The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-03-02

petaus or the RorthcouainE rssus OF Collateral
Trust Bsnds-Ltse OF Assets.

-
President Weir Of the Adams Express Com
pany issued yesterday q circular to the share
holders giving the reason for the distribution of
the company's surplus assets by the issue of
bonds secured thereby. The assets will DO held
in trust by tho Mercantile Trust Company. and
tho bonds will bear 4 per cent. interest and will
be payable In nifty years from March ]. They
will be in denominations OF $1,000 and $500.
each shareholder to receive Mt the ratio OF
800 in bonds for each share OF stock
owned. Scrip will DO issued which will DO
exchangeable for bonds on May l. and tho Treas
urer OF the company will purchase at par for
cash scrip representing amounts less than $500.
By reason OF this distribution the company will
in future pay only 4 per cent. a year in divi-
bends on its stock. which. with tho 4 per cent.
interest on the bonds. will equal the 8 per
cent. heretofore paid on the stock, and the divi.
bends Will be declared semi.annually instead OF
President Weir also asks the consent OF the
shareholders to amendments to the articles of
association so as to extend tho duration Of the
company until after the, due date OF the bonds
and to authorize the purchase OF shares OF hold
ers desiring to sell and their reissue for the
Tho deed Of trust under which the securities
are deposited with the Mercantile Trust Com
pany to secure the bonds provides that they
shall stand also as indemnity to the shareholders
against their personal liability for the debts Of
the express company. A fund was created forty
HSuho = w .pibNOSb. blh VhoiuNtb ueaiiiot All
liability which was added to and accumulated
rs tho business of the company increased.
Following is a list OF the securities pledged
under the Decd Of Trust:
Bonds at Par pdiues.-N. Y. Central 1pt rs, $780,
600; West Shore LIST Is, 5000 900; W. U. Sinking
Fund. e80u.000; D., l.. and w. LIST consol as, $780,
900; Lehigh Term nal LIST 5s. $500. OOn; Jersey Cen.
trail general mortgage 5s. SSl6,000; Jersey Central
consol "a. $3.50. 900; Morris aud Essex construction
rs. $3.50, 900: Morris and Essex LIST consol Is. $780,.
900; Savannah, Fla, and Western LIST 8s, 5000, 900;
n. Y. susq. and Western Terminal LIST 5s. S2OO.OO0;
n. Y, susq. and Western LIST refunding 5s. $780,.
So. 5000 900; Erie general liens. seT5.ooo;
o. p. 1st 8s. oi00,0OOi X. y. consol 6s, 100000;
81. Paul consol 7s. $4,000; st. Paul terminal o..
ol00, 900; st. Paul general mortgage a.. 800. 900;
Northwest debenture os. 800 900; C., ,. and 9. con.
sol rs, 500. 900; Panhandle consol -. 500. 900; l.. I.
North shore LIST bs, sloo.ooo; y. Y, Bay Extension
r. X. LIST 5s, 500, 900; Georgia Central LIST rs.
$4,000; Michigan Central consol a.. $50. 900; Dayton
and Michigan LIST 5s. 655,00O; Big Four general con.
sol o.. Ss5 900; New Haven r. h. deferred certii-
stock.-P. R: r.. 10000 shares: United New
Jersey, 5000; Morris and Essex, 1000; New Haven.
5000. st: Paul preferred. 300. Boston and Albany.
900: Northern Central. 3,171; Northwest preferred.
5000; Boston and New York Air Line preferred. $50,
American Express Company, 1000: American Ex.
change National Bank. 1000; Fourth National, $50:
National Park. $50; National Bank of the Republic.
481; Hanover National Bank. 1874; Bank OF New
York. zoe; Merchants National. 100; National Bank
OF OF Louisville. 100; Mechanics Bank. 100.