Finance Questions? Ask a Financial Expert for Answers ASAP
Over 25 yrs. ago, I bought shares(I think 200 shares-half in my name Carol D Adcock and half in my daughters name Andrea E. Burch) of EchoBay Mines stock from a stock broker (I think A.G.Edwards Co.?=brokers name "Judy"). I received dividend checks for approx. .32 for some time, which I did not cash most of the time. The brokerage house retained the stock certificates. As time passed, I no longer heard from the broker, the brokerage house or Echo Bay Mines.About 6 or 7 yrs ago, I tried tracing down the company and found it to be a Canadian traded stock. I emailed a trace request to the Canadian equivalent of the U.S. SEC, but never received an answer. Can you get me an answer?
P.S. I realize this will take some time, so, no hurry. I'll be leaving now to run some errands. Take your time.
Your best bet is to check with the last company you had it with and see who the "transfer agent" is
A trust company, bank or similar financial institution assigned by a corporation to maintain records of investors and account balances and transactions, to cancel and issue certificates, to process investor mailings and to deal with any associated problems (i.e. lost or stolen certificates).
If you can get hold of AG Edwards - they keep what are called shells of the accounts (empty records) open for years for compliance reasons - and give them you information, they may be able to tell you who the transfer agent is
In many cases, you can find out which transfer agent a company uses by visiting the investor relations section of the company’s website. You also can use the website of the Securities Transfer Association, a private trade organization of transfer agents. The STA provides general information about the functions of transfer agents. Please note that the STA is not equipped to respond to individual inquiries via the telephone, mail, or e-mail. Shareholders with any transfer related inquiries would be best served by speaking to the transfer agent or issuer for the security in question, or their broker-dealer.
I'm going to swith us to the Q&A mode to give me some time to do a little digging myself, but going back to AG Edwards may be your most efficient bet.
Check back here, though
The Echo Bay Mines Limited company was organized in 1964 to develop a silver deposit at Great Bear Lake, Northwest Territories, which became known as the Echo Bay Mine. The company leased the old Port Radium settlement from Eldorado Mining and Refining Limited and used the old camp and mill to recover silver and copper values. Production in the Echo Bay workings ceased in 1975. The company then reopened the old Eldorado Mine workings and produced more silver and copper until 1981 when low silver prices closed the mine for good. Echo Bay Mines Limited was busy opening a new gold mine by that point - Lupin Mine, in what was then the Northwest Territories and is today in Nunavut. It entered production in 1982. Echo Bay Mines Limited developed numerous other properties mostly in the United States, including the McCoy/Cove and Round Mountain mines in Nevada, and the Kettle River mine in Washington. Corporate headquarters were in Englewood Colorado.
The company became a subsidiary of Kinross Gold Corporation in 2003 and has been delisted from the stock exchange.
The see this, from 2010
Thanks for all your hard work. Your expertise is valuable and my ignorance is palpable.
I am not even sure it was A.G. Edwards. After 25+ yrs. my memory is really foggy. I'm sure that you have addressed that possibility somewhere within your answer, but I can't determine where that is.
Unfortunately, you are dealing with a 1st graders mentality concerning stocks, stock market, transfers and transfer agents.
I don't have a clue as to a starting point.
If you could, please take me step by step in this process.
BotXXXXX XXXXXne, I don't know if A.G. Edwards has closed it's doors or is still a viable brokerage (I know I could look that up) or even if it was them. But if the brokerage suddenly disappears and the broker disappears and the stock certificates are with them, can Echo bay
also disappear with no notification whatever to the stockholder. And is that stock, where ever it went, still viable.
Late getting back to you. So sorry. I had submitted another question Re: Echo Bay mines, but the answer indicates it's "locked"? Which is a first and I don't understand it.
Were you able to obtain further information, and can I recover , at least my initial investment.
Posing a hypothetical scenario.> a person buys 200 shares of a stock, puts the certificates in a safety deposit box for future anticipated grandchildren then walks away and forgets about them.
The , then future grandchildren ,open the box, expecting an inheritance after Grandmothers demise, only to find the stock is worthless? Is it legal for companies to absorb the issuing company's stock without any notification to the stockholder? Basically stealing. Is there any redress opportunity for this type of situation? Take your time and I'll catch up to you.
Thank you Lane! this is excellent information and I will follow it to the letter.I'll bring you up to speed as soon as I know something.
I still don't understand that "locked " business and don't know if it contained any useful information or violated a top secret national security FYI highly redacted document.
Seems a little silly for someone to get their thightey- whitey's in such a knot for ???? I dunno