European Stars And Stripes (Newspaper) - September 14, 1986, Darmstadt, Hesse                                Sunday september 14, 1986 the stars and stripes investor s guide by William Doyle q. A company in which i own Stock recently had a three for two Stock split. I bad 471 shares before the split and received certificate for 235 shares and a Check for the values of half a share As a result of the split. To me that would have been a so percent Stock dividend. I think 1 should have received 235.5 shares plus 117.25 Doyle shares for a total of 353.75 additional shares. Is my comprehension of this Correct a. No. You received the proper number of shares. As the words imply the three for two split made three shares out of two shares. Stated another Way every two shares you owned before that split became three shares. Your 471 shares became 706.5shares. The company sent you certificates for the 23s additional shares to which you were entitled. And because certificates Are not issued for fractional shares you got a Check for the Market value of the half share. You arc Correct about the three for two Stock split being similar to a so percent Stock dividend. The two accomplish the same purpose. Although handled by different accounting methods a Stock split and a Stock dividend have the same result As far As stockholders Are concerned. For instance a two for on split is the same As a 100 percent Stock dividend a four for three split the same As a 33.3 percent Stock dividend a five for four split the Sames a 25 percent Stock dividend and Infin Tum. Q. My husband owned 50 shares of Stock when he died. I had the Stock transferred to my son s name. Now when a dividend Check arrives my daughter in Law picks up the mall and cashes the Check. My son is in the process of get Ting a divorce. I told him to Transfer the Stock to my daughter s name. Would t that be the Wise thing a. There really no need to do so if the Stock is registered in your son s name alone. In that Case your daughter in Law can t Cash the dividend checks without Forg ing your son s signature. If the Stock is in your son s name and his wife s name she still can t legitimately Cash the checks without his signature. Dividend checks from jointly owned stocks Are made out to both owners with and Between the names. Both owners Are required to endorse the checks. Q. I placed an open order to sell 400 shares of Stock to "5" $5 a share. The Stock trades in the Over the counter Market in the Nas Day National Market system. On Aday while my order was in Force newspaper tables showed 22,500 shares of that Stock traded with a High of 5vt, a Low of 4vi and a 4vi close. Should my order have been filled a. Not necessarily. The 514 quo tation undoubtedly was the highest Price at which a brokerage firm acting As Market maker in that Stock sold shares that Day. The highest Price at which a Market make was willing to buy might have been lower than s. Page 19 business news analysts mostly unconcerned Over Stock prices Sharp drop new York a it was a Nasty experience for investors but Many analysts contend the severe sell off on Wal Street Over the past few Days is no cause for grave concern about the economic Outlook. Indeed they Point out one of the Sparks that touched off the explosion of Selling in stocks and Bonds was evidence that business activity might be at Las improving. This seemingly convoluted logic has become familiar on Wall Street Over the past few years what s Good news for business might be bad news for interest rates. And what s bad news for interest rates might be equally bad news for stocks regardless of its positive implications for corporate profits. While the Stock Market was sliding to its biggest weekly loss on record in the past week the Bond Market was taking a similar drubbing. Since the beginning of september yields on Long term . Government Bonds have jumped about three quarters of a percentage Point putting them in the 7.75 percent to 8.25 percent Range. Over the lust four years the Bull mar Ket in stocks has drawn a great Deal of encouragement from falling interest rates. But since the Start of september Stock traders have had to do without that Aid and Comfort. And though some of the popular Slock Market indicators reached record highs on sept. 4, Confidence among investors can be seen in retrospect to have grown very fragile. The Market was on thin ice said Hugh Johnson analyst at first Albany corp., As the Dow Jones Industrial aver age was recording its largest one Day Point loss Ever on thursday by falling 86.61 Points. By Friday s close the widely recognized average of 30 Blue chips stood at 1,758.72, Down 141.03 from the week before. Previously the biggest Point decline posted by the average had been 82.50 Points last March 31-april 4. The new York Stock Exchange composite Index fell 11.08 to 132.81, and the Market value Index at lie american Stock Exchange was Down 17.66 at257.24. Volume on the big Board averaged 181.84 million shares a Day against 164.97 million the week before. Agreement seemed to. Be just about unanimous on Wall Street that the eco nomic Outlook by itself had t changed enough to warrant such a Sharp decline in Stock and Bond prices. We re in the beginning stages of a Long term Bear Market for Bonds said Michael Evans head of the Washington forecasting firm Evans economics inc. But the Slock Market he said reacted to the bad news of higher in Crest rates without reacting to the Good news of Cor Pora in  presumably the Stock Market could regain some of its former buoyancy i investors began to Sec Strong evidence that earnings and dividends arc gather ing momentum. However analysts say Many doubts persist on Wall Street that such a Prospect will be borne out. And even if it is they say investors  take some time to embrace that View after the beating they have suffered lately. It has been a most unsettling wee for All involved said Edward Nicoski at the Minneapolis based firm of Piper Jaf fray and Hopwood inc. Until the going becomes less murky we Are opting to increase Cash positions somewhat and move to the  a Good Deal of technical damage has been done and that takes time to re pair observed Newton Zinder at  and co. Considering leaving South Africa . Firms feeling new pressures los Angeles not new pres sures Are increasing the Burden on Amer ican companies operating in South Afri Ca prompting Many to consider leaving that country. American corporations Are having to grapple with the possibility that remain ing in South Africa May Cost them sub Stantial business with local and state governments at Home and could drive Down their stocks value according to Many investment experts consultants and corporate executives. Al least 18 american companies have pulled out of South Africa so far this year and Many of the 250 remaining seem to be re examining their options. In five years almost no american in vestment will be left in South Africa Pierre a. Rinfret who runs an International business consulting firm in new York predicted recently. Even the International business machines corp., one of the largest companies in South Africa said earlier this year that twas increasingly discouraged with the situation there. In conversations both on and off the record executives at several companies appeared far less sanguine about their South african operations than they were just a year ago. Two new forms of pressure appear to be most important. First is the growing num Ber of cities around the country that Are protesting South Africa s racial policies by refusing to buy from companies doing Busi Ness there. Second is the concern which is Only now coming into focus that the rising number of pension funds Selling shares in such companies will drive Down the Stock Price and  it More difficult for those concerns to raise new capital. Gene t. Endicott a spokesman for the Hewlett Packard co., said of the Selec Tive Purchase ordinances prohibiting cities from doing business with Compa Nies operating in South Africa these Stock pulse Stock div ism Musi Atit pallm a Puco mom Exxon pc be us up dig ept by United press  it m Friday september 12,1986 a Vic comport Moil aet Tea 8y volume amex composite most actives by Volun Stock Day vol Closa earns be Kyj Bat 3.675,000 6x s 068 90 31 1.351.100 667.300 vol Clou  be Vij 4.379.900 137% $10.53 13.0 32 3.527.300 59 4.02 Iso 2.0 3.436.400 23 2.659.000 6514 2.530.400 26 2.435.000 35tt 2.315.boo 66 2.254.000 231/. 2.222.600 20 2,190.300 94 1 49 150 525 58 120 35 1 58 180 25326 11.0 62 7.68 90 5.5263 90 80 108 190 5.0461 20.0 Wick Homes nop am inn wangle eco bin Texas air Lon mar Tel Home Arp Horn had 590.600 460.200 375.900 337.100 316.800 41428 514 030 150 14 21h 25 a 19k 034 1501 35 400 1.1 299.300 20 297.700 13amei composite unseat my changes Hose composite urges net a Tangee Slock i Penl am Llor am it Holly sufi fat Cost Tsiores Honeywell Melyne Marcus scram can close Cage earns be yti245 7% j 058 250  122v, _ 5v, 6 13 200 04109 5v, 2 100v, 4x 2.70 370 1067v. 4 4 3.21 210 18 52v, 4 4.00 130 187114. 4v, 359 130 2.8 58k 4 4.19 14.0 2.7 33� 4 Stock resort Numar it Media tasty be Chroma Bro re Cross a champs att � Mcneal 77ft 4 6.57 12.0 1.0 66v, 5 83 3 26k 2% 19 214 52% 214 40k 2 28 2107 2 227. In be Price to earnings ratio you dividend yield eel Delict St you in Stock earnings latest 12 months unaudited. Close Cage earns be tu75 6 53 483 170 14 1.60 170 23 1.36 150 1.0 402 130 24 2.34 170 39 2.28 120 2662 0 96 24 0 09 could potentially have a real Impact honour ability to do business with Large municipalities. We have a lot of product that can be utilized by these  at inst 30 cities mostly in the last 12 months have passed Laws that curtail the awarding of contracts to corporations operating in South Africa. So far in 1986 the additions to the roster include los Angeles san Francisco Raleigh . Topeka Kan. Washington and Mary land. Usually there is an exception apply ing to goods that Are unavailable else where or unavailable except at a substantially higher Price. Although we re not precluded entirely from doing business with san Francisco or los Angeles it does have areal Impact on our sales Endicott said. Daniel f. Collins a spokesman for the Bell & Howell co., which withdrew from South Africa this Spring said it did so in Large pan because of the growing number of cities passing selective Purchase ordinances which could affect Bell & Howell s microfilm and textbook lines. We saw Avery real possibility that some of our Busi Ness would be affected by municipal Deci Sions to bar purchases Collins  last month the Fluor corp. Lost a $2.5 million contract with los Angele because of its involvement in South Afri Ca. In All the City estimated that its Ordi Nance which was passed in july would affect More than si00 million in con tracts a year. Rick Maslin a spokesman for Fluor said the company plans to remain i South Africa. But he said there had been debate on the Issue within the company. Most corporations say that while they Are constantly evaluating the situation they have no plans to leave. They stress that they can do More Good for Black South africans by remaining in that country As a Force for change than by leaving. But executives add that their principal obligation is to shareholders and that if circumstances in the United states or South Africa make it unprofitable to operate there they Are Likely to withdraw