Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-04-14
PLAN FINANCING
FOR FACTORIES
Columbia Graphophone Inter-
ested in New Preferred
Stock Issue.
ny !. 4. FLEMING.

A movement at least of decided inter
est To Columbia Ora phophone Manu-
ia curing Company. was announced thts
morning. in the issuance OF Sl,3.5,9vo
of the preferred stock, paying per
cent dividends. by the Columbia GRAPHIC
phone Factories Corporation. the total
issue authorized heing SJ,ooo.oOO.
II will be recalled that announcement
was recently made of the plans for tie
erection OF factory of large size AZ
Baltimore and The enlargement by sfoe,-
geo of "A plant purchased from the Cani-
dian Cove eminent
IL is expected that the completion OF
the wori. under way will call for the
expenditure OF Si,o0o,000. The onlN
financing so far on these properties. be-
fore the present issue, is matter OF
sI.750, 900 bonds maturing 1921 to 1888.
the balance of the funds to be provided
by the sale of the new preferred shares
and OF si.225,000 common stock.
Columbia Purchased Common.
The Columbia Graphophone COMPANY
has purchased the common stock at
par The proceeds Of the financing. az
stated were deposited with the Mel
camille Trust and Deposit Company OF
Bait more transfer agent and resistra'
IA sinking fund is provided for bones
and preferred stock and the Soiumpl
! Ora phophcne Company. as lessee OF the
new factories. is responsible for the
fixed charges aud dividends, which are
ahead Of its own dividends. etc.
/ The new preferred stock has cor
version rights: that is, IT may be
! changed when accompanied by war
/ rant therefor. one share for g
shares Of phophone common At So"
! a share il 1920: for 81 Of a shar"
J Of Graphophone common at $40
| share in 1922. and for Il shares Of
I Graphophonc common at $50 shar"
in 1923 Price of the new preferred
+, factories stock is par without war
rs@t AMI I0& with warrant.
clearing. at 10 AN.
The clearing H"uss Association
, voted unanimously. 10 tSe extent OF
the representation at the 'asstns.
+, eleven members out of fourteen he
| ing represented. to start daily clear
! ings at 10 am. on and after next
Monday As the bylaws require
| unanimous approval for. this action. II
VIII depend on whether any or the
banks that were not represented wiIl
vote adversely. The eleven delegates
| were unanimous for the earlier hour
Moreover they were equally unani-
| nous in favor Of shifting or their
! reserves from the Richmond bank ="
the branch bank at Baltimore and the
! adoption of the suggestion or X '.
Fleming regarding the settlement or
| debit and credit balances through the
use of reserve balances with the BAL
timore bank. provided the change sug-
gested is permitted. and IL probably
. will be on the unanimous request on
the clearing house and other member
banks.
1t is admitted that the allowing OF
the manager of the clearing house Ia
settle debts and credits in this way
would do away with great inconven-
iience and reduce the labor of routine
work very greatly. while presenting
no chances for dangerous features,
banks still being responsible for all
:. checks until finally settled.
Treasury Certificates.
, The expected announcement of an
: issue of Treasury certificates of S23o.
900 600 maturing July is and October
Is. 1920. bearing 5 per cent interest on
the short term maturity and 5A per
!; cent on the long term. was announced
) TODAY Denominations from S100 10
. 81 900 to $4,000 and $4,000 and $500
900.
Foreign Exchange.
| London pound sterling higher AT
S.aS: francs. 0635: marks, easier at
OTIS, and lire. .G4sS.