There are a number of provisions concerning the redemption of preferred shares, that are worth noting. The General Asphalt Company has outstanding $14,000,000 5% cumulative preferred which is convertible into common at any time on even terms, in addition to which the preferred shareholder will, in this case, receive also $50 of common that is held in a trust fund. Thus $100 of preferred stock can be converted into $150 of common at any time. The American Oriental Company has outstanding $2,000,000 7% participating preferred which is convertible into common, share for share. As to the rate of redemption, the Fisk Rubber Company has an unusual provision to the effect that in case of forced liquidation the preferred stock is entitled to par and accrued dividends, but in case of voluntary liquidation it is entitled to 120% of par and accrued dividends. A few English companies base the redemption of their shares of preferred on the market value. Thus Apollinaris and Johannis, Ltd., provide that in the event of voluntary liquidation all preference stock shall be entitled to a sum equal to the average price at which the stock has been sold in two preceding years, but not less than par. R. and J. Dick, an English concern which does an ex--tensive business in the United States in boots, shoes and beltings, provides that in the event of dissolution the preferred shares shall have a prior claim up to their par value, plus a sum equal to the average premium at which the shares may have been quoted at Glasgow during the three years preceding dissolution.