New-York tribune., 1902-07-21
ASPH ALT REORGANIZATION
PLAN on WHICH NEW HOLDING COM.
PANIES WILL MERGE OLD IN
STITUTIONS

Philadelphia, July 20.-The plan Of reorganza-
ton of the Asphalt Company Of America and the
National Asphalt Company, both OF which are in
the hands of receivers, made public tonight
by two committees that have been examining the
condition of the companies. The plan provides
that the property of both shall be acquired by a
new corporation, which is to have capital of
S31.Oo0U00
The company is to be organized under the laws
OF the State of New-Jersey or of such other State
as may be decided upon by counsel and may issue
capital stock follows: Five per cent preferred
stock, cumulative after the expiration of two years
from the purchase of the property and the be-
ginning of business by the new company: entitled
to no dividends I'm excess of per cent, but to be
preferred in liquidation TO the amount of its par
value, together with all accumulated and unpaid
dividends. to an amount not exceeding $4O0o.OOo
common stock not exceeding $l7.000000.
The new company may acquire the property and
securities formerly belonging to the Asphalt Com
pany of America and the National Asphalt Com
pany. but in the two committees shall be OF
the opinion that the acquisition OF any such prop
erty securities would not be to the interest of
the company, such property or securities need
not be accepted
The right Is 20 be secured holders of preferred
stock by the charter of the new company supple
mented by proper deed of trust to exchange thelr
preferred stock for common stock at the rate OF
$50 In common stock for each 500 of preferred
stock surrendered.
OF the common stock an amount equal to one
half the preferred stock 10 issued. and not ex-
ceeding $7G0.08a will he set aside in the hands of
a trustee or depositary, to be used only for the
conversion of preferred stock into common stock
The. common stock SO held, until its exchange for
preferred stock in the course of such conversion is
to draw no dividends and To exercise no voting
rights The preferred stock is to be subject 10
redemption or purchase at any time after three
years from the issue thereof, at the rate of 10
per cent of its par value.
The directors not to create authorize any
.l1T Nfrf-
gage. pledge other lien. upon any or all of the
property of the corporation, without the consent
Of the holders with voting power OF not less than
the OF the holders of not less than three
outstanding. The directors may, however, incur
authorize unsecured or floating Indebtedness up
capital stock without the consent of the share
The outstanding collateral gold certificates Of the
Asphalt Company Of America are 10 be reduced TO
about 100000 by the exchange of certain of said
certificates for common stock trust certificates of
the new company and the remainder for preferred
preferred stock for each 000 of collateral gold cer-
Common stock 10 the amount of $4,5o0ooo par
value is TO be sold for cash at 90 per cent OF It's
The underwriting and the exchange FOR gold gold Ger. %
stock in the new company will be accompanied by
adjustment and satisfaction by the underwrit-
claims Of John NJ Mack affecting properties
cefeG Dy dne az ina nEior RI 70 the merger
with the American company. The properties thus
part of the assets Of the company.
Holders of the collateral gold certificates OF the
National Asphalt Company have the privilege of
acquiring stock certificates for common stock
of the amount not exceeding 10
of the value of the collateral gold
certificates. and upon the payment of s. for each
500 OF stock trust certi1ca TO he acquired.
Holders of preferred stock Of the National Asphalt
certificates for common stock Of the new company
to an amount exceeding IL per cent at the par
value of the preferred stock and upon payment OF
81 for each 500 of stock trust certificates 10 be
acquired.
Holders of common stock of the National Asphalt
Company have the privilege OF acquiring stock
trust certificates for common stock OF the new
company amount not exceeding per cent OF
the par value of the common stock and upon pay
ent of 81 500 stock certificates to
be acquired.