Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-08-08
plan LOWER UNIT
OF SHARE VALUE
Columbia Graphophone Asks
!" Vote on a New Stock Is
sue Proposition.
A new YORK LISTING
BY I. A. FLEMING.

The Columbia Graphophone Com
pany makes an important announce
ment to it's common shareholders this
morning and also plans to adopt a
new method Of increasing Its share
capital. one that is liable to become
popular with corporations as it does
away entirely with the attendant tax
under the income tax laws.
A special meeting of the share
holders of the common stock Is called
for August 10 at the company's ONCE
in Bridgeport, Conn, when they will
vote on the proposition of issuing ten
shares Of common stock without par
value for each share Of common stock
now outstanding.
The present common stock consists
Of 100000 shares of no par value; it
Is proposed to issue 100000 shares
Of like stock.
Old stock will be exchanged for new
the proposition, at the rate of one
share of old for ten shares of new.
1t Is also proposed that holders of
common stock shall have one vote
for each ten shares owned.
The aggregate amount on the COM
pany's books to the credit of CAPT.
tai stock will not be changed.
1t is understood that the change
suggested is simply for giving the
stock. of no par value a lower unit
price fluctuations less severe. On the
basis of $500 a share, within a few
points of yesterdays quotations, the
new stock would be worth about $40
be on one-tenth of the scale of recent
fluctuations, likewise any reaction
would be much less marked.
The company has received writ
49, safe
that the exchange of stock as pro-
vided in this plan does not give rise
to taxation.
No change of any character is con-
templated in the common stock which
will remain with 10000 shares out
standing of a par value of 500 each.
1t is proposed as soon after the COM
pletion Of the plans as outlined above
to list the shares on the New York
Stock Exchange, which would COVE
them a better standing than as curb
and local market specialties.
Subscriptions Closed.
Notice is given by the Treasury
Department of the closing of sub
scriptions on Treasury certificates
dated August l. maturing January
2. 1920. Books closed at the close Of
business yesterday.
;; Personal Mention.
James A. Cahill. vice president of
the Commercial National Bank, will
New England, going by sea from Bal
timore to Providence.
National Bank News.
During the month Of July twenty
new banks applied for national
charters, and fifty-four applications
were made for increases. In capttaliza-
ton. New capital to the amount of
$13.44o,o00 was provided for in sthe
combined new and increased capital.
Ten national banks went into
liquidation in the same month with a
loss of $1,S00,o00 capital.
No bank failure in the national sys-
tenn has been reported for six months,
and but two since January !, 1913.
On the Stock Exchange.
Values on the securities sold on to-
days session of the local Stock Ex-
change did not show any notable
change from the figures current yes
terday and earlier in the week.
Small sales were the rule, with
Railway preferred at 81. Capital Trac-
ton at ssh, Lanston at 69A and WASH
ington Gas at 49H.
The chief activity was in the shares
Of the American Security and Trust
Company. which sold at uniform price
$ Railway Is slow at 81.
Ask Bids on Rails.
Z The railroad administration has
asked for proffers on 100000 tong of
steel rails to be rendered by the 18th
tinstant.