Evening star., 1923-12-03
NEW PLAN IS READY
IN DOLL|NGS CASE
Stockholders Committee in
Favor of Bond ISSue-LocaI
Stock Trading.

Inc Dollings stockholders nre-
'ectiVe committee, in a letter to the
stocRnolders of the bankrupt organ
ization. suggests that a first mort
gage bond, or a series of such bonds
sufficient to pay off all current oebt
and leave a sufficient sum for tenn
porary operating capital, be pIaced
on the physical properties of the
bankrupt subsidiaries. This. accord
ing to the letter. offers a possible and
entirely feasible solution OF the cur
rent" Indebtedness OF the several
companies involved.
AS to the intercompany indebted-
ness, the committee feels that in
some cases such first mortgage loans
can be reasonably extended to a par
tial payment
This debt. however, should be
taken care of. says the committee.
through the issuance to the creditor
corporations of series Of second
mortgage or debenture bonds, being
spread over a sufficient term of years
to enable the debtor corporations to
meet them in full at their maturity,
from time to time, with interest.
The committee finds that the ply
steal properties of these companies.
with few minor exceptions, are all
practically free and clear of incum-
debt is in no case SO very great, and
that the amount of working capital
necessary in most cases to proceed
with profitable business operations
is by no means alarmingly large.
With merchandise creditors and
permanent creditors satisfied in this
manner. the committee believes that
directorateS Of men of unuuestfoned
integrity will suffice to eliminate all
reasons for receiverShipS to be con-
a, reduction
in capitalization in order TO create a
sinking fund for the redemption OF
the bond issues.
The reconstruction plan has been
submitted TO the American Bankers
Association, as well as stockholders,
with the view of obtaining the CO.
opera ton of that association, to-
gethcr with the state bankers assoc
Citations of the six states in which
these securities are chiefly held, and
through them the cooperation and
assistance of local banks and bank
ers by way of intelligently advising
the stockholders of the Settleme
procedure.
Bank Plans Big Opening.
The formal opening of the new build
ing of the International Exchange
Bank, just completed on the corner
of 5th and II streets northwest, will
be held Thursday from am. to pm,
when President Joseph Schiavone and
the officers and directors of the bank
will keep open house for their friends
and customers.
The new building is of white lime
stone. three stories high, $50 feet deep
and thirty-fve feet across the front.
1t provides commodious quarters for
the offices of the bank. and on the third
floor are seventeen Office rooms. The
interior of the bank is done in Italian
marble and mahogany. and will have.
when completed, a modern vault with
a md 70 nS
which are already rented.
Plans for the opening Thursday
center on the reception at pm
of the Italian ambassador, Prince
Caetani, and most of the embassy staff
who will arrive TO inspect this latest
manifestation of the progress of the
Italian element in Washington f1nan-
cial circles.
Mellon Issues Bank Call
Secretary Of the Treasury Mellon
country to pay into their regional
members not later than tomorrow
10 per cent of the proceeds of the
September Is sale of Treasury certifi-
Gates remaining with them on deposit.
The call Will total approximately
s9.949.7O0. leaving about s56,3S1, 400
with the banks of the country.
Trading ON Stock Exchange.
A light though relatively even vol
ume of trade at unchanged prices was
transacted on the Washington stock
exchange this morning. Attention
was equally divided between the two
lists.
Commercial National Bank stock
gained a full point to 141 sales of
fifteen shares, while both Capital
Traction and Lanston were pegged az
their previous close, 9Sss and 71H, re-
spectively.
On the bond side Washington Gas
5s brought 931a, with the 6s firm ab
par and a quarter. Capital Traction
5s sold at 81 and Wardman Park Ho-
tel 6S brought 9934