The Penn's Grove record., 1919-07-25
The Chemical Foundation, Inc.

The Chemical Foundation is a cor
poration organized at the suggestion OF
the Alien Property Custodian, by
members of the American Dyes Instr
tute, the American Manufacturing
Chemists Association, and other gen
tlemen engaged in various branches OF
the chemical industries to buy from
the Alien Property Custodian and hold
for the chemical industries and for the
country at large, the German-owned
United States chemical and allied pat
ents taken over by the Alien Property
Custodian under the amendment of
November 4, 1918, of the Trading
with the Enemy Act"
The Company is a Delaware corpo..
ration, capitalized at S500,OO0.O0, OF
which $500, 100000 is preferred stock,
and 800, 100000 common stock. Each
of these stocks is limited so that it
can receive no more than 6 per cent
dividends. The preferred has a pref
erence as to both principal and in
come, but has no voting power except
upon the question of amendment OF
the charter. The common stock has
full voting power. None of the stock
of either class can be transferred ex-
cept by consent of the Board OF d.
rectors. The charter provides that the
preferred stock shall be subject to re-
demption as a whole at par on Janu-
arv /. 1921, or on any first of January
thereafter, as the directors may de-
termine, and that it shall be so re-
deemed whenever the accumulated sur
Mus amounts to 1000 of the total
issued and outstanding stock of all
classes. The common stock is to be
issued under an obligation to deposit
it in a voting trust which is to con-
tinue until January, 1886.
The trustees, in whom, under the
voting trust agreement, the control of
the Foundation will be lodged, are the
following gentlemen, who have peer
serving for many months as the Ad,
visory Committee which has passed
upon all sales made by the Alien Prop
erty Custodian:
otto T. Barnard, Esquire. (Chair-
man, The New York Trust Company
N. " ~.
Hon. George L. Ingraham. (Late
presiding justice, Appellate DIVISION
First Department, New York supreme
Court.)
Cleveland H. Dodge, Esquire.
B. Howell Griswold, Jr., Esquire
(Of Alexander Brown & Sons, Baltl-
more.) 80
Ralph Stone, Esquire. president
Detroit Trust Company, Detroit, Mich
igan.)
The Trust Agreement gives those
trustees the power to fill vacancies IN
their board, so that during the con
tinuance of the trust they will be a
self-perpetuating body. They elect the
directors of the Company, whose res
iqnations are always in their hands.
The officers and directors of the
Foundation are as follows:
President, Mr.. Francis P. Garvan
1.-THE Alien Property C~ustodian.)
Vice-President, Col. Douglas |. Nc.
Kav. Late Colonel, General Staff
Vice-President of J. G. White & Co.
and Deputy Police Commissioner Of
the City of New York under Mayor
Gaynor, Kline and Mitchel.)
treasurer and Secretary, Mr.. George
J. Corbett. assistant Secretary
Central Union Trust Company
These gentlemen are for the present
serving without salary. For its patent
counsel the Foundation has retained
Mr.. Ramsay Hoguet, of the New Yorl
firm of Emery, Varney, Blair 4
Hoguet, to whom, as patent counse
for the Alien Property Custodian, ha:
been due the successful accomplish
ments of the enormous task of finding
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