Evening star. [volume] (Washington, D.C.) 1854-1972, 1911-10-13
WILL LIMIT HEIGHT SEEKS INDUSTRIES
Plan Laid Before Chamber of
Commerce Committee. /
OUTLINED BY r. N. HARPER
Big Holding Corporation to Be Or.
gained Here.

Big Holding Corporation to Be Or.
gained Here.
A plan to bring to Washington many
light manufactures. giving employment
to hundreds of young men and women
of this city, was laid before the conn
mittee on manufactures of the Chamber
OF Commerce by Robert y. Harper at its
meeting This afternoon.
The plan was given careful considera-
ton by the committee. 1t Is a concrete
plan by which the actual work of bring
ing manufactures to Washington and in.
creasing business may be hegun immedi-
ately. according to Mr.. Harper. He him.
self stands ready to contribute the first
81 600 to carry out the plan.
Mr. Harper outlined The plan to the
committee follows:
A Holding Corporation.
There shall be organized in the Dis
trict of Columbia a company to he known
as the District OF Columbia Holding Cor
poration the capital of which shall tie not
less than S251.0D, divided into preferred
stock, each share of which shall sell for
$40.
THE payments for said stock shall be
s. per share, cash or when called for.
and 81 per share monthly until pad IN
full. With each share OF preferred stock
there shall be given one share OF COM
mon stock.
.,One of the objects OF this holding cor
poration will be to establish In the DIS
trlct of Columbia profitable Industries Tor
the purpose of manufacturing speclaities
or other articles of merchandise, as the
judgment of its board of directors may
decide upon.
Another object In view prompting the
organ. zation of such a corporation Is TO
give profitable employment TO our young
men and women, who have but Little OPP
portunity with our present SURROUNDINGS
to enjoy the usual city advantages Tor
the display of either present or future
business ability, or I'm some instances
supply the home with necessary comforts.
will Keep Money Here.
"A further and no less important rea-
SON for q corporal. on Of this KIND Is the
substantial business and financial advan-
taRes which II will bring to this city by
keeping at home the tens of thousands OF
dollars which are now sent TO the man
ufacturing centers to purchase those ar
ticles we now retail. thus depriving this
community of the entire cost OF mahufac-
ture as we'll as that for raw material
The management and business ahairs
of the holding corporation shall De M
trusted to thirty directors. chosen an
uually from the stockholders OF this cor
noration. These directors shall be elect
ed In blocks Of ten, to serve Tor three
years each. Whether they shall imme-
diately succeed themselves or not ~iA
depend upon future determination.
The directors of the holding corpora
ton shall elect from their members .
president two vice presidents ana
| treasurer. They shall also elect secre-
tary. but not necessarily from t.'eir mem-
bership.
o6cers Serve Without Pay.
IAN officers and directors except SEQ
rotary shall serve without pay until the
| stockholders Determine upon suitable
compensation for their services.
mo stakeholder shall be eligible for
election to q dictatorship unless he has
| In his own name, and unhypothecated.
| at least ten shares Of the preferred stock
| Of the holding corporation
1.-The Investments of the capital OF this
corporation shall be limited to the pre-
ferred stock of manufacturing companies
established by its board OF directors.
either in the District Of Columbia or ad-
land, and in no instance shall the hold
| ings of this corporation In any com any
in which it TAKES stock be less than 81
per cent Of the entire capitalization OK
that company.
ssThe board of directors of this cor
poration must also reserve the right to
name at least a majority OF the board or
| each of the said factories In which IL
holds stock, and all such directors named
shall be from the stockholders of the
holding corporation.
Selecting Directors.
| I'm each board Of directors chosen for
| all such factories, one must be selected
from the board of directors for the hold
ing corporation.
THE object in view for naming one
such director is to insure that at least
| one member of the board of directors of
| each manufacturing company VIII be ell
| gible to attend the board meetings OF the
holding corporation. and therepy speaA
! Of the condition OF his companies ahairs
with personal knowledge
THE board Of directors shall nave the
authority. whenever In their judgment
conditions justify such actions. to close
by liquidation, sale or otherwise, any OF
the factor as in which il holds stock,
which has not or does not prove to De
profitable investment No such cnanee'
however, can be made except py TWO
thirds vote of the combined directors OF
the holding corporation and the company
under consideration.
THE board of directors OF the holding
corporation shall have regular audits
made of the books Of each IL the COM
nan es in which it is a stakeholder. and
as often as they think desirable or neces-
sary. but not less than twice yearly for
each company.
Investment of Funds
None Of the funds of the holding corr
poration can be invested without record
ed vote Of two-thirds of the entire board.
For ordinary transactions of business:
however, a majority OF the board snaii
constitute a quorum
1.-THE secretary Of the holding corpora
ton shall be bonded In sum 10 De oes
termined upon by the directors.
"As the holding corporation VIII. under
this plan, own a majority OF the stock in
each of possibly ten or a dozen subsidiary
Companies and as the articles to be
manufactured, the capitalization OF each
company and the general detailed man
agement of the same will be under the
control of men carefully selected for their
recognized business ability and skill, out
OF the large list Of stockholders In this
holding corporation, IL would appear 10
be unreasonable to even entertain doubt
regarding the ability of the holding cor
poration to pay a satisfactory dividend
each year upon it's outstanding stock. as
il should reasonably be expected that .
majority of the factories established
under such rules as herein proposed, ana
managed by men Of experience and judg-
ment, would develop into profitable IN
vestments: some, no doubt, sumcientIy