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| | TIME.com: Tea Tie -- May 31, 1937 -- Page 1 |
 | | Next day Thomas J. Lipton, Inc. filed with the Securities and Exchange Commission a registration statement for 52,000 shares of new $25 par 6% cumulative preferred stock and 200,000 shares of $1 par Class A common stock, which represented the second and final recapitalization made by Lipton, Ltd. since February. |
 | | The late Sir Thomas Johnstone Lipton's English business was incorporated as a public company in 1898, but his businesses in the U. and Canada he kept as private enterprises until his death in 1931. |
 | | For the first four months of 1937 Thomas J. Lipton, Inc. shows a net profit of $321,598, which the company deprecates as the usual seasonal business is always followed by a decline in the last half of the year. |
| www.time.com /time/magazine/article/0,9171,847904,00.html (779 words) |
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