The sun., 1893-12-08

Details sf ths RsorrautEstieu FIa--Cspftsi
Stock 10 ne Seated Dswa.

Stock to ne Seated Dsws.
The reorganization plan Of the Jarvis Conk-
| lin Mortgage Trust Company has been COM
| pleted and Is ready to be submitted TO the se-
curity holders. The members OF the commit
tee having the reorganization in charge are all
we'll known in financial circles in this coun-
try and In Europe. The committee consists OF
Mr.. Henry W. Cannon. President OF the Chase
National Bank Of New York, Chairman; Mr.. A.
c. Barstow. President OF the Mechanics Saw
ings Bank OF Providence. X l.; Mr.. H. l. Aus
tin. President OF the independence National
Bank Of Philadelphia. Pa Mr.. Samuel NJ. Jar
Wis Of New York J. 4. Biuns, Official receiver
in bankruptcy. Bradford England; Mr.. Mac
J. can Brodie chartered accountant. OF Glas-
cow Scotland, and Mr.. Edward Watson. In
vestment agent, Of Newcastle. on Tyne Eng
land.
All OF these gentlemen are largely Interested
as creditors and shareholders both for them
selves and In the representation OF Others
with the exception OF Mr.. Henry W. Cannon.
who is an entirely disintererted member oiths
committee. and who was requested by promi-
nent creditors 10th In England and America
to represent them. The plan as formulated
contemplates the organization Of a new corr
poraton having a capital stock OF $1,000 600.
and holders OF the full paid stock OF the pres.
ent company are to receive two shares Of new
stock for every three shares OF the stock OF
the present company.
All OF the liabilities Of the old com pany are to
be merged into one series cs debenture certin.
Gates OF the new company bearing 4 per cent.
interest, payable semi annually. II any sur
plus remains from net profits in any year
after payment OF per cent. on the capital
stock such surplus is to be divided between
the capital stock and the debenture certin-
aNoa prtI iatN AL hay al ~
cent. These debsuture certificates nre to be
issued to the full amount OF outstanding obli.
cations OF the Jarvis Conklin Mortgage Trust
Company. Interest at present rates iIp to Oct
], 1893. ie to be added 70 the lace value OF
The ssrtiStSS and thG whole to 4ss
Of per cent. absolutely. with the con-
tingent interest In the profits up. to per
cent. The first interest payment Will he made
within three months after the completion OF
the reorganization, and will include all interest
which shall have then mntured. tits proposed
to ask the Stock Exchange to list these ctrtitl-
Gates.
organization Committee will appoint officers
and manage the affairs of the company. 1t Is
proposed that the new company shall have a
Board com posed OF twenty-one trustees. with
whom will be lodged the various assets Of the
company. including the securities now held by
the debentures. 1t is considered that such
Board OF Trustees. composed OF men OF high
standing and business experience, having u
direct Interest in administering and preserv-
ing the assets OF the company. will achieve
better results for the security holders than it
would DO possible for the trust companies,
acting as trustees. to do. under their limited
powers and lack OF facility In handling the farm
mortgages and other securities lodged with
them under the trust agreements.
The address to tho security holders which
accompanies the reorganization agreement
contains the balance sheet OF the company.
made up as Of sept. 2S by Barrow. Wade.
Guthrie * CO.. chartered accountants. Taking
all mortgages at their face value. renl estate
at cost less % per cent. for depreciation or
loss on realization. bills receivable at their
face value less 90 per cent, and bonds and
stocks at various valuations. in no case above
par, the assets and resources OF tho company
are estimated by this firm at 5 ,jDl .OOO
Judge John F. Dillon and other counsel cor.
tify TO the legality OF the proposed scheme OF
i2ation. and Mr.. I. r. Wilkinson Of
Manchester, England. untes with Messrs ].
Arthur Bnns aud Mnclean Brodie In q letter
to the creditors and shareholders OF the COM
pany in which they urge the acceptance OF tho
plan as the best possible and rs Offering the
only method by which the assets can be real
lied without ruinous loss.