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EXHIBIT 5
XXXXXXX BREED XXXXXX & XXXXXX
000 XXXX XXXXXX
XXX XXXX, XXX XXXX 00000
(000) 000-0000
August 31, 1998
Graybar Electric Company, Inc.
and
X.X. Xxxx
X.X. Xxxxx
X.X. Xxxxxx
X.X. Xxxxxxxxxxx
X.X. Xxxxxxxx, Xx.
As Voting Trustees under the
Voting Trust Agreement, dated
as of April 1, 1997 relating
to the Common Stock of
Graybar Electric Company, Inc.
00 Xxxxx Xxxxxxx Xxxxxx
Xx. Xxxxx, Xxxxxxxx 00000
Dear Sirs:
We refer to the Voting Trust Agreement, dated as of April 1, 1997
(the "Voting Trust Agreement"), relating to the common stock, par value $1
per share with a stated value of $20 per share (the "Common Stock"), of
Graybar Electric Company, Inc., a New York corporation (the "Company"), and
to the Registration Statement on Form S-2 (the "Registration Statement")
under the Securities Act of 1933, as amended (the "Securities Act"), to be
filed with the Securities and Exchange Commission (the "Commission") by the
Company and the Voting Trustees (the "Voting Trustees") under the Voting
Trust Agreement. The Registration Statement covers a maximum of 1,000,000
shares of Common Stock and Voting Trust Certificates to be issued pursuant to
the Voting Trust Agreement and the Company's Common Stock Purchase Plan dated
as of October 12, 1998 (the "Plan").
We have examined the Voting Trust Agreement and the Plan. We
have also examined originals, or certified or photostatic copies, of such
records of the Company and the Voting Trustees and such other documents as we
have deemed relevant and necessary as the basis for the opinions set forth
below. In such examination we have assumed the genuineness of
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all signatures, the authenticity of all documents submitted to us as originals,
the conformity to original documents of all documents submitted to us as
certified or photostatic copies and the authenticity of the originals of such
copies.
Based upon our examination mentioned above, subject to the
assumptions stated and relying upon the statements of fact contained in the
documents that we have examined, we are of the following opinions:
1. The 1,000,000 shares of Common Stock to be offered by the
Company, when issued and sold as contemplated by the Registration Statement
and the Plan, will have been validly issued and will be fully paid and
nonassessable, subject to Section 630 of the New York Business Corporation
Law (which provides that the ten largest shareholders of the Company are
liable under certain conditions for debts, wages or salaries due and not paid
by the Company to any laborers, servants or employees, other than
contractors, for services performed by them for the Company).
2. The Voting Trust Agreement is a valid and lawful agreement
under the laws of the State of New York and the Voting Trust Certificates
will be, when issued in accordance with the provisions of the Voting Trust
Agreement, validly issued.
We consent to the filing of this opinion letter as Exhibit 5 to
the Registration Statement and to the reference to our firm appearing under
the caption "Legal Matters" in the Prospectus that forms a part of the
Registration Statement. In giving this consent, we do not admit that we are
within the category of persons whose consent is required under Section 7 of
the Securities Act or the General Rules and Regulations of the Commission.
Very truly yours,
Xxxxxxx Breed Xxxxxx & Xxxxxx
