The Washington times., 1930-08-06
TRUST.
PLAN BEING
TRIED OUT
TransContlnentaI Corp. Gives
Holders Right to Request
Portfolio Substitutions

A fixed investment trust, diff
fering from others Of that gen.
eral type in that q unique pro
vision is made for the elimination
or substitution Of stocks in the
portfolio, has been organized by
the TranScontinental Shares Cor
poration, q Wall Street.
The certificates are known as
Universal Trust Shares and are
issued in denominations Of 10
to 10000 shares, each share rep
reSenting a 1900 participating
ownership in one share of each
Of 80 important industrial, rail-
road, oil and public utility COM
panieS.
Three leading independent in
vestment counsel will pass on the
elimination or substitution Of
stocks. Any shareholder may at
any time apply to the trustee
for such elimination. His appli-
cation will be submitted to the
three Investment counsel and
approval or diSapproval by the
majority Of this group viii be
final. In the event Of any
change in the portfolio, new GER
tificates will be issued to each
shareholder and should any share
holder diSapproye Of the change
he iS entitled to retain his
original certificate and by so do
ing, keep the portfolio intact in
sofar as his own proportionate
holdings are concerned. This
scheme of substitution has been
styled the Brown Carpenter Plan"
Distribution to Sharehold lders
will consist Of regular cash divi-
dends, extra cash dividends and
the proceeds of the sale of all
rights, stock dividends and split
ups. Inasmuch as distribution
may represent, in part, return of
capital. shareholders are given
the opportunity, semi-annually.
through the exercise of warrants
attached to the certificates, to re.
invest all, or part. OF the distribu.
tions In additional shares at q dis
count below the then asked price.
The holder Of q unit Of 500 Uni
versal Trust Shares may at any
time surrender the shares to the
trustee and receive in exchange
one share each Of the deposited
stocks, together with the applic.
able reserve fund. The holder of
any lesser number of shares may
convert through the trustee into
cash on the same basis.
Paul Brown is president and III.
G. Carpenter vice president of
TranScontinental Shares CorpOr-
alton. Brown is president Of Paul
Brown q Co. in Minneapolis and
Carpenter is president Of Carpen.
ter & BrunSdale Co, Fargo, N. D.
Both have been prominently iden-
titled with the development of the
fixed trust.
The portfolio consists Of the
following stocks:
American Power and Light
Company, American Telephone
and Telegraph Company. Consoli-
dated Gas Company Of New York,
Electric Bond and Share Com
pany, North American Company.
United Gas Improvement Com
pany, Atchison, Chesapeake and
Ohio Railway, New York Central,
Union Pacific Railroad. Gulf Oil
Corpor alton of Pennsylvania.
Standard Oil Company Of Cali
fornia, Standard Oil Company of
Indiana, Standard Oil Company
of New Jersey, Allied Chemical
and Dye Corporation. American
Can Company, American Smelt-
ing and Refining Company, the
American Tobacco Company, Bor-
den Company, e. /. du Pont de
NemourS Co., Eastman Kodak
Company, General Electric Com
pany, International Harvester
Company, National Biscuit Com
pany, Otis Elevator Company,
Proctor and Gamble Company,
Union Carbide and Carbon Cor
poration, United States Steel
Corporation, westinghouse Elec-
trio and Manufacturing Company.
F. w. Woolworth Company.