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The "100" certificate figure is what is known to most brokers as a "round" or "board" lot.

Brokers in the past liked to trade in board lots. If you watch the stock channels you'll see trades like 100 ABC or 23,000 of XYZ, etc. It is very rare to see 13DEF or 42MNO.

There is the belief for some that round lots are easier to trade and command a slightly better price.

With the proliferation of discount brokers this doesn't seem as important today.

Another reason to take possession of the "100 certificates" is it increases your options. Virtually all US DRIPs allow you to sell your shares through the PLAN. However, this means you have to write the Co. to indicate "sell" and then wait for the next sell date (which could be a ways off) and then wait for the cheque to arrive.

Having possession of the share certificates still leaves them registered in the DRIP. However, if you need to sell quickly you have the option of taking the certificates to a broker and registering the in "street name". This action deregisters the shares from the DRIP but allows you to sell more quickly and receive your money more quickly.

OB
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