Evening journal., 1918-10-02
CAPITAL ISSUES
FINANCIAL PLAN
Stock Issues Are Limited
While the World
War is On
OFFICIAL RULING
is ANNOUNCED
specIaI io The EvenIng journal.

cpttlat 10 iHt Evening JouIudl
DOVER, Del, Oct. 2-Following the
recent meeting called by the Federal
Reserve Bank, for the Third district
which was attended by representative.
Of the Secretaries Of State from Penn
sylvania. New Jersey and Delaware. the
corporation department Of the Secretary
OF States Department Of Delaware. has
issued the following letter to all indi-
divuals, attorneys and incorporating
companies. Delaware has been cooper
ating with the Capital Issues Commit
tee since the beginning Of its work. be-
Ing the only State in the District. com
plying with the Federal request.
AT tile meeting held upon of the Dis
trict Capital Issues Committee of the
Third Federal Reserve Bank of philadel-
phia, the States of Pennsylvania. New
Jersey ana Delaware agreed TO report
to the District Capital Issues Commit
Tee the names Of all corporations in
corporated under the laws Of the re-
spective States, together with the in
creases in capital stock and to notify
the parties filing such papers that the
Act OF Congress known as the War FL
nance Corporation Act. approved by the
President April 5, 1918, must be COM
piled with and all issues Of stock must
be submitted for approval Of the Dis
trict Capital Issues Committee at 925
Chestnut Street, Philadelphia, Mr. Rich
ard l.. Austin, Chairman.
The following Section 203 OF the War
Finance Corporation Act, as well as
Rule ! Of the Rules and Regula-
tions adopted by the Capital is
sues Committee Of Washington.
"Sec. 2o3. That the Committee may.
under rules and regulations to be pre-
cribed by il from time TO time, investi-
gate, pass upon, and determine whether
Il is compatible with the national inter
est that there should be sold or offered
for sale or for subscription any issue
or any part OF any issue Of securities
hereafter issued by any person, firm, or
corporation, or association the total
or aggregate par or face value of which
issue and any other securities issued by
the same person, firm, corporation or
association since the passage OF this Act
is in excess Of 100000 Shares Of
Stock OF any corporation or association
without the nominal or par value shall
for the purpose Of this section be deem
ed to be the par value Of SiOO each.
Any securities which upon the date OF
the passage Of this Act are in the pos
session or control of the Corporation,
association or ObligOr issuing the same
shall be deemed TO have been Issued
after the passage Of this Act within the
thereof.
Nothing in this title shall be con-
strued to authorize such Committee TO
pass upon Dany borrowing by any
person, firm, corporation or association
in the ordinary course OF business as /
from borrowing for cap
ital purposes, (2) the renewing or re
Of indebtedness existing at the
time OF the passage of this Act. (3) the
'esale Of any securities, the sale or
II offering Of which the Committee has
determined TO be compatible with the
National interest. (i) any securities is
ued by any railroad corporation the
property Of which may be in the pos
essiOn and control Of the President OF
ne United States, or (5) any bonds is
ued by the War Finance Corporation.
Nothing done or omitted by the Com
nittee hereunder shall be construed as
arrylng the approval of the Commit
ee or Of the United States Of the legal
ty. validity, worth, or security Of any
1.-THE War Finance Corporation Act
authorizes the capital Issue Companies
Committee under rules and regulations
o be prescribed by It from time to time
o investigate, pass upon and determine
whether 10 is compatible with the Ma
ional Interest that there should be so
iold or offered for sale or for subscrip
ion any issue. or any part Of any is
iue. OF securities issued after April ;,
9iS. by any person, firm or person, or
association, the total or aggregate par .
,r face value of which issue and any
)ther securities issued by the same per-
son, firm, corporation, or association,
since the said date may be in excess Of
100000 shares Of stock OF any corpor-
alton or association without nominal
Or face value are deemed to be of the
face value Of SiOO each.
ANY securities which upon April 5,
1915 which were in possession or con-
rol Of the Corporation Association, or
lbllgator issuing the same, shall be
ieemed to have been issued -after that
late.
"The term securities as used herein
includes stock, shares OF stock, bonds,
notes, certificates Of in
lebtedness and other obligations.
1.-THE Committe is authorized to
,ass upon Ci) any borrowing by any
,erson. firm, corporation or assOcia-
ion, in the ordinary course Of busi-
ess. as distinguished from borrow
1g for capital purposes, (2) the re-
ewing or refunding Of indebtedness J.
visiting upon April ), 1918, t3) the re-,
lie Of any securities the sale or of
ring Of which the Committee has de-
,rmined to be compatible with the
ational interest. (i) any securities
sued by any railroad corporation,
lie property Of which may be in the
1ssesion Of control Of the President
the United States, or % any bonds (
sued by the War Finance Corpora
on. II
Nothing done or omitted by the
under the Act shall be con
irued as carrying the approval Of the