The Washington herald., 1913-10-19
Greene Cananea.

Just how a corporation with stock of a
| so share value can make the share value
500 and hold that original so shares un-
der five, shall not participate in divi-
dends or voting power may some day be
questioned On the face Of it the propo-
| sition looks wrong.
The following is the latest circular from
the Office of the Greene Cananea Copper
Company. dated October Is. 1913:
You were notified on July 10 that the
| new certificates of this company's stock
| would be ready for issuance on August
! /. 1873 Our records show that you have
not yet exchanged your shares Of the par
value Of $50 for those OF the par value
of SI00 Most of the shareholders have
made this exchange. and 1t will be ap-
preciated if you will do likewise
THE $50 shares have been stricken
from the list on the Boston Stock Ex-
change and the 800 shares substituted
therefor; consequently the old certificates
are no longer quoted and do not consti-
tute "a good delivery
Certificates are exchangeable whether
issued in New York or Boston, at either
the New York Trust Company, % Broad
Street. New York City, or the Old Col
ony Trust Company, II Court Street,
Boston. Mass
mo Endorsement on certificates is nee
essary unless it is desired to have the
new stock issued in another name. In
such a case, an Endorsement guaranteed
by a well-known bank or banker will be
necessary, and If the stock is to be trans
ferred in New York from one name to an
other a remittance should accompany GER
tificates to pay New York State transfer
tax, which is at the rate of 2 cents for
each 500 par value. No transfer tax is
payable when stock is to be reissued in
the same name.
For each five (5) shares OF so stock
holders are entitled to receive one %
share of 800 stock. To holders of less
than five C5) shares of $50 stock, and to
those whose holdings are not in multi
Piles OF five, fractional bearer scrip will
be issued, for example:
"A stockholder of one share of $50
stock will receive, therefor two-tenths
of a share of 500 stock.
Two shares of $50 stock will receive
four-tenths Of share of 500 stock.
Three shares of $50 stock will receive
six-tenths Of a share of 800 stock.
-Four shares of so stock will receive
eight-tenths of share of 500 stock
Five shares of $50 stock will receive
one full share of 500 stock.
six shares of $50 stock will receive one
full share of 800 stock and scrip for
two-tenths of share.
Seven shares of $50 stock will receive
one full share of 500 stock and scrip for
four-tenths of a share. and so on.
Fractional bearer scrip is dealt in by
the brokers and is quoted on the Un-
listed Sheet of the Boston Stock Ex-
change.
TO holders of $50 stock not In multi
pies of five 1t is suggested that upon re-
ceipt of their fractions they at once,
through some responsible brokerage
house. take steps either to sell their
fractions or buy sufficient additional
fractions to make full share. as the
fractional scrip has no voting powers
and is not entitled to dividends"
Work for Attorney General.
When the United Cigar Stores, owners
of leases on the most valuable corners
in all large cities, starts out to operate
drug stores to add to its cigar selling
power, it would appear to be soliciting
the attention of the government solicitor.
1t has been learned on good authority
that the United Cigar Stores Company
has purchased a controlling interest in
er-Hegeman-Jaynes Drug Stores. and
that formal announcement will be made
in a few days.
This is believed to be the direct out
come Of the recent cigar war which the
Liggett Drug Stores Company waged in
competition with both the United Cigar
Stores and NEUTRALITY-SUSPICIOUS. group
of drug stores.
President Liggett states that he had
known for several days that individual
shareholders Of Riker & Hegeman Com
pany were signing an agreement to sell |
their stock. He said that the Liggett
Company was not going into the conn |
bination. Asked IL the retail tobacco war
between the drug stores and the United |
had anything to do with the move, he |
said that 1t undoubtedly had; that the |
United Company could not protect its |
business unless IL controlled some OF the |
prominent drug stores.
Mr.. Liggett stated that last winter the |
Riker-Jaynes-H Hegeuran stores were Of |
fered TO him for sale, and that he de- /
clined to buy them.
The Riker a. Hegeman Drug Cornpanys I
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