Omaha daily bee., 1920-06-13
Paul and Lloyd Skinner Return
To Treasury of Company
167,3O0 Shares Voted to
Them Last Year.
CONSOLIDATED FIRM
DISSOLVE BY BOARD
Stockholders in Skinner Com.
pany May Exchange Hold.
ings for Stock in Three
Original Companies. 4

Paul F. Skinner and his brother,
Lloyd Skinner, yesterday returned
to the treasury Of the Skinner COM
pany 167, 800 shares of stock in the
Skinner company, voted to them at
a directors meeting of the company
last December.
This immense block of stock,
slightly more than one-half OF the
total issue, has been the bone Of
contention since the company got
into the courts following the GUST
ing of R. C. Howe from the presi-
dency and general managership OF
the company two months ago. lhe
block Of stock at a valuation of $50
a share, is worth $8,350000.
Stockholders declared that the
Skinner brothers took l03 shares OF
stock in the Skinner company for
every share they owned in the three
former Skinner companies, while
other stockholders received only
two shares of Skinner company
stock for every share owned in the
other companies.
Cons olidation Dissolved.
The action took place following
meeting Of the boards of directors
of the Skinner company, Skinner
Manufacturing company, Skinner
Baking company and Skinner Pack.
ing company. The consolidation OF
the assets and liabilities of the last
three named companies with the
Skinner company was dissolved. The
Skinner conIpaSfy remains IN exist
ence, owning stock in the other
three companies.
Stockholders in the Skinner conn
pany, who desire to exchange their
stock for stock formerly held in the
other three companies or any one OF
them may do so
All stock issued to R. c. Howe
was declared cancelled on the books.
Howe had returned $4,000 of the lS,--
900 shares given him when he joined
the company last January. He still
held 1000 shares.
Action was also taken to authorize
exchange by any stockholder of the
Skinner Packing company Of pre-
ferred for common stock. This
company has $2,500,000 worth of
common and $7,sOo,o00 worth of
preferred stock, but voting power is
vested only in the common stock.
Under the new action taken yester-
day, holders of preferred stock may
exchange each sixth share of pre-
ferred for share of common stock,
the offer holding good until July IS.
A meeting of stockholders of the
packing company was called for June
26 at in the morning at the plant
in South Omaha, at which time the
affairs of the company are to be
thoroughly explained and discussed.
H. w. Churchill, who was chair
man of the stockholders mass meet
ing, called by R. c. Howe in the
City auditorium three weeks ago,
was present at the meetings of the
boards of directors of the various
companies yesterday. He is a
wealthy farmer, who has lived in
Clay county for 81 years, and is
member of the Farmers union. He
was added to the directorate of the
Skinner company following the Au-
dtorium meeting. He has invested
$4,000 in the Skinner Packing COM
pany.
ii know" he said, "that the Skinner
brothers did not acquire a greater
property interest in the packing plant
than they were willing to pay for.
They have tried to control the COM
pany in the interest of the real own
ers of the property.
Control Retained.
81 was present at all the meetings
of the company directors today. and
am satisfied that the company is in
good hands and will develop into a
profitable independent packing
plant if the stockholders will refuse
to be influenced by paid agitators,
who are trying to feather their own
nests, prevent an independent plant
from succeeding and throw the con.
troll to the big packing interests"
Paul Skinner, chairman of the
board of directors of the Skinner
company, declared las, night that
REIMBURSEMENT Ct !he i67 800 shares
of stock does nos mean relinquish-
ment OF control Of the company.
1--WE wouldn't run the ris!- OF the
big interests getting control Of the
company" he said. That would
be unjust to the small stockholders.