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Minutes, General Film Co. 271
The minutes of the meeting of the General Film Company of November 10, 1910, are marked Petitioner's Exhibit No. 81, and are as follows:
Petitioner's Exhibit No. 81.
Minutes of a regular meeting of the Board of Directors of the General Film Company, held at 10 Fifth Avenue, New York City, November 10th, 1910, at 3 :00 P. M.
Present : Messrs. Kennedy, Berst, Dyer, Kleine, Long, Lubin, Selig, Smith, Spoor and Pelzer, Secretary.
Also Messrs. Blackton, Marvin & Scull, representing licensed manufacturers, attended on invitation.
The minutes of the previous meeting were read and on motion, duly seconded, were approved as read.
Mr. Kennedy reported on behalf of the Executive Coinmitteee that the five Canadian Exchanges of Mr. P. L. Waters had been purchased on the same basis that the Canadian Exchanges of Mr. Kleine were purchased, at the following figures:
f in Preferred Stock and $ in
deferred money payments.
On motion, duly seconded, the action of the Executive Committee was ratified.
Mr. Kleine reported that, pursuant to instructions, the branch exchange operated at Vancouver by Mr. Waters was consolidated with the Kleine branch at Vancouver, with the result that the receipts at the latter branch, which had been approximately |650 per week, were increased to approximately $2,000 per week; the receipts at both branches previous to consolidation, Mr. Kleine stated, were about equal, showing an increase of about $700, per week.
Mr. Kennedy stated that further consolidations of Canadian branches would be made as soon as practicable, and further stated that he investigated the manner in which the business of the company might best be handled in Canada, and recommended that a subsidiary company be incorporated under the laws of the Dominion of Canada.
On motion, duly seconded, and unanimously adopted, the officers of the company were authorized and directed to take the necessary steps to carry out the recommendation of Mr. Kennedy.