New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-04-24
TO Divide THE COMPANY.
ReUised Reorganization Plan for In
fernational Bank and Trust

A revised plan for the reorganization OF the In
ternational Bank and Trust Company OF America
was made public yesterday This company was
formed in October 1892 by the consolidation Of the
Corporation Trust Company OF Delaware and the
Mexican Trust Company. and began operations
with authorized capital Of N0ceo6o. Of which
about s2090O00 outstanding when the company
went into the hands OF receiver last October This
headquarters Of the concern were I'm the City Of
Mexico. and it had branches in various cities in
Mexico and the United States, its New-York Office
being 81 No. "a Wall-st. On December "A
meeting Of stockholders was held here at which
plan 81 reorganization was adopted and com
mittee OF nine selected to make the plan ef-
fective Early in January announcement was made
that the reorganization committee had adopted
plan. under which il was proposed TO organize the
Pan-American Bank. with capital OF s2,ooo.ooo
United States currency one-half common stock and
one-half preferred, this stock 70 be exchanged for
stock OF the old company upon certain conditions.
The scheme Of reorga nization now proposed
which is forth IN circular. bearing date March
p. TO stockholders II the International Bank and
Trust Company is rather more complex. two
new companies arc to take the place Of the old
one. There has been organized under the laws OF
Arizona the Pan-Amcrican Securities Company.
with Sl25 per preferred stock and 81 600
common stock There has also been organized
under the laws Of West Virginia tho Pan-American
Banking Company Of which ". H. Hunt, presi-
dent Of the cid International Bank and Trust Com
panv is president. and which is reported rom
Chicago 10 he a combination OF the private bank
ing houses Of II ]. Turner & Co. and Lever g. Co,
Of that city. This company it is anncCnced. has
a nominal capital Of s5gaeeo IN 500 shares, which
will he sold less than go; that the com
pany Will. when al the capital shall have been
PAID in. have 81 oo00N with which 70 do business
10000 capital and 10000 surplus A contract has
been arranged between the two companies. under
which the Banking company is 20 take over the
goodwill Of the international company and the
lease OF its quarters the City Of Mexico. and IN
return win undertake the liquidation Of the Inter
national company. and pay 20 the latter yearly
one-third Of its net earnings beyond the amount
required FOR per cent dividends on its capital and
surplus.
Among the conditions in this contract IS one
that depositors and other creditors az the Inter
national company who hold claims exceeding 500
IN Mexican money shall subscribe one-haf the
amount of their respective claims the stock Of
the Pan-American Banking Company. at 500 gold
share. The plan Of reorganization purposes TO
substitute tho Pan-i-znerican Securities Company
FOR the international Bank and Trust Company
and two propositions are offered the stockholders
az the latter concern: Upon subscribing the
banking company stock at $500 fgold) a share 10
the amount of - per cent Of his present holdings
the shareholder Of the International Bank and
Trust Company VIII be able also to exchange his
stock in that concern share for share for Pan
American Securities Company stock: II he doesn't
wish to become stOckholder IN the banking COM
pany he get in exchange for his present stock
80 per in the securities company's stock; and
ION the completion Of the liquidation HIS
proportional part of whatever may remain after
payment in fun of the depositors and other
creditors.