Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1895-03-11
REORGANIZATION.
As Proposed for the Benefit OF
the Whisky Trust.
NEW ISSUE OF BONDS RECOMMENDED

Report Of the Com.ifsse and Its Fla. -
Set the Big Concern On It's Feet Again
What wll He Required q the Stock
holders and what They WIN Gst-Ju-
dIcIai Sale Of the Property Not Usiikely
1t m Early Date. =.
NEW YORK, March 11-Following is
the official plan of Reorganization OF the
Distilling and Cattle Feeding company's
reorganization committee:
ITO THE STOCKHOLDERS OF THE DIS
TILLING AND CATTLE FEEDING COMPANY:
The reorganization committee formed
Feb. Z, 1895, upon the request OF the hold
e-s of more than majority of the capital
stock OF the above-named company, has
prepared and deposited with the Manhat-
tan Trust company a proposed plan OF
reorganization, providing in substance as
follows:
81 The organization or continuance OF
such corporation as may be necessary to
acquire or hold the assets and property
OF the company.
80. The issue Of the following securi-
ties: &l,5O0,0OO first mortgage per cent.
twenty-ycar gold bonds tout of "a total Is
sue of 1900, OoO); $7.OOo,O0o D per cent.
nol.-cumulative preferred stock; rs. 900. :
600 common stock.
Stockholders Required to Subscribe.
81 Each stakeholder in the present
company becoming q party to the reor-
ganization is required to subscribe for
| said bonds ut par to the amount OF 81 n
share upon the par value Of his present
holdings and to deposit his stock on or
before March %, 1895, which the MaThat-
| nd IN
the trust company upon such deposit and
the remainder rs called for and shall re-
ccive said binds SD subscribed for and
% per cent. on the par of his present hold
ings Of stock in the new preferred stock
and 80 per cent. in common stock.
1.-The proceeds of the bond issue will be
applied to retire the outstanding 81, co., 600
OF bonds and the rebate vouchers and
other claims as provided in the plan. Five
hundred thousand dollars of the new
bonds will be reserved to be issued only in
case of an emergency, upon the unani-
nous vote of the committee, or subse-
auently by q swouhirds vote of the new
board.
The Available surplus.
al. Negotiable receipts will be issued by
the Manhattan Trust company on de-
posit of stock and application to list the
same will be made to the stock exchange.
| The subscr. pt:on 10 the above issue of new
bonds has been underwritten by the syn
dictate.
1.-The reports of the experts employed
| by the receivers show an available surplus
| OF current assets over current liabilities
of more than 81, O0o, 900. The effect will be
| to make that surplus entirely available rs
working capital for the reorganized COM
pany and to provide a sufficient reserve
| against future contingencies.
although the court upon application
of the committee has removed Mr.. Green
Init as receiver and placed the assets and
property of the company in safe hands,
| the president and directors still remain In
control of the organization. Under ex-
listing circumstances a judicial sale of the
property of the company and a dissolu.
ton of the present corporation may take
place at an early date.
Should Unite at Once.
1T is imperative that stockholders
should unite at once to protect their gen
eral interests and empower their repre-
sentatives to take immediate steps to that
end. In view OF the necessity for immc
diate action. the committee has fixed
March %, 1895, as the limit for the &c
ceptance OF deposits under the plan
Copies of the plan of reorganization and
form of assent may be had on application
to the Manhattan Trust company, cornel
Wall and Nassau streets, New York.
"RICHARD b. HARTsHoRNE,
John :. WATERBURY,
IF. NJ. LOCKWOOD,
Jules :. BACHE,
civilian l.. HUTTON, Committee"