New-York tribune., 1893-12-08
JARVIS-C CCNKLIN MORTGAGE TRUST CO.
EFFORTS FOR REORGANIZATION MAKING GOOD


EFFORTS FOR REORGANIZATION MAhlNV "OoD
PROGRESS.
The efforts 10 reorganize the Jarvis-Conklin Mort
gage Trust Company. which went into the hand'
of receivers on September IS. have made such
progress that speedy rehabilitation Of the COM
pany's affairs is expected The reorganization plan
has been placed in the hands OF a committee con-
posed OF men well known in financial circles mere
and abroad as follows: Henry W. cannon presl-
dent Of the Chase National Bank; r. G. Barstow
president of the Mechanics Savings BANK OF
Providence. Il. l.: r. J.. Austin. president oi the
Independence National Bank of Philadelphia; sam
ue NJ Jarvis. OF this city; j. Arthur Binns oihcm
receiver in bankruptcy. Bradford. England; Mac
Lear Brodie. chartered accountant OF Glasgow"
Scotland and Edward Watson. investment aGcn'
of Newcastle-o Tyne. England. All these men are
largely Interested creditors and Shareholders 'N-
cepting Mr.. Cannon. who Is entirely ds.nterested
in the affairs Of TIE company but Who has con-
scented to serve chairman at the request OF
prominent creditors. both in England and America
An exhaustive audit of the compary's books ana
securities was made by Barron. Wade. Guthrie
< CO. chartered accountants & OF ;ond3,n and , Ns Se
mittes showed that no misrcpressniaticna or lA'"l
ncations Of any kind had been made by tnc me com ON
era.ly held by the creditors as to the s9undnesS
and discretion Of the past managcmen;. Many ol
tho largest creditors both here and abroad. con-
ferred with the Reorganizr ton Committee Detorr
the pan ei nGyed ~ be fny assnred he plan
conempaes the merging Of all the Liabilities into
one series of debenture certificates. bearing per
cent interest absolutely, with contingent interest
in the profits up to per cent. 1here VIII De
no scaling down of any of the company,s ob.iga-
tons and payment of interest VIII psln % ,n wi.nan
three months after reorganization Tne capita
stock. however. will be reduced from $4,000 10
81 25OOOOO The limit Of time for assent to the plans
is fixed at January u. 1894 II is proposed ina,
the new company which will succeed the old
shall have board composed Of twentyi;onc
assets of the company including the securities
now held by the various trustees as collateral
security for the debentures. 1t is contendcd thlt
such board. composed of men Of high standing and
business experience. having direct interest in adj
ministerng and preserving the assets OF the com
pany will achieve better results for the security
holders than it would be possible for the trust
compa MES acting trustees. TO do under thcir
limited powers and lack of facility In handling the
farm mortgages and other securities lodged with
them under the trust agreements. The plan
of REORGANIZATION has been approved from legal
point of view by cx-Judge John +. Dillon and
Winslow s. Pierce. of this city ahd Wallace Pratt
and Henry NJ Bcardsley. Of Kansas CITY.
The balance sheet Of the company OF September
2s 1898 shows and resources of sll.5sl0f 81
and capital and liabilities Of $ll53SOi2 p leaving
a reserve Of $I7.96i 6i. which will be further IN
creased nearly 10000 by writing down the capital
of the company TO &,JDCOO.