For a part of our history, there were two refineries operating in Lawrenceville.
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| Central Refining Company |
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| Indian Refining Company |
Central Sells to Indian
30,000
shares of Common Stock Brought $180 per share
For
several months rumors had been in circulation that the stockholders of the
Central Refining Company were negotiating with the Indian Refining Company for
the sale of 30,000 shares of the common stock of Central Refining. These rumors were persistent but no official
confirmation had been made.
On January 19, 1920, stockholders of the
Central were advised by letter that the deal had been consummated and that
24,000 shares of common stock would be transferred to the Indian. The price per share was $180 or a total of $5,400,000
for the entire issue of 30,000 shares.
The letter was signed by Frank McNeal and stated that owners of more
than 24,000 shares had agreed to sell and the officers and directors were of
the opinion that it was to the best interest of all shareholders to accept the
offer.
Payment
was to be made of $180 cash for each share of common stock, of which $170 would
be paid immediately. $10 per share would
be retained in a fund under the control
of The First National Bank of Kane, PA, Frank McNeal, and John E. Mullin of
Kane, PA. This fund was for the purpose
of indemnifying the purchasers against any claims that might arise against the
Central Refining Company that were not known at that date such as any
adjustments on income tax reports previously filed. Any balance remaining in
the fund at the end of three years would be distributed pro rata to the
shareholders whose stock had been included in the sale.
No
official announcement was made by either company but it was generally
understood that the Central would continue to be operated as an independent
concern. Rumors that both the Indian and Central would be taken over by another
company were in circulation but lacked any confirmation.
Ed Note: If anyone has a stock certificate from either of these two companies, the Historical Society would be interested in seeing them.
