Evening star., 1925-03-07
MELLON G|VESOUT
FINANCING PLANS
Treasury Offers Two Issues
on March 15-SeVen New
Local High Marks.
BY CHAS. p. sHAEFFER.

Secretary Mellon today announced
the Governments March 10 financing
Under the terms of the new loan
the investor is left with two choices:
Subscriptions to an additional issue
of the per cent Treasury bonds of
l944-l954, or to new issue of 3 per
cent Treasury certificates of indebted
ness, maturing in nine months. Sub.
scriptions to the former are invited
at 1909 and accrued interest, and Il
the latter at par and accrued interest
Inc Secretary leaves large sizei
loophole for himself in naming ne
specific amount for either issue. On
the other hand. he reserves the righI
TO reject any subscription and to allot
less than the amount of bonds ap.
piled for and to close the subscription
books at any time without notice
This is taken in local financial circles
TO mean that Mr.. Mellon, not entirely
sure as to how the loan will settle
on the public. is submitting two
propositions and will accept the one.
or perhaps a part OF both, which
proves most beneficial to the Govern
ment.
Local Securities Lead.
No less than seven new high price
levels for the year were established
on the Washington Stock Exchange
this morning.
Norfolk and Washington Steamboat
led the advance, selling at 235. or five
points higher than the best previous
sale. Closely following was Riggs
National Bank with a gain OF 2i2
points, to 337. Washington Gas Light
finally got started and sold to the
extent of 461 shares, upward to so,
registering a full point advance.
Railway common followed in order
n
Liberty National Bank, to 175. Ian
ston Monotype gained only quarter
point, to 82i2, while Railway general
6s rose fractionally to 1919.
The session passed all others this
year in point of interest
Voting Trust Terminated.
The voting trust of the Columbia
Phonograph Co, Inc, has been termi-
mated, and certificates for shares Of
stock of the Columbia Phonograph
Co, Inc. are now deliverable in ex-
change for, and upon the surrender
of, the respective voting trust certif-
Gates therefor, duly indorsed in blank
or accompanied by proper instru-
ments of assignment and transfer ia
blank, duly executed.
The exchanges will be made at the re-
organization department OF the New
York Trust Co, 100 Broadway, New
York City. For fractional voting trust
certificates scrip Will be issued which
will carry no right to vote or to receive
dividends
The control of the company has beei
purchased, at $50 a share of 81 ,0nu
shares by the Constructive Finance Co
Ltd, and the Columbia Graphophone Co.
| Ltd, Of Lon, :.
The balance sheet OF Columbi.
Phonograph Co. Inc, including tn,
| Columbia Graphophone Co, as of De
| cember 81 last. follows:
Assets: Cash, s1.574.I70; account,
| and notes receivable, s1.0S6.690; in
\ ventories. s2,s37.5s6: property an.
plant, less depreciation, 1857. .5e2: d.
| ferred charges. s42,176; total, s713S.-
224
Liabilities: Accounts payable, etc.
| S216,ss2; taxes payable, s2S1,26 ac-
| crued and reserved royalties, S11S.S99.
sundry reserves for accounts payable
| s35.509; reserve for contingencies
S520,729: capital stock (s5.0o0 shares
no par value), $4,000, 900; deficit, s3J-
164; total, s7.13S.224.
Louis Sterling, managing director
| of the Columbia Graphophone. has
| been made chairman of Columbia
| Phonograph.
Fewer Failures in Week.
Fewer commercial failures this
week are reported by r. G. Dun & Co.
! the total of $50 comparing with 46t
| year ago. An increase of nine in
| the South was offset by decrease o.
| in the East, Il in the West and
on the Pacific Coast