New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-10-31

10 THE HOLDERS or cExT1y1cA -Es or
THE SUGAR REFINERIES COMPANY

10 THE HOLDERS or cEKr1yTcA -Es or
THE SUGAR REFINERIES COMPANY.
he assasioo 4 Tie Court Of Aypsas In Tie q We
Ns'A River Sugar Reanins Company nseessisssss dssou.
ton Of the exsaR and the formation Of
orssnisatsoa.
In pursuance 4 the reorganization agreement q July -
1890 the undersigned eonssutins he Committee Of csrs
nease Holders thereby appolned having carefully consd
cred ~ subject MAXI the felievns report and submit The
following plan:
Messrh Kiddsr. Peabody Co., - member, Of that Com.
ittee. have enpioysd the Arm Of Mess Deotte. Dsv~.
Gras Co.. chartered sscsuntants. q London. England,
examine the balance sheets Of various Sugar Refining
Companies from the beginning Oct. !. 1887 10 Sept l.
1880. tsee report attached,
SUMMARY OF APPENDED ACCOUNTANTS RE-
FORTS.
The original organization w,s on the basis Of conrhu.
ton Of all the Sugar Rshnns properties and their appl'
snees including the goodwill In order TO provide the
necessary working capital. s1ooooooo W.. borrowed
Since the organization there have been paid in cash
from earninsA dividends at the rate Of 10 per cent
per aanum. down TO July l. $780, amounting to
.9eo o09 Sc. and there remained hand In cash
assets and Investments above liabilities September l.
1890. surplus Of than ei1,Soe.ses. Also with
home unimportsnt exceptions, the Renneres have
tnued hold their original plsnts have purchased
additional real estate. and extensive additions and I'm.
provements have been made TO buildings and machinery
valuable pssants have also oeen acquired. The ex.
pendtures additions plant exceed the sales Of plant
BY more than S2,55e,es0
We submit the following plan. which has the approval
Of eminent counsel as per certificate herewith.
All the properties represented By the certificates
Of Sugar ReanerIes Companies will be acquired by
New-Jersey corporation TO 10 called "Ths American
Sugar Refining Company"
The Directors corporation for the nrss will
be az follows:
II. O. HAvEMEyBR, e. sEARLEs, JR.,
T. A. HAvEMRyER. wM. DICK,
r. O. MATTHIEssEN. J. b. THOMAS,
GEO. C. MAGoUN.
The capital Of this corporation will be ESQ COO ooo con.
ssting Of
SOS COG 900 Of per cent Cumulative Preferred BUCK
s25 OOO, 900 OF Common Stock.
The shares Of the American Sugar Refining Company
will be exchanged share for share for Central Trust
Company receipts, representing certincates, onehat IN
preferred shares and onc.hali in common shares
Each holder OF the Central Trust Company receipts
for 100 shares Tor fractions thereof In proprton VIII
receive.
so shares OF American Sugar Refining Company
per cent. Cumulative Preferred Stock
so shares OF the American Sugar Renning Company
Common Stock and In addition, per cent In Cash $500
In order 10 provide oil possible future contingencies
bonds to an amount not exceeding $40 rate OF
interest not exceed per cent, TO be secured by
mortgage Of active refneres will be provided for 10 De
We d only Is occasion shall require
Upon completion OF the plan, and after the distribution
OF the above per in cash. It IL estimated that the
American Sugar Refining Company will commence opera
tiops with cash sssets and investments exceeding
90 lover 900 will be in cash and avnilabie
cash aSsets) with the power TO raise upon mortgage
$40 oo0, oco additional II required.
All certificate holders who desire 10 participate IN ths
nlan NAV depos their certificates 1t once with the Genital
Trust Company when they will receive In exchange the
Central Trust Company receipts which are In turn en-
ehanRsabe for the stock OF the company The Time
for deposit Of certificates Is limited to Dec l. loO
NETWORK, Oct. 20 1890
tsieued FHRO. A, HAvEMEYER,
y. q. MArTHIRssEN.
JNO. Z. sEARLEs, JR.,
JOSEPH \. THOMAS,
Jul, A. sTURsBERG,
KIDDER, PEABODY & 60.
I approve the above plan.
President Central Trust Co.