Evening star., 1919-10-07
WILL Retire BLOCK
Preferred STOCK
Columbia Graphophone Co.
Asks for Tenders to
Amount Of s223, ,601.
: MARKET FIRM

when the Columbia Graphophone
Company was organized to take over
the business of the American GRAPHIC
phone Company. the articles Of incor-
poration provided for the retirement Of
preferred stock annually to the extent
Of a certain percentage OF the net
profits.
In conformity with this provision. the
company now advertises that it is pre-
pared to receive tenders of preferred
stock to the amount to be retired
through use of the sinking fund-name-
ly. $223. sol. 73-on October 20, up to $40
a share the limitation price as provided
in articles of organization.
As the preferred stock is quoted at
93k bid and 94k asked. or about these
figures, with an entirely nominal mar
ket. 1t is probable that the sinking fund
der the limit. perhaps under par.
That such a large sinking fund should
have accumulated in the comparatively
short time since the new stock was put
out Is something of a surprise to those
not familiar with the business the cor
poration Is doing.
Under the provisions by which the
preferred stock of this corporation
was issued the outstanding notes and
the per cent bonds were to be re-
give the required four weeks notice
Of retirement of the bonds they were
not taken up at the last interest
period. but will unquestionabiy be
called and Cancelled with the end OF
the year, as cancellation is obliga-
tory.
Proffers of stock should be made in
sealed envelopes marked offer OF pre-
l. ferred stock" and sent to the Colum-
| bia Graphophone Company at the Of
nf &c
Trust Company, city of New York. on
or before October 16. 1919.
| Proposals shall state the number of
shares offered and the price. and
! shall be signed by the holder thereof
or his or its proper officer or attorney.
Foreign Exchange.
German marks have touched a new
| low in the foreign exchange market
! Considerable interest and some spec
| ulation have developed in Washing
| ton in foreign exchange.
In this connection one of the most
| prominent bankers; in Washington
| said today:
Large bankers here do not encour-
age the purchasing of drafts for
| speculative purposes. as they will not
| be responsible for bills issued IL they
are not presented within a reason
| able time" --.--.
| In foreign exchange a generally
| firmer tendency is manifested. De-
| mand sterling advanced yesterday y
| cent, to $4.22. Franc checks We're
marked up 2 centimes. to s.S! francs
| per 81, and lire checks / centime. to
| 97s lire per 81. Mark cables were
|! slightly higher at $.041s. and guilder
| cables at $3SA. Swiss cables were
$50 francs per 81. Belgian cables
s.sS francs per 81: peseta cables
s.l91s and vienna cables $.o145.
The Federal Reserve Board has is
sued advice that the differential dis
| count rate of federal reserve banks
on notes secured by government
! bonds, maintained to encourage pur-
chase and absorption Of liberty bonds.
| will soon be done away with. The
| board gives an opinion that the prob
lem of reducing the cost of living Is
| mainly that Of restoring the purchas-
| ing power of the dollar. which has de-
| clfned because credit expansion under
necessities of war financing, proceed
| ed at more rapid rate than production
| and saving Of goods. That process
| must now be reversed by increased
| production and saving, which will re-
| suit in reduction of the volume OF
| purchasing media in circulation.
Business on Exchange.
On the Washington Stock Exchange
| today thirty-five shares OF Washing
| ton Railway changed hands at 52N
| and 127 shares in six lots sold at 81.
Five shares of Mergenthaler brought
| 140k.
After call twenty shares Of Lanston
| sold at 80A and sixty-three shares In
eight lots sold at S03s. a-,..
Potomac Electric Consolidated 5s TO
! the amount of $1,000 sold at 81 u.
| George z. Fleming, vice president
| of the Union Trust Company. has
| come home from Nantucket Island. where
| he spent his vacation. He says the
| hauharru and the wild crane cropS