New-York tribune., 1898-01-01
financial.
Plan for the Reorganization
OF THE AFFAIRS OF
WELCOME q. HITCHCOCK & CO.
AND THE
Estates OF the Partners Thereof.
New York. S Wall stre~l
naeAnn "a fsQT


tn the domestic and Foreign Creditors Of
welcome g.. Hitchcock a Co.. and all
whom IL may cOncerni
Since the General Assignments have. a. counsel ~
Assignee critically studied the status ~ hs estates
and all the complications and lrgaton' growing out Of
the failure.
The liabilities are. possibly N.sooco
It 10 manifest examination Of the ocia sctefuies
OF the Assignee under the moot able manage
m.nt the assets in hand sold under forced eondtonA
cannot expected reafe net 10 the creiiors more
than 56 centum. leaving any further dividend 70 Ad'
the result Of prolonged ard expensive Wisauor
1t Nis perhaps generally known that abou, SIX years ago
Mr. Hitchcock his Investment In carefully ss.esd
farm lands contiguous TO New York. in Wstehssi1
County between Scarsdae ami White Plains on the New
York and Harlem Railroad and within toriy-tvo minutes
Q, the Grand Central Station lie had tho supporting
Judgment Of venerable and far-ssiiei Honorse!s
Charles Butler. who sso an investor IN the sane
locality and who became co-ovner with Mr. HITCHCOCK
p, Of this property Piece by piece shs best proper
ties were acquired until Mr. Hitchcock At the fauO'
was probably the largest propery-owner In "esohes'0
County holding about 400 connected acres subject onV
to relatively small mortsas. lien. II had however In
vovsd a cash outlay OF hAf a million dollars and
lookup capital which wss contributing eAu's OF '
failure.
Tn. inv..tmeu. Of course. made with The visv Of
realizing large profits from the sale OF ths ans ="
villas country residences. and town lots
II seemed 20 me wisdom of the case TO eapitaiirs
AMI develop this large and hopeful investment ana ~a"
s full under the more fasoraols conditions "hc'
tn. parties could themselves Greats and at the '.s u.
br,ns about large cash contribution an adjustment OF
all eIsim. the release OF the AssignorA and spssay
d,yidsnd TO oredors As . result prepared ana hss0
tated the plan which herewith present
Tn. payments conveyances. and concessions which
ssked Of Mrs Hitchcock and which In the most nsn-
minded spr,t she places hands for the accompna-
men, OF this plan. involve OVER HALE Aul.oS
DOLLARS.
Tho principal features Of the pian are n foho~s'
~, Tps realization 20 creditors Of the equivalent q
100 prr cent payable cash. notes. and general
orsas. bonds derived from the proceeds OF the osn's
A..snm,ut, III. payments and concessions made oy MIA
Hitchcock and IN. capitalization Of the lands hroaSn
land company bs formed for the purpose -
,,A Tn. organization a corporation TO psrchAe' 'v
out and develop said lands by cons'rneu"" u
,.vers ana other improvements. and the introduction "
a,.- light and other conveniences etc TO proV'e TOT
ruch improvements and protect the underlying mo'e
:, .nsu issue of Prior Lien Bonds To create an 'ss-
a, General Mortgage Bonds limited to the snf''n' ~
,,ry 70 herewith pay ht,y per eentura to crea's
-. ,,,,dsnd. maid by the Assignee IN excess OF s"cn
,oo nor cent 10 be applied IN reduction of me "sh~"
Mortgage Bonds- -. .,
a, Tn. Land Company be managed ~ me CIVIL
,o-. ~ long as any Of General Mortgage b'nds us
note, with Interest remain unpaid. This 70 % a' ~
,hrough . trr,steeship Of the stock which Mrs h'0"
4. ~ receive herson and which stock shall oe VOC. ~
.,ch board u director. the holde-s y naj NJ "
General Mortgage Bonds may annually n'n.n. ,,.
hin.elr largely the araiv of the conpahE .,.
"a The stock ot the Land Company ana ne S'A. ~'
homestead 70 be reserved % Nfs HItoho'oA d" '~ ~
ton Of her payments and concessions sn' J" s
NJ all claims between the estates ana hc,.'" -
80 -, =. held bv the Reorganization Truce 40 soo's
~ Tn. ,rans,sr 10 Wm Neson Cromwell Ic Hs"'-
rsnlzation Trustee and James o. cannon "' :,
Nors.n and Edmund c. Convsrse as c"h''"'s' " "
ciaims NJ creditors ard all eaUl''' - :. .,.,,,,.,v
o,hr p.r,ler thereto with adequate powers 20 ''s'u.V
g., .'h .v.rv question that nTse uni'r we oeH-
eral Assignments and the Plan ana As'es'eH' % ~
-. 90 81. ,r,p,ot consumrnation Of the phh lns " o
.,r. concen,rston OF Ownership and unity o' acVp"
"a, Ri r.s,s.s 70 welcome @ Hitchcock g. Co.
-. -. .,,.,ne,t release aid termination of All pend
ing and impending suits ds3u'es STU F"'s''- 0"
any rsrier 10 tte Agreement
TN. prompt aindlng up q the General Assign
mem, and the hnaJ accounting sni discharge "a hs
Assignee
All partIes concerned are invited TO JOIN
- hecomc pnrttes TO said PInn and Agree
mcut. and deposit hereunder on or "ei"'c
the 18th day Of JanuaFS' irv'' '"e "",e
hereby NJ Under Division NIL OF the RIM"
md which creditors must "'"'' "i p"'ote
..ia date In order to secure the dement's
thereof. -
printed copies of the Plan and Agreement
,,.y be obtnincd from the unders'sned or tue
Committee. an
issued by the Unite" ''"'e' ''"''
rs Depository.
vore than n minority in iutercst hrve al
rendy given nrsusanc" cf approval.
have thus the satisfaction OF presenunS
urovisions for pay ym~nt In fuii. nnd ior the
soIution OF aii questions. wi'"i" "HO-tnSss
day, after the failure.
Respectfully ,our.
W1. NELSON CROMWELL,
Reorganization Trustee.