Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-11-03
.GRAPHOPHONE 6S
CALLED FOR DEC. |.
Par and Interest to Be Paid
by TruStee-Other
News.
BY 1. A, FLEMING.


The Columbia Graphophone Co.. has
called for payment at par and accrued
interest. the 100000 6 per cent bonds
| issued by it's predecessor. the American
Graphophone Co.
Bonds are redeemable December /.
1919. with interest to date. after which
/ interest ceases.
This movement has been expected
| since the new financing of the company
through preferred stock, the provisions
Of the preferred issue calling for the
retirement of all bonds and notes out
standing. a fund for this purpose being
established through the proceeds OF the
sale Of part Of the issue.
f, Because Of failure to give notice as
required by the provisions of the bond
| Issue four weeks in advance OF an in
| terest date. the bonds were not retired
on the last previous interest date, June
| /, 1919.
1t is probable that there are not more
than 100000 of the bonds outstand-
| ing at this time, as a large number were
exchanged for preferred stock at the
time this issue was marketed. early In
| the year.
| A large part of the original issue of
Graphophone Is were marketed in
washington at par and a little better
than par. Curtailment of production
of the company's factories. as a war
measure against non-essentials-
graphophones and records-caused a
slump in the price down to 80. but
were disposed of under 81, from which
/ they quickly recovered after the
armistice to par and for the last six
months have been quoted at 991s bid
| The retirement of the bonds and
| the payment o fthe notes leave the
per cent preferred stock of the COR
poratfon as the senior security. The
first retirement under the provisions
OF the sinking fund of the preferred
over $225.000 being thus expended.
The Franklin Trust Company of
New York, trustee. will redeem the
| bonds on presentation.
Returns to Dupont National.
| L. A. Slaughter, tr, formerly active
! vice president of the Dupont National
Bank, who retired from active duty at
the bank some time ago. has again re-
| turned and assumed his duties as the
active manager OF the institution.
Mr.. Slaughter Is one of the best
| known of the Junior bankers of. the
city and his loss to the banking field
was deeply regretted. hence his de-
| cision to return to the fold will be
greeted with satisfaction by a large
personal acquaintance.
Before going with the Dupont Ma
tional he served for years as note
teller with the United States Trust
Company, and the Munsey Trust Com
pany.
Bonds q Good Delivery.
The New York Stock Exchange has
adopted a ruling that the second lib
erty As will be a valid delivery up to
May 1. 1920. without the attached
coupons-that is, after the November
Is coupon has been taken on.
The local stock exchange will prob
ably make the same ruling in the i'm
mediate future.
The Treasury Department announces
that it will have the permanent
for delivery about March 1, 1920. The
next interest date on bonds mentioned
Twill be May Is, 1920. SO that no in
convenience will be experienced. The
same treatment will unquestionably
be given other temporary issues as
the coupons on the bonds are used.
An Important Amendment.
The Federal Reserve Bank Of Rich
ment to Section $500 of the revised
statutes Of the United States. which
became a law October %. 1919.
Under this amendment the 10 per
cent of capital and surplus. maximum
limit of loan which a national bank
| may make on bills of exchange drawn
in good faith against actual existing
values, is removed entirely and no
limit imposed. Likewise in the mat
ter of commercial paper or business
paper of other makers actually owned
by the person, firm or corporation
negotiating the same.
The 10 per cent limitation still
exists against accommodation or
straight loans. single name or other
| wise.
On the Local Stock Exchange.
Business on the local stock ex-
change today was rather slow and
without material change in quota
tions other than for an Improvement
in Capital Traction shares these SELL
ing up to S9X. Railway preferred
steady at So. on restricted transac-
tons. vs
Odd lots of Washington Gas changed
hands at 50A and a few shares of
lMergenthaler brought 140h.
Commercial National Bank stock
was frmer at 1873.
In the bond section sales of Poto,
mac Electric first SIS and of the de-
benture 6s Of the same company vera
made at "a.