The Bourbon news. [volume] (Paris, Ky.) 1895-19??, 1913-07-15
stock To BE Issued.

Stock To BE Issued. -
< The certificates for the capital stock
in the Burley Tobacco Company are in
the hands of the printer and will be
issued to the members of the 1909 pool
or the holders of the warehouse re-
ceipts as soon as the warehouse re-
ceipts are turned in to the Company.
The holders of the warehouse receipts
should turn them in to the County
Chairman or Secretary to be forwarded
to the Buriey. Tobacco Company at its
office in Lexington, KY, as soon as
possible so that the certificate of stock
can be issued to the owners.
\ The Company could not issue those
the reason that. the amount to be is
sued to each member could not be as
certained until the tobacco was sold.
The final sales were not completed until
July 4, 1912. A man who buys tobacco
on the hogshead market is allowed six
months to make reclamation for dam
ages arising from the tobacco in the
hogshead not being as good as the
sample. The time would not run out
for these reclamations until January 4,
be determined what amount of stock
should be issued to each holder How
ever, in the month of August, 1912, bids
for the, printing of this stock We're Sc
cured from the printers and the form
OF the stock certificate was directed
to be prepared by the attorneys of the
Company. In the first part of October,
1912, suit was filed by two men own
ing $175 worth of stock, in the Kentcn
Circuit Court against the Burley To-
bacco Company attacking the charter
of the Company, and the right to issue
the form of stock certificate which the
charter required to be Issued That suit
was brought to a final determination In
the lower court as soon as could be
done and was then taken to the Court
of Appeals and advanced and submit
ted at the earliest possible moment and
was not finally decided by that Court
until the 18th day of June. 1913 The
Court of Appeals in its decision held
that the provisions in the charter OF
the Company relating to the form OF
the stock certificate and the voting OF
the stock were void and that the stock
would have to be issued with the vot-
ing power accompanying it directly to
the owner Of the stock. Immediately
upon the rendering of this decision the
Company proceeded to have the stock
certificates prepared and they will be
promptly issued.
Protected the Control.
|, 1t was the purpose in the organiza-
ton of this Company to keep the man.
agement and control beyond the reach
of the. enemies of the growers, and the
charter of he Company provided that
the individuals constituting from time
to time the members of the District
Board o. the Burley Tobacco Society
should vote this stock. The Court OF
Appeals in ats recent decision has held
| in substance that this clause of the
charter is void because 1t was not form
ally agreed to by the stockholders, and
in accordance with that decision each
stakeholder will vote his stock in the
election to be held in October for the
Board Of Directors for this Company.
The District Board recognizes that II
is its duty to acquaint the grow ers with
| the present situation that confronts the
Company and the Burley Tobacco So.
seiety. The grower now has to face and
decide this question: Shall the BurIey
Tobacco Company and the Burley To.
bacco Society continue or shall they be
dissolved2 LC
In adopting the charter of the Bur.
ley Tobacco Company the clause that
has been struck out by the Court O,
Appeals was inserted for the sole pur.
pose Of protecting thel Company against
its enemies, who they, feared would buy
zp this stotk and control the Company
l by their votes Ga *
I Before the. decision Of the Court q,
! Appeals was rendered on June IL 1sfs
the e,-e.lies OF the Burley movement
became active in buying up this stock
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