 and advancing CON
| secutively on 10-share sales aggregat-
ing 50 shares.
The fact that Railway common re-
mained inactive during the session
was no fault of those bullish "out-of-
town Boston and New York" buyers
who bid the tissue up to 165 with none
| offered at any price.
| Gas stock was steady. but strong
a total Of Al shares selling at 62ss
and 62&. National Mortgage and In
vestment preferred sold at 9A, Capi-
tai Traction at par and q quarter.
and Norfolk and Washington Steam
boat at 2655s