Evening star., 1933-08-09
DRUG, |NC., ACTION
ST|RS D. c. INTEREST
Many Investors Here Involved
in Vote to Dissolve Big
Corporation.
BY HAROLD ROGERS.

BY HAROLD ROGERS.
Many Washington investors are in
volved in the decision of Drug, Inc, to
dissolve this big corporation and segre-
tions. Under the plan, stockholders OF
Drug, Inc. will receive shares of stock
of five new corporations on a pro-rata
basis.
Of principal interest here is the
Bristol Myers Co., now subsidiary of
Drug. Inc, and formerly owned by
members of the Myers family here.
George Hewitt Myers, one of the princi-
pal original owners. now is special
partner in the firm of Y. E. Booker
g. Co.
Bristol Myers. which owned and con-
trolled the formulae for 1pano tooth
paste and sal hepatica, was sold by the
original owners to J. g. w. Seligman,
who. along with Y. E. Booker & Co,
offered it to the public here for the
first time about 1927. 1t sold largely
among Capital investors at $50 share.
and later went up to S134 share, be-
fore it was taken over by Drug, Inc, in
ar exchange of Drug, Inc, stock for
Bristol Myers.
New Exchange Planned.
Now in the dissolution of Drug, Inc,
ordered at a meeting OF stockholders
representing 10 per cent OF the corpo-
ration's outstanding stock. there is to
be another exchange of stock. At the
meeting a total of 2,547 ,922 shares were
voted in favor of the plan and no shares
we're voted against it.
Another of the subsidiary companies
of Drug, Inc, is Liggett Drug Stores,
which are widely represented here, both
in stores and in stock holdings.
The plan of reorganization provides
that five new corporations will be or
ganized under the laws of Delaware,
under the names of Sterling Products,
Inc; United Drug Corporation, Wick
Chemical Co., Bristol Myers Corpora
ton and Life Savers Corporation. Stock
holders of Drug. Inc, will receive shares
of stock of the five new corporations on
d pro-rata basis. For each 10 shares OF
Drug, Inc. a stockholder will receive
shares of Sterling Products, shares
Of United Drug, shares of Wick Chem
icai, shares of Bristol Myers and !
STARE of Life Savers.
Directors of Drug, Inc, late in June
recommended the plan of reorganlza-
tion. holding that such plan would be
to the best interests of the corpora
tons stockholders. Directors OF the
corporation notified stockholders that
the working capital Of the five sep
arate operating companies will be suffi-
cient to enable each of the companies
to carry on its business, and that 1t is
believed that the earnings OF each
company will be such that the aggre-
gate of dividends to be paid by the new
corporation will be at least equal to
the present annual dividend rate OF
SO a share paid by Drug. Inc. The new
corporations will be under a manage
ment which will include the executives
now conducting the existing units.
Insurance Men Honored.
Nine Washington insurance men have
been honored by awards from the
American College of Life Underwriters,
and are thereby eligible to membership
in the local chapter of Chartered Life
Underwriters.
The Capital men whose names were
announced by the American College OF
Life Underwriters from its headquarters
at Philadelphia are as follows:
To receive the designation of char
tered life Observation-Disclosures A.
f1dIldll, 6heCullEe oSIlCtdlS, hNotAn
Mutual Life Insurance Co.: Harrison R.
Hathaway, underwater of the Sun Life
Assurance Co. of Canada; Harold D.
Kraft, assistant agency manager OF
the Equitable Life Assurance Society OF
the United States: H. Bernhard Lemon,
and Samuel E. Mooers. both OF Acacia.
To receive the chartered life under
writer designation upon completion OF
three years of satisfactory life insur-
ance experience-Thomas L. O'Brien;
Warren S. Stone, underwater of the
New York Life Insurance Co.
To receive certificate in life insurance
agency management-Henry L. Choate,
general agent. Mutual Benefit Life In
surance Co.; George Link, assistant Sec
retary. policyholders' service depart
ment, Acacia Mutual Life Insurance Co.
The Capital Chapter of the Ameri-
can College of Life Underwriters. to
which these men become eligible, is
composed of the following:
President, Carl Smith Dow; vice
president, Joseph A. Mari: secretary
treasurer, James A. De Force. and
members. j. Hicks Baldwin. Edward S.
Brashears. H. Lawrence Choate. Law
renee c. Crawford. H. Cochran Fisher,
Frank D. Roach, Troy NJ Rodlun. Earle
w. Sapp, Dwight T. Scott, Russell
Shelk, Paul D. Sleeper.
Circulation Decreases.
Money in circulation decreased by
SOL .051 .698 during the month of July
to a total of $500 ,7l2, ,686, according
to the Treasury Department.
Money in circulation on the same
date a year ago was S5.726 .262 .264. or
S96. 6.549,578 in excess of the current
level
The circulation averaged S44.76 to
every man. woman and child in the
United States.
Sign Blanket Code.
Distributors Group. Inc, sponsors OF
North American Trust Shares and
North American Bond Trust Certifl-
Gates. and Allied Distributors, Inc, and
Cumulative Shares Corporation an
nounced yesterday they have signed
the Presidents blanket code under the
N R. A program. Securities of the
North American Co. which owns ma
jority of the two local street railway
lines, are included in the portfolios of
the above investment trust.
While committees from both the
Washington railway lines met today to
iron out details of the financial set-up
for the proposed merger Washington
Railway As sold on the Washington
Stock Exchange at 3d.. and stock OF
this company went at 08.