The Birmingham age-herald., 1908-02-28
FINAL REPORT ON SOUTHERN STEEL Trustees Still Working on
 Routine Matters PLANS ON REORGANIZATION Committee Will Meet Next Wek in
 Neu Nark Ta Anree on EnaI
PLANS ON REORGANIZATION
Committee Will Meet Next Wek in New York To Agree on Fnal Plans-Propertie Will Be
 Operated Without Delay.

The final report of the receivers of the Southern Steel company was made to Special Master Sterling A. Wood yester- day morning. The report is lengthy and goes into detail regarding the condition of every part of the business. It reeom- mends a large amount of repair work at each plant, and also notes an increase in the excess of current liabilities over the quick assets of $99,525.91, the total ex- cess of current liabilities over quick as- sets being $1,311. .410s4. Special Master Wood will submit the report to Judge Hundley.
 The trustees of the Southern Steel, W, H. Hassinger, John Morris and T. S. Kyle, who succeeded the receivers Feb ruary 3, and who have been in charge of the properties since that date. are at work on routine matters and have not yet made a report.
 Reorganization Committee at Work. In the meantime the reorganization committee, representing the first mort gage bondholders, have been holding con | ferences in New York for the purpose of evolving a plan for the formation of new company to take, over the South ern Steel. There will be an important meeting of this committee early next week at which final details of the re- organization plan will probably be agreed upon. w. P. G. Harding, president of the First National Bank of Birmingham is member of the committee and will attend the meeting. He leaves this even- ing for Chicago and will proceed from there to New York.
 1t is known that the reorganization committee has arranged to raise $2,500,- O00 large part of which is to be ex- pended on improvements, and the re- mainder to be used as working capital. It is understood that the properties will be operated without delay, and it may be that some of the plants will be started up within the next two or three weeks.
 Substance of the Report.
 The substance of the final report of the receivers in total figures was in part as follows:
 Total collections, October 24,
 1907, to January 25, 19OS....... 36S. .93S .45 Disbursements same dates ..... 306, ,177. 5 Balance in bank '................. 57,755. S6 Collections, Jan. 20 to Feb 19.$ 10S, 259 .57 Disbursements, same date .... 45,942. 26 Balance in bank Feb. 19. ....... 12O,672 .S7 Total cash balance, banks and ~
 other places, Jan. 25............ 61, ,S62 .S7 Tc .al payrolls, cash, etc........ 296,284 Sl Trading settlement, debits ...... 973, ,626. 56 Trading statement credits show
 a loss of ..............,... 1858 30 Inventory, Jan. 1, Ensley plants 267,24S .5l Inventory, Jan. 1, Ensley ware
 houses. about ...,............ 51,oOo. .OO Inventory, Gadsden ............. 243, ,234. 2 Inventory, Trussville, Graves
 Mines, Crudup and Spencer
 quarry .... .............,....... 62, ,29O. 25 Inventory, Altoona, Virginia
 City, Portersville and Gayles-
 vile .... .................. 16S95. .6S Commissary inventory ......... 49569. .S2 Commissary accounts receivable 3413. .73 Recapitulation inventories ... 642, ,652. 2d
 Corrected financial statement, October 24 1907:
 Southern Steel company's per
 cent bonds ..... ................s .ss, ,OoO 900 oo Chattanooga Iron and Coal
 company's per cent bonds.. 600O000. 70 Lacey-Buek Iron Co.'s per
 cent bonds ..................... 45oooO 0o Georgia Steel Co.'S 5 per cent
 bonds ..... ..... ................. 100000 .OO Collateral Trust per cent
 notes sold.... ......I............ 7S4,0OO. % Purchase notes, including $370,-
 GOO due the Georgia Steel Go.
 and $1O0000 due Underwood
 Coal Co.,. ..... .... ........ 512OOO. .OO Currency bills payable Bankers loans ..$1,370, ,o0O00.. Merchandise :. .. .. 21S, 495. .1S-1 5SS. .495. .1s Accrued interest on
 on bonds .......... 95217.1 Collateral notes... 2S,4f6.61 Bills payable .... 13, 3,3S3.54- 137,047. .26 Accounts payable, including
 outstanding checks, accounts
 receivable and credit bal
 ances,. audited vouchers, ac-
 crued taxes, unpaid salaries
 and payrolls, commissary checks outstanding, etc........ 1.012, ,0s2. 5s Making total liabilities ......... 902S, ,574. .97 As to accounts payable, 1t has not been practicable to verify the accounts due for purchases, and this can only be done when the accounts are finally filed and corrected.
 Total inventory Alabama prop
 critics, October "A ..,............s 675,675. 46 Total inventory Georgia and
 Tennessee properties. Octo-
 Der 24-
 Plants ..... ................... 1O1, ,243. .7s
 Commissaries ..... ........... o9, ,255. 69 Sales of iron and finished pro-
 duct, Jan % to Feb. 1s....... g, ,5se Os Improvements on original
 Southern Steel Co., property 147,925 10 Improvements made on other
 properties .... ............... 967, ,915 oo Bank balance Feb. 27...,..,.... 137,249 O. Cash in hands of treasurer,
 Janary 27 ........................ 2,6o7. 1T Excess crrent liabilities over
 qicll assets, former report.... 1,211, 1884. 8 Excess current liabilities over
 quick assets ................... 1911, 40. .Si Increase in liabilities. 99,525..A
 
 ADJUSTMENTS.