Evening star., 1923-08-15
'DOLL|NGS PROJECT
SUBJECT OF REPORT
Number of Subsidiaries
Sound Committee Chair
man States.

A number of subsidiaries Of the r.
L. Dollings Company are in sound condi-
tion. some with their capital slightly
Impaired and a few insolvent, accord
ing to statement being forwarded to
stockholders Of the concern today by
John A. Bushnell Of Columbus. Ohio.
chairman Of the stockholders protective
committee. Mr.. Bushnell states that in
some cases a reorganization will be
necessary to save the investment of
holders of the stock. In view Of the
interrelationship OF the various COM
panies, no definite information as to
the assets can be given until the
audlts or the receivers are completed
In the opinion of Mr. Bushnell, in
practically all companies the only In
terests Jeopardized are those of the
stockholders. The creditors are amply
protected. he says.
Seek Self Protection.
Therefore, with the view of protect
ing their own interests, stockholders
have chosen committee of representa-
tiVes from the thirty-four companies of
the parent concern. who are proceed
ing along the following lines:
l. In all cases pending for appoint
ment OF receivers, to press for the
the best interests of stockholders at
heart.
2. In cases where a receivership Is
not justified to fight the appointment
of receiver.
3. To have the receivership lifted
and the company turned to stock
holders In all cases where the com
pany Is operating upon sound basis
4. To take such legal action as Is
proper III cases of fraudulent mis-
n ha
Its agents.
8. To submit to stockholders plans
OF reorganization in those companies
where reorganization is necessary.
o. To keep stockholders advised of
all developments in their companies
Hundreds of thousands of dollars,
locally. were put into the Dollings
project. according to reliable esti-
mates.
Norway Bond Issue Offered.
An offering Of s20.OOo.00o Kingdom
or Norway, twenty-year 6 per cent
gold bonds. dated August Is. was to-
day made for public subscription by
syndicate headed by Tho National
City Company, J. P. Morgan and Com
pany, Harris. Forbes and Company
and the Guaranty Company of New
York
The obligation, which is for the pur-
pose of meeting short term indebted
ness. Is being sold at 96h to yield
about 6.31 per cent. The borrowers
have agreed to retire the entire loan
through cumulative sinking fund.
payable semi-annually, beginning
February Is, 1929.
Features of Market.
Strength in Washington Gas Light
and MerEenthaler Linotype stock fra-
tured transactions on the Washing
ton Stock Exchange this morning.
The former sold to the extent of IS
-
| month. while the latter jumped
abruptly to 1542. with but two shares
| changing ownership. Mergenthaler
has been strong on the Boston Ex-
change at this level the entire week.
and the rise here was not unexpected.
Railway preferred was firm and
active, ffty-nine shares selling at
y. and Commercial National Bank
was in good demand. eighty-one
shares selling at 142. Traction was
unchanged at 1o1h and Riggs Bank
rights again sold at 100.
On the investment side of the mar
ket, Gas 6s, recently admitted to the
list. sold at l001a and 102. and Pepco
funding 6s of the light company sold
at 1o11 H.
Counterfeit Money Circulated.
Chief Moran of the secret service
division of the Treasury today an
nounced the discovery of two new
counterfeit federal reserve notes. The
two notes, it was said. were on the
Federal Reserve Bank of Chicago
The first is described as check
letter d. face plate No. 20S, back
plate $50: D. F. Houston, Secretary
of the Treasury; John Burke, Treas
, urer of the United States; portrait
of Cleveland"
The second is described as check
letter A; face plate No. 207: back
plate No SIS: D. F. Houston, Secre-
tary of the Treasury: John Burke.
treasurer of the United States; por-
trait of Cleveland"
s5.OOO.OOO Bank Offer.
s. w Straus & Co have purchased
and are Offering an issue of $4,000
900 first mortgage 611 per cent, three
to nine year serial coupon gold bonds
of the PIT Park avenue. incorporated.
The bonds are a closed first mort
gage on the twelve-story apartment
building, equipment and leasehold
estate, consisting of an entire block
in New York. owned by the New York
Central Railroad Company and leased
to the borrowing corporation for
period of twenty-oneCyears. with two
renewals of twenty-one years each at
first twenty-one years. The property
is appraised at s7.3O0.00O.
Personal Mention.
William B. Orme. secretary of the
Washington Gas Light Company has
returned from his vacation spent at
Rehoboth, Del, and Wayne, Pa. The as
sistant secretary, George NJ. Whitwel,
left the city today to join his family