New-York tribune., 1901-06-07
THE NEW TOBACCO co. ORGANIZES
THE CONSOLIDATED. WITH A CAPITAL OF
100000 ELECTS OFFICERS,

THE CONSOLIDATED. WITH A CAPITAL OF
Soooooc0. ELECTS OFFICERS.
The Consolidated Tobacco Company. which was
Incorporated in New-Jersey on "Wednesday, was
formally organized in this city yesterday by the
election OF the following directors: James B. Duke
Oliver H. Payne Thomas F. Ryan. J. B. Cobb. W
W. Fuller. Grant B. Schley. Frank H Ray, An
thOny y. Brady. c. c. Dula, William r. Harris,
P A B. widener PercivaI 5. Hill. B. N Duke and
Charles E. HaIliweu- This board organized by
electing James 3. Duke president; Thomas F.
Ryan first vice-president: J. B Cobb second vice
PRESIDENT C c. Dula third vice-president: Will
tam r. Harris treasurer. an4 c. 5. Keene secre-
tary. Mr. Keene is in charge of the transportation
departments OF the American and Continental
Tobacco companies. and all Of the other men named
are directors and some OF them officers Of the same
rnpanies.
The capital OF the company is 100000, al
OF which will be paid in to-day in cash A cer-
tIfcate emitting the company TO transact business
in this State was forwarded 10 Albany yesterday
afternoon. The directors. at their first meeting
yesterday. decided 70 offer per cent ffty-year
gold bonds OF the company 10 the holders of the
common stock Of the American and Continental
Tobacco companies the basis Of 81 IN bonds
for each share OF stock In case or the American
company this offer is equal 70 s. in bonds for eacn
81 par value OF its stock. that stock is OF the
par value OF $50 a share.
In addition, American Tobacco common share
holders who accept the offer will receive 1l2 per
cent in cash in adjustment OF the dividend accru-
ing upon their stock 10 August I, on which date
the bonds Of the Consolidated company begin 70
draw interest A formal Offering of the bonds TO
the stockholders of the American and Continental
companies will be made through the Morton Trust
Company within a few days. All OF the stock de-
posted with the trust company will at once be
placed under the trust indenture securing the
bonds. as security for the same. The bonds can
be issued only take up the two classes OF stock
mentioned and for other purpose Al no time
the issue of bonds exceed the amount or stock
deposited The bonds. besides being lien upon
the shares deposited. will also be a lien upon the
$50 O00 OF cash capital OF the company and what
ever property may be acquired with the same. and
Under It's charter the Consolidated Tobacco Com
pany buy and sell and manufacture tobacco n
all its forms IL is stated by OF the officers
of the company that It's scope is International II
is also stated authority that cOnSIderao oIy more
than the majority OF the common stock or the
American and Continental companies is already
pledged for exchange into the bonds OF the Con
solidated company, In making this consolidation
the preferred stocks OF the American and CON
tinentaI companies not disturbed. Through
control Of those companies the Consolidated Will
also control the American Cigar Company. as 20
per cent OF the capital stock Of that company is
held in equal amounts by the American and Con-
tineutal companies.
The American Tobacco Company has outstanding
s54 5EOOo1 common stock and Sl4.000Oo0 preferred.
besides So 3Ol4 dividend scrip The stock issued
SIS S44. 600 common and $4S. .S4610o preferred
American Tobacco common stock closed yeSter-
day I4O7s. and preferred 1t5 bid las asked
Continental common closed at 69l4; preferred, 10