New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-08-06
PLANS REORGANIZATION
New Company to Control Hook
inq Coal and Iron.
TAXES STOCK $40 A SHARE
Less Capital and New Securities
Suggested in Committees
Renort to Shareholders.

The reorganization plan CT the Columbus
.Dd Hooking Coal and Iron Company,
pbfch was placed in the hands OF receivers
last January following the collapse OF the
moi il, the common stock Of the company
on January le, when the price Of the stock
broke ssIs points and caused the failure OF
.hree Stock Exchange houses, among them
uarbrop, Haskins & Co, which had been
active n the promotion OF the company
was made public yesterday by the reor-
ganization committee.
The ulan provides for the organization
Of q new company. in which is 10 pe vested
the ownership OF control Of all the property
Of the Columbus and Hooking Coal and
Iron Company and its SUBSIDIARY, the
Columbus and Hooking Clay and brlck
Manufacturing Company, as acquired by
the REORGANIZATION committee at foreclosure
sale or otherwise. The new company is 10
have q capitalization Of only ss,VoWc, as
compared with sa,5eoeca for the Old con-
Germ.
Stockholders under the plan are TO DC
assessed SO a share. for which they will
receive par IN new first mortgage bonds.
IN addition the preferred stockholders viii
receive an amount Of new common STOCK
eoual TO par o. their present holdings OF
,referred and the common stockholders
viii receive an amount OF new common
stock e,,usl 10 80 per cent Of their present
holdings The general creditors Of the
coD7rauv having claims Of 500 or under
e-e to receive 100 per cent in cash. while
those having claims over Slee are TO re
ceive 20 per cent in cash.
The New Securities.
The securities TO be issued by the new
COMPANY that it is proposed 10 form are
g aan0l0 first mortgage fifty-year per cent
sinking fund gold bonds, dated January !,
5elf. redeemable az 1e5 and accrued interest
snd 81 65Q,9s1o common stock,
Holders Of the present first mortgage .
per cent bonds. Of which $4,000 OF the
authorized s1e00.eoo are outstanding, Will
receive - per cent OF the principal IN ne"
,7ysr mortgage ) per cent bonds. and the
holders Of the present second mortgage =
uer cent bonds Of the authorized issue of
sl.e0co0. of which sS0o,oee are in the hands
al the public and ss.so, 600 in the hands Of the
receivers. are also 10 receive 80 per cent OF
the principal in new first mortgage bonds
Provided all the old security holders
sssent 70 the plan the securities Of the
,,err ooronany viii be distributed as fol
lows: New first mortgage bonds TO pres
ent first mortgage bonds, S5lS000; 10 pres
ent second mort gage bonds, S600,ao0; TO pre-
1erred and common stock holders, Sll2,0n
10 contingencies. any balance TO new COM
-,esny SI7o.0ea making a total Of 5000, 90
% Of new bonds. New common stock TO pre-
fsrred stock holders, s12n00o: to common
stock holders, s. 5ea.010: contingencies. $780,
on. making d total Of $4ea0@eQ Of new COM
mon stock.
Provides for Voting Trust.
The new common stock is 10 be depos-
tied under Z voting trust agreement which
provides that the stock is to remain In
trrst 90. I'VE years, that the voting tTus-
tees. who are 10 be three in number, be
invested with all powers and privileges Of
common stock holders, and that the first
voting trustees shall bs named by the re-
organization committee which IS composed
Of Frank b. heech, Alexander Gilbert and
Frank y. B. Close The Bankers Trust
company has been named as depository by
the committee under the plan, with the
usual provisions for the withdrawal of Sc
curities in case the plan fails 10 so through
According to a statement furnished 70
the committee by the receivers as of 4 pril
-, 1910, the current assets on that date We're
af4S5 and the liabilities $3.50, 4eg The com
ynittee states that the latter item en- August
! amounted TO about S35Aeo0. 10 which must
lie added expenses Of foreclosure, receiY-
eTship and reorganization
The Columbus ami Hooking Coal and Iron
Company was placed in the hands Of re
ceiT-ers on January - last. The appIica-
ton for reeeivership for the company was
made 10 the federal court in Columbus,
Ohio by Henry u Hotchkiss, receiver in
bankruptcy for the Stock Exchange firm
q Lathrop Haskins & CO. Judge J. e
Slater appointed William A Barbour, of
this city, and a L. Thurman, of Columbus,
receivers.
The capital of the company was 8. 51e 500
consisting Of s, eoooao first 1nortsage per
cent bonds, s1.05 Cos collateral trust and
second mortgage . per cent bonds, $50. 500
preferred stock and $4,000 common stock.
HE officers Of the company, elected last
October, are Henry s. Haskins, who was
the beard member Of the failed firm of
i-athrop, Haskins & Co, president: A. /.
thurman, vice president and F. ]. Shaffer,
secretary and treasurer.
lie company, which has been III ex-
lsteBce since ISIS owns large tracts of land
IN Athens. Hooking. Perry and Virton
counties, Ohio Il has never been 2 nroft-
de property, and its stock for many wears
mas been the subject eff manipulatiye eper-
atoms ca the Stock Exchange.