In the District Court of the United States, for the Eastern District of Pennsylvania, the United States of America, petitioner, vs. Motion Picture Patents Company, et al., defendants (1913)

Record Details:

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Minutes, General Film Co. 207 For the information of the Board, Mr. Kennedy reviewed the form of contract and bills of sale which had been prepared for execution by Exchanges purchased by this company, and pointed out the large amount of work and time required to secure the necessary detailed information to complete these papers, and which accounted for the delay in closing contracts. The business situation in Canada was discussed and it was proposed that the Exchanges owned by George Kleine at St. John, N. S., Montreal, Toronto, Winnipeg, and Vancouver, B. C, and by P. L. Waters, in the same cities, be purchased on the same basis as Exchanges in the United States were purchased. Mr. Kleine being present, was invited to state the price at which he would sell out, and retired from the meeting while the proposition was under discussion. After a full discussion Mr. Kleine was recalled and the following proposition to purchase his five Canadian Exchanges was made and accepted by him : The Company to take over the Exchanges on the same basis and conditions as United States Exchanges were acquired and to pay f 3G,800 in preferred stock of this company and $73,900 in deferred money payments, the purchase being conditioned upon the licensed manufacturers having agreements with Mr. Kleine for exclusive handling of film continuing the agreements with this company; payments in money to be made in installments the same as in United States purchases, and this company to assume last week film bills and pay for saleable merchandise. There being no further business, the meeting on motion, duly seconded, adjourned. Attest : Wm. Pelzer, Secretary. President. Q. Mr. Pelzer, tin's statement which T have just read gives the figures for the total payments authorized for all exchanges in the entire country as $998,800 in stock and $2,480,000 in cash. When was the executive committee