Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-09-25
NEW STOCK OFFER
BYNORTHAMER|CAN.
Additional Funds to Be Used
for Extension of Plant
Facilities.
By EDWARD c. STONE.


have received notices that the North
American Co. is offering common stock
holders of record october II rights on
the basis of common share at 500 for
every 10 shares held. The rights Will
expire November Is. Based on the re-
cent price of North American common
around ITO, the rights are worth ABOUT
$3.50 a share.
PAYMENT for the new stock may be
made either in full on November Is, or
in four installments on or before No
vember is. 1929; January 2. 1880; April
l. 1880, and July /. 1880. This is the
first time since 1921 that the North
American Co. has offered common stock
for subscription.
F. L. Dame, president, states there is
no intention of changing the policy OF
paying dividends on the common stock
in common stock at the rate of 22 per
cent quarterly, in effect since 1928.
Regarding the employment of the ad-
ditional capital to be received from the
sale of stock, Mr.. Dame says: THE sub
salaries have undertaken programs for
important extensions to their plants and
systems, and due to the conditions
which have for some time prevailed in
the loug-term bond market, 1t is deemed
advisable for >the parent company to
furnish the greater part of the addi-
tional capital required in the near
future"
Advertising Firms in Merger.
r. Romer, president of Samson Serv-
ice, located in the Printcraft Building,
announces that his firm has merged its
advertising business with that of the
Thomson Ellis Co. of Baltimore, under
which name the expanded business Will
operate.
The new corporation will have Offices
a., ~
York. Mr.. Romer has for years held
to the idea that, with the trade infor-
nation obtainable through the Depart
mentS of the Interior. Agriculture and
Commerce, Washington was the logical
source of advertising guidance for the
manufacturers of America. His firm
has done a good business in the past.
and the consolidated concern expects
rapidly to extend its business in the ad-
vertising field.
Commercial Employees Rewarded.
The Commercial National Bank
made its annual award yesterday OF
prizes to employees who have sue
cessfully completed courses offered by
Washington Chapter, American In
stitute of Banking. Besides paying
membership dues of employees in the
chapter, the bank also rewards those
who are successful students with cash
prizes of $25 for elementary and $50
for standard courses
Employees receiving awards were
Claude B. Novarro, completing both
standard and pre-standard courses,
who got SIS; Herman O. Corder. Eu-
gene B. Glenn. A. C. Harris. George
w. Hurst. L. B. Rouche and Homer
G.. Smith, standard courses. who were
awarded $50 eech. and Thelma L.
Courtney Robert w. Crandall, Har-
old F. Hair and G. F. Single. pre-
standard courses. who received $25
each.
In addition to the prizes. number
of refunds were made for tuition for
post graduate courses and dues for at
tendance at the required number Of
classes. President r. Golden Donald
son distributed the prizes.
New Stock Shows Advances.
The stock of the Southern Corpora
ton. an investment corporation of the
general management type with its home
Office in Washington, has recently
scored steady gains. The company
started in business two months ago with
a public offering of common stock at
e. Co. of Baltimore, and Perot Adair
& Co. of Washington. The stock is
listed on the New York Curb. It
for the year on the curb Is 14A.
n. & w. Earnings Reveal Gains.
The Norfolk & Western Railway Co.
reports for eight months ended August
81, 1929 net income of $25, 556, 673 aft
err taxes and charges, equivalent after
allowing for eight months dividend re-
quirement on per cent preferred
stock to $17.76 share on l,404,637
shares of common stock. This COM
pares with S16,940,366, or $11.62
share on the common stock in first
eight months of previous year.
The N. q w. directors have declared
the regular quarterly dividend of ST on
adjustment preferred, payable Novem-
Der 19 to stock of record october 81.
Seaboard Bonds Deposited.
The adjustment bondholders' COM
Inittee report that $2l $3.50 of the
Seaboard Air Line Railway 5 per cent
bonds, or more than So per cent of the
outstanding $25.00o,o0O issue, have been
deposited.
L. r. Powell, president of the COM
pany, said that September traffic so
far had shown an appreciate gain over
last year.
Local Market Remains Firm.
Today's trading on the Washington
Stock Exchange was much the same as
that of yesterday. Another single share
of Riggs National Bank stock sold at
612. Capital Traction opened with 20
shares selling ex-dividend at 914, fol-
lowed by 40-share lot changing hands
at 911a, the same as yesterdays clos
ing quotation.
Potomac Electric Power per cent
preferred sold at 1925 and 112 and
the 512 per cent issue registered LOG.
Chevy Chase Dairy preferred came out
at 10712. Federal American Co. COM
mon opened at A and closed at 1874.
Lanston Monotype moved at 100 and
Mergenthaler Linotype figured in three
10-share sales, ex-dividend, at 1O334.
woodward g. Lothrop preferred, which
rarely appears on the board, registered
small sale at lot and another IS
share sale at 108.
Bonds were in moderate demand. CITY
& Suburban SIS moved at SO, Washing
ton Gas, series A bonds moved around
1919 and the B bonds sold at lO3. Rail-
way g. Electric As came out at 50. There
was $4,000 transfer in Barber & Ross
6l2s at 94i2. E
Heard in Financial District.
The stockholders of the Bank of
Commerce & Savings will hold their
annual meeting in Alexandria tomor-
row, the local banE holding a Virginia
charter
Myles H. Quail of Y. E. Booker g. Co.
has returned to his ONCE from an ex-
tended vacation motor trip through
New England.
Local boardrooms were crowded with
customers at the opening of the New
York stock market today. The sharp
break late yesterday caused unusually
keen interest in today's market.
The recent advance in Woolworth
stock to above 103 placed the company