The Birmingham age-herald., 1913-02-01
Southern Steel Properties
Formally Sold at Public
Auction Yesterday
ONE BIDDER ON HAND;
PRICE WAS 81, $50, 1000
Representatives of Reorganization
Committee Will Appear Before
Judge Dryer This Morning.
Confirmation Expected

The Standard Steel company will be
the new name of the Southern Iron and
Steel company. Following the sale of
the properties OF the Southern Iron and
steel company by James Bowron. trustee,
yesterday at noon for $l.53o,o00. the name
for the proposed new company was given
out
Following a confirmation of the sale by
Judge L. Fl. Dryer this morning, 1t was
understood yesterday from J. W. Platten.
chairman of the reorganization commit
tee, that perhaps an announcement would
be made as to the new officers of the
company IL there are to be new officers
and other details OF the reorganization
that are of more than passing interest.
The sale yesterday of the properties of
the bankrupt concern was conclud ed
quietly There was only one qualified
bidder, the requirement for bidders being
the filing Of a certified check for a large
amount with Mr. Bowron. J. W. platten,
acting for the buyers; Frederick Busse
and Samuel Holman, made the bids being
promoted by a. NJ. Wiekwire, an attor-
ney attached to the offices of Samuel
tTntermyer of New York
Following the reading of a long order
of the referee in the case, Mr.. Bowron
| announced that he would auction the
properties in parcels listed IA B. &c, .
and ID"
The Property Sold
The first parcel brought sl.d0o,oco and
consisted of the following:
Lot Accomplishing all real estate,
buildings and fixtures annexed to realty,
stocks, bonds, patents. patent rights,
| licenses, easements. machinery, tools, sup
plies, materials and other property. real,
| personal or mixed of every kind and
description, except the real property set
| forth and described in parcels 10 10.
both inclusive in the schedule attached
to the petition of the trustee in bank
ruptey heretofore mentioned and filed
November 10, 1912, heretofore by delivery
or by writing of any kind for the pur-
poses of said mortgage executed by the
Southern Iron and Steel company to the
United States Mortgage and Trust com
pany and John W. Platten, as trustees
dated July 20. 1899 conveyed nortgaged
pledged. assigned or transferred by said
Southern Iron and Steel company or by
any one on its behalf to the said trus-
| tees. or to the corporate trustee, which
al the time of such sale, shall, as against
the trustee Of said bankrupt be subject
to the lien of such mortgage.
Lot B sold for s25,e Comprising ali
the real estate. buildings and fixtures
annexed 10 the realty. described and set
in, 10 a In iftpl eli 20
in the schedule attached to the petition
of the trustee in bankruptcr. heretofore
mentioned. and filed November 10, 1917"
Lot C was sold for 5000. which included:
"Al personal property OF the character
and description specified In said mort
gage of said Southern Iron and Steel COM
pany to United States Mortgage and Trust
company and John W. Platten. as trus-
tees, dated July 20, 1909, as being covered
by the lien thereof except that included
In Lot A, aforesaid"
Lot ID, which brought one half million,
was described by Mr.. Bowron as fol-
lows.
'Comprsing all the balance of the prop
erty to be sold, not included in Lots a.
u and c, and as set forth ia parcel ~
annexed 10 the petition of the trustee
in bankruptcy heretofore mentioned. and
filed November Is. 1912. as the same shall
exist in the hands of the trustee. or to
which he shall be eDtitled an the opening
of business on the day of sale
The properties of the southern Iron auo
steel company were appraised at prac.
ticaliy s5.0e0,0oo The purchase price oil
Mr.. Holman and Mr.. Busse was consid
erably under that figure. but as under.
stood they assume prior indebtedness,
and are liable for a greater aggregat'
than represented by their bid.
Details Not Yet Completed
Mr.. Platten, who IL to preside at this
reorganization of the company, said thai
just now there was nothing arranged
definitely in connection with the new
company or forces. Mr.. Platten said
however, that the interests represented ir
the reorganization committee are fulls
alive to the possibilities of this district
and believe in the worth OF the proper
ties they purchased under the auspices
Of the federal court.
| In connection with the less than 3 pei
cent Of bondholders who have failed to
! come into the reorganization scheme, MIR
| Wickwire.. secretary of the reorganiza-
| ton committee. said that no snap judg
ment would be taken. and that anyone
| who has claim against the company
may yet file 1t. He said that the situa
ton would be kept open for a while L