Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-22
GRAPHOPHONE CO.
WILL ISSUE STOCK
$4,000 Shares of Common
to Be Given One for Five
at $3.50.
BY I. A. FLEMING.

Another financing proposition has
emanated from, the ONCE Of the Columbia
Graphophone Company. in which Wash
ington investors are largely interested
OF late quite number OF plans for
raising funds have been successfully
put through. to wit, the recent issue
Of preferred shares for the purpose OF
financing the Factories Company, in the
completion and fitting Of the new fac
tories at Baltimore and in Canada,
purchasing Of these plants. etc. etc.
The latest plan has to do with work
ing capital The new funds are needed
to assist the company to meet the de-
mands for it's product.
Francis S. Written. president Of the
corporation. says:
Though the company's production has
been steadily increased to the highest
point 80 far attained. the company has
Inand for its products. Net earnings
for three months this year. after taxes.
were approximately IS per cent greater
than for the same months last year.
I'm order to secure prompt provision
OF the necessary funds for the COM
pany's requirements the board Of direc-
tors has caused the sale Of tho shares
herewith offered to be underwritten by
\ banking syndicate. and shares not
subscribed for by the holders on or be-
fore May II, 1920, accompanied by full
payment Of subscription price. $3.50
share. may be sold to the under
writer's"
Both the common and preferred
shares Of this corporation were decided
ly soft on tho big slump In New York
stocks yesterday. and made new lows.
as far as the common was concerned
this morning, whether because Of the
general weakness in the whole list,
rather than by reason of the new
financing. was not stated, although this
may cause some selling.
May De Ready Soon.
Good progress has been made in the
preparation by Mr.. Emerson Of the
Treasury Department. Of the plan for
the settlement Of debt balances in the
the FsderAl Reserve Bank at Richmond.
ana also for the payment Of funds on
orders from that institution.
This movement, which is the big
gest thing that has happened for
years 30 far ~ the national banks OF
s ss yry.s and d. ~h fs
PRIVILEGES Of . local federal reserve
bank; has progressed to practical
Probably within the course Of the
tive Of the Richmond reserve bank
will visit Washington and explain
to the members of the Clearing House
Association the modus operandi. and
the new system will be put in oper-
alton.
Debit balances will be settled by
a shifting Of credit from debit bank
to credit Institution at Richmond by
wire. 1t the expense OF Richmond:
the fyeasuFy will pay over cash as
required ON order by wire from Rich
mond. charging the reserve Of the
drawing hank.
Raise neaioeo0nt Rates.
A new rate sheet was received from
the Richmond reserve bank this
morning, effective at once. About the
only change 10 the increase in rates
by csrtiAcates Of indebtedness to
meet the new interest figures on these
certificates. Tor three.month GER
tieeates and sH for six-month.
The rate ON eligible paper il per
can't: ON commsfcial paper and live
eeuds SIS per cent.
FiRe Money Scarce.
Time money is scarce these days.
per cent. The enormous liquida-
tea Of the last four days should
cause ease in the call rate. but time
money 10 scarce. wanted and likely to
continue At higher rates, when OBJ
tainable.
Little Larger Subscription.
The subscription to the and 81
Der cent Treasury certificates matur-
ing July is and October Is, closed
With 3254.53s.5o0 subscribed. These
two Issues carry the highest rate of
interest yet paid by the government
In Its postwar financing.
The only feature of the local stock
market was the liquidation of block
OF $4,000 Chesapeake and Potomac
Telephone SIS and the establishment Of
new low thereon. The first $4,000
were sold in lots Of $1,000 on a declin-
ing scale from 81 to e2is, then 50. 900
were sold in one block at 81, a fiat
drop Of 2h points, evidently on an
Imperative selling order.
. The rest Of the market was dull
and featurelAss. With the local situa-
.tton unsettled ana the smashing de-
'ta}nes Of the week in Wall street, 1t
rVees small wonder that investors held
~. even whom concessions were Of
fefod, feeling that the present was no
tine to make Investments.
y, Foeeig0 Exchange.
Pound sterling. S3.s2: francs, .oSl2:
M