New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-19
WHISKEY TRUST PLANS.
A CIRCULAR FROM THE DIRECTORS
SEVERAL. SCHEMES OF REORGANIZATION SuG
GESTED-NO MEETING OF STOCKHOLDERS
NECESSARY TO CARRY OFT

NECESSARY TO CARRY OFT
THEIR PLANS.
Peoria ILL., Dec 1s-The directors of the Dis
filling and Cattle Feeding Company issued their
statement to the stockholders of the company to-
day. After calling attention to the efforts or the
Board of Directors to take advantage of the IN
creased tax lately enacted the fact that their
customers became FESTIVE and threatening at the
failure to pay the tax all OF the product. and
the embarrassing position in which the trust found
itself. the circular continues:
1t IL difficult to estimate the amount Of addi-
tiona working capital that will be required First
we viii need at least 100000 additional to operate
the plants; second. it will require at least SlVOoWo
additional capital TO distribute our product In me
Eastern territory; third. the amount required to
cancel the leases OF idle properties is difficult TO
provided IT being. Of course. understood that
any plan OF implies that 1hs SE
ment. will best serve their interests;
of any any state considered most suitable, with a
capital stock OF slO5OO.om 100000 OF winch TO De
mon stock: the stockholders Of the Distillng and
Cattle Feeding Company 10 subscribe for the pre-
stock for every ten shares OF Distng and Cattle
Feeding stock held. paying for the same so per
company Is completed. and So per share to be
payable in nstalmcnts at such times as required
and called for by the directors one share OF inc
to subscribers OF the preferred stock for I'VE shares
them. As soon as the new company Is tulIy or
ganizea the Disulling ana cattle Fcedihg ON
pany can convey TO IT all the operating plants
and all the other property real and personal
which can be utilized in connection with the proper
conduct OF the business. and the new COMPANY IN III
consideration OF the conveyance. can assume the
payment OF the 100000 bonds outstanding as
well the payment OF other Liabilities, except
upon leases OF idle and useless properties. which
should be excepted from the conveyance. After
completing the reorganization. a dismissal OF the
appeal to the Supreme Court OF the quo warranto
suit can be had. which will leave the judgment
OF custer In the lower court In effect and this VIII
require a Liquidation Of the affairs OF the DlSulhns
and Cattle Feeding Company
To summarize the plan OF reorganization. as
stated: First. II would furnish the requisite work
ing capacity without any sacrifice to the stock
holders; second II would terminate the leases
Otherwise reached: third it would place the
conduct s affairs on strict ana economical princi-
pies producing and distributing Its goods at mini
mum cost.
Your directors fully believe. with the removal OF
the embarra ssinents and encumbrances before
enumerated all competition can be successfully
met and that We can maintain our supremacy IN
the trade The authority given your directors AT the
last annual meeting Of the stockholders would appear
to be ample for them to proceed and carry out
practically such REORGANIZATION outlined above II
il became necessary by reason or the quo warranto
anil II therefore would not require a meeting OF
the stockholders for that purpose. II unanimous
action Of the stockholders cannot be obtained on
any plan. the properties can be sold by order OF the
court. and the proceeds divided pro rata among the
Plan 2 substantially the same as Plan l. except
INK manner Of subscribing FOR the preferred
stock namely the stockholders Of the Distillng and
Cattle Feeding Company 70 subscribe for &.lpopD
OF preferred stock at par at the ratio OF six shares
preferred stock FOR each 100 shares Of Distllling
and cattle Feeding stock held the balance OF the
NicocD preferred stock TO be- hch rs treasurers
Plan , Reduce the present capital stock to So
ODlo0. each s.ockholIcr 10 be asked TO surrender
his stock and accep. one share Of padup stock for
common stock be issued and that two shares OF
pad-up stock be issued TO each subscriber for 500