The Birmingham age-herald., 1909-03-05
VOTE ID TRANSFER
 SOUTHERN STEEL Over .99 Per Cent of Creditors
 Favor Course END IS NOW IN SIGHT Trustees Will Sell All the Properties to Purchasers Already Known and
 Reorganization Will Thus
 Be Speedily Completed.
END IS NOW IN SIGHT

The question of the proposed sale of the properties and assets of the South ern Steel company by the trustees in bankruptcy was considered at a meeting of the general creditors of the company held yesterday by Special Referee Sterl- ing A. Wood.
 The trustees were represented by Camp bell X Johnston and Percy & Benners. The trustees, by their petition, showed that the properties were being maintained at large cost and that the constantly ac- cruing interest on the secured obliga- tions of the company amounted to 8 considerable sum- and that as there was at this time a probability of obtaining purchaser for the properties at public sale the trustees thought that the prop critics should be offered for sale without further delay. The trustees petition went at length into the general situation con cerning the affairs of the company and clearly showed the. advisability of an early sale One of the attorneys for several of the creditors spoke in favor of the petition of the trustees for leave to sell the property MT. Peta of New York appeared representing George Schuler, who, he stated, owned upward of a mil lion dollars par value of the preferred stock and million dollars par value of the common stock, and objected to the proposed sale unless the court should fix an upset price of not less than ST. 900, ,000. MT. Schulers attorney claimed that the property was worth that in ex- cess of $50,000,0 GOO.
 Considering the insolvency of the com pany and the general knowledge of the company's affairs, this statement of the counsel for MT. Schuler was received with much amusement by the spectators Mr. Campbell in replying to MT Peta stated that he was glad that MT. Schuler had come into the court and appeared in the litigation, as it was quite probable that later on some proceeding might be com menced on account of the stockholders liability, and that unless MT. Schuler was actually in court, it might be incon- Venient to make service on him in New York, and MT. Campbell suggested that as MT. Peta was not admitted to this bar, that he should retain an associate attorney on whom papers could be served in connection with the proceedings. MT. Peta stated that he had already consult ed local counsel and that he would ar range to have local counsel on whom ser vice of papers could be made.
 Other creditors addressed the meeting and after full consideration a resolu- ton was offered to carry into effect the recommendation of the trustees for O sale at public auction of all the prop critics and assets of the company On the question of the resolution W. P. G. Hard ing cast proxies representing the re- organization committee and on the count it was found that creditors to the amount of over 99 per cent voting and present at the meeting voted in favor of the adoption of the resolution, the resolution being practically unanimously carried, as there were only few scattered votes against it.
 w. w. Miller of New York, counsel for the reorganization committee stated that that committee also represented all of the $3,000,000 of first mortgage bonds and all of the $2,0000OO of collateral trust notes except s50,000 and likewise repre- sented approximately 90 per cent In amount of all the stockholders. It will thus be seen that the reorganization of the company will now be speedily com pleted.