New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-10-17
FORM NEW TOBACCO Co.
The Directors of the S50,00O,.
600 Cigarette Concern.

The much discussed REID Tobacco
Company" In which Daniel G. Reid has
been popularity assumed 10 be the leading
figure, has just been incorporated under
the laws Of Virginia as the Tobacco
Products Corporation with an authorized
capital stock of 100000 of which 3d.
10000 is common and 100000 Is Z per
cent cumulative preferred stock.
The directors, as far as elected, II was
announced yesterday, are Daniel G. Reid'
j. Horace Harding, OF Charles ID. Barney
& Co. who VIII represent Henry Z.
Prick on the board: Francis L. Hine.
president of the First National Bank
John d. Ryan. president OF the Anal
gamated Copper Company; Seward Pros
ser, president Of the Liberty National
Bank: Thomas Cochran, jr., vice-presi-
dent OF the Astor Trust Company; ]. Du-
Pratt White and Roberts Walker, Of the
law firm OF White & Case, counsel for the
new corporation, and Joseph A. Bennett.
OF the Office of White & Case.
OF the authorized stock. Mr.. White said
yesterday. 10000 preferred and $1,000
OCO common would be issued at once. all
Of which had been sold TO the Interests
identified with the company, the preferred
at par and the common at less than
par" The company, he added, had taken
over as a nucleus for its proposed busl-
ness the factories and the various brands
OF the Surbrug Company, which has 800,
900 capital stock, and NJ. Melachrino &
Co, Incorporated, a $4,000 concern or
ganized q fortnight ago, TO take over the
business Of the firm Of NJ Melachrino &
Co., as q preliminary 20 its inclusion In
the projected 100000 company. These
transactions had been made for cash. the
stock of the absorbed concerns being held
now by the new Tobacco Products Cor
poration.
Officers OF the new company will be
elected probably on Saturday. and are er-
pected TO include George p. and William
II. Butler, formerly OF the cigarette con-
Germ Of Butler Butler, Incorporated. In a
statement issued yesterday from the Oh
fee OF counsel for the new company ref
erence Ia made TO the clause In the dis
solution decree of the American Tobacco
Company abrogatins the covenants which
prevented men who had been connected
with concerns taken into that company
from again engaging in the tobacco ousi-
ness The Buffers were affected by these
covenants, and are now free TO re-enter
the business.
It had been originally reported that the
100000 company would be affiliated with
the United Cigar Stores Company, but
this report was denied In yesterday 8
statement, which said that George J.
Whelan, who was president Of the United
Cigar Stores Company from Its incorpora-
ton. would not be an officer or director
OF the new company or connected with II
In any official capacity. but would give X
the benefit OF his experience and advice.
The United Cigar Stores Company, the
statement continued. would handle and
sell the goods manufactured BY the new
company, but not exclusively Its policy
being TO deal in the cigarettes and tobacco
OF all manufacturers. whether the Ameri-
can Tobacco Company, Asgett q Myers.
the p. Lorillsrd Company or any other
concern in the field.
+ The three companies just named and
r. J. Reynolds & Co. the statement
says, divided the cigarette business
formerly controlled BY the old American
Tobacco Company. amounting 10 50 per
cent Of the total In the country. In
view of the vigorous competition among
them since the dissolution Of the trust
and Of the annual increase OF more than
2.0oO, O00. 900 In the number OF cigarettes
consumed, II was decided By Aessrs.
Reid and Frick and their associates that
there was field for the organization OF
a large new company independent OF any
of the concerns which had been EN-
braced in the American Tobacco Com
pany, and they accordingly formed the
Tobacco Products Corporation.
The Tobacco Products Company. cap
ital 81, 900, incorporated at Albany few
weeks ago, was organized, It was ex-
plaiued yesterday. by the interests In
the $50 900, 900 project their object being
10 safeguard the corporate name decided
upon for their large company which was
in process OF organization There has
been active trading on tho curb In the
stocks Of a Tobacco Products Company
when, as and II Issued" but IT has all
along been understood that the trades
had reference to the shares OF the $780,
OOO. 900 company, whether II should
nrove TO be the concern with the nominal
Capitalization or a company to be incor-
porated later. The speculation has been
especially brisk In the common STOCK
which is now quoted at around 1870.