Protective Provision.-Same as outlined under description of Debenture 3s, due 1962. Prior Lien.-Subject to $831,250 debenture 4s, due August 1, 1951, which have a first charge on earnings and assets. Rank equally with debenture 3s. due 1962 and 1969. Dividend restriction-Company covenants not to pay dividends on common stock or to acquire shares of any class of its stock except out of available consolidated net income accrued after December 31, 1947, plus $15,000,000. Sold privately.-$75,000,000 in February 1948, at 100 and interest, to Equitable Life Assurance Society of the United States. Stock provisions STOCK DATA Six percent preferred stock has preference over common as to cumulative dividends of $6 per annum from October 1, 1904, payable quarterly January 1, etc.; and in any liquidation as to assets equal to $100 and dividends. Nonredeemable. Voting power: Four votes per share. Capital changes Each of the 786,891 shares of 6 percent cumulative nonvoting preferred stock outstanding December 31, 1911, was exchanged for two-thirds of a share of 6 percent cumulative voting preferred and a fractional share of 7 percent preferred stock of Liggett & Myers Tobacco Co. and P. Lorillard Co. This left 526,997 preferred shares outstanding. The 259,894 shares exchanged for preferred stock of the two other tobacco companies were retired March 14, 1917, and authorized preferred was correspondingly reduced from 800,000 to 540,106 shares. Prior to January 7, 1918, authorized common was $100,000,000, all of one class, of which $40,262,400 was outstanding. On that date, stockholders approved proposal to designate $50,000,000 of unissued common as common B; latter was increased to $100,000,000 September 8, 1920. Par value of common and common B was reduced from $100 to $50 in November 1924, and to $25 in July 1930, stockholders receiving in each case two new shares for each old share held. April 7, 1948, stockholders approved an increase in authorized common stock from 2,000,000 to 6,000,000 shares, and the reclassification of each class B common share as one common share. Rights Common and common B stockholders of record April 2, 1947, received the right until April 21, 1947, to subscribe at $57.50 a share for 896,404 common B shares, on basis of one share for each five held. A total of 854,150 shares (95.3 percent) were subscribed, and underwriters, headed by Morgan, Stanley & Co., sold the remaining 42,254 shares at $64 a share. Net proceeds to company (about $50,000,000) were added to working capital. Registrar.-City Bank Farmers Trust Co., New York. Markets for stocks.-Preferred listed on the New York Stock Exchange. Common listed on the New York Stock Exchange and traded on the Boston and Philadelphia-Baltimore Stock Exchanges. New York Stock Exchange symbol.-AT. DIVIDENDS Six percent preferred-Dividends paid regularly since 1904. 1 Paid on common: $1.50 was paid on common B prior to its reclassification as common on share for share basis in April 1948. 2 Plus $3 in 8 percent scrip, virtually all of which was converted into common B stock at par by Mar. 1, 1923; also paid $4.75 per share in $100 par common stock of Mengel Co.. 3 Plus $6 in 8 percent scrip, virtually all of which was converted into common B stock at par by Mar. 1, 1923; also paid 75 percent in common B stock. All of the $20 in 1918 and $10 of the $20 in 1919 were paid in 6 percent scrip, nearly all of which was converted into common B by Mar. 1, 1921. Plus, in 1914, $5 in 6 percent scrip and 360,729 class B deferred ordinary shares of Imperial Tobacco Co., Ltd., of Great Britain and Ireland. Plus $20 in 1912 and $15 in 1913 from sale of certain securities under disintegration plan. In 1912 there was also distributed to stockholders a total of 12,000 shares ($100 par) of American Machine & Foundry Co. EARNINGS AND FINANCES Auditors.-Lybrand, Ross Bros. & Montgomery. Long-term digest of consolidated income account [In 1933 and subsequent years, the American Tobacco Co. and wholly owned domestic subsidiaries are consolidated. In 1942 and thereafter, includes American Cigarette & Cigar Co. and in 1941 and thereafter excludes American Tobacco Co. of the Orient, Inc. Figures for 1931 and 1932 include total net profit of wholly owned domestic subsidiaries, and only dividends received from partly owned subsidiaries. The undistributed earnings of partly owned domestic companies are not included in any year, and the undistributed earnings of wholly owned foreign subsidiaries are not included in 1931 and subsequent years] |