The Birmingham age-herald., 1913-02-04
{. H. DRYER AFF|RMS
SALE OF SOUTHERN
IRON AND STEEL CO.
DisapprOves Price of 81, ,O00,-
900 Paid for Lot A
by Platten
EXTENDS DATE OF
PARTICIPATION
To Further Protect Bond Owners.
Immediate Increase in Capital of
Standard Steel Co. Will Be
Made, Says Bowron

Although expressing his disapproval Of
the Southern Iron and Steel company auc-
ton, Judge f. II. Dryer, referee in bank
ruptcy, affirmed yesterday the sale as il
was reported to him. The referee ex-
pressed himself as being particularly dis
pleased with the price OF sl,ooo.0oO paid
for lot one that was auctioned to J. w.
Platten of New York. Judge Dryer, feel
ing an interest in the bondholders who are
not participating in the reorganization.
Insisted that the protection for bondhold-
ers be held out 80 days, after which the re-
organization committee will be free to fol-
low their own bent in connection with
what allowances must be made the nom
participating per cent bond owners.
The postponed hearing of the affirma-
tion of the auction was held yesterday
morning. The attorneys from New York,
as well as all those interested, were pres
ent when the case was called. After con-
siderable argument the affirmation order
was signed by Judge Dryer.
Dryer Explains
81 do not like the price of 81 100000 paid
for lot A." said Judge Dryer. 1T seems
to me that the property should have
brought much greater price. However,
the bondhoders interested did not appear
and no one seemed there to protect their
interest / failed TO get any assurances
that II | ordered the sale reopened that
a better price would be paid, and I felt
that II was not incumbent upon me to
proceed any further. 30 | issued the de-
HonCad
the date of participation to be extended
30 days, so that whatever bondholders de-
sire may secure some further protection.
| was satisfied that the remainder of the
sale was in line with the proper valua-
tIon."
Following the conclusion of court for
malities, the affairs of the Southern Iron
and Steel company will now be handled by
the Standard Steel company, of which
James Bowron has been named presi-
dent. That is a temporary organization
and changes in the general officers ano
the capital will be made as Indicated IN
formal statement issued by Mr.. Bowron
In his statement Mr.. Bowron announces
that the properties of the defunct South
ern Iron and Steel company Will pass
into the hands of the new company and
that an immediate increase in capital
Is contemplated His statement follows
Bowron's Statement
'Drhe property of the Southern Iron
and Steel company will pass into the
hands OF the Standard Steel company
which has Just been organized under the
laws of Alabama, with a nominal capital,
although an immediate increase in the
capItaI is contemplated Satisfactory ar
rangements have been made for tenn
porary financing, advances having been
arranged for through the Bankers Trust
company Of New York. Sufficient
money has been provided with which
to keep the plants of the company In
full operation as at present. This pend
ing some permanent plan for financing
the new company, announcement or
which will be made from New York In
due course.
..trhe organization meeting of the new
company was held The directors Of the
new company are as follows; James
gowron. H. Sanborn Smith and A. r.
FORSYTH Of Birmingham, Harry Bronner
of Hallgarten and company. New York
8 H. Voorhees, agent of the Royal Bank
of Canada, New York; n. g. Higham %
Post & Flagg, New York, and Arthur
| M Wiekwire. secretary of the reorgani-
zation committee. The existing officials
of the Southern Iron and Steel company
were elected to the offices of the new
company: President James Bowron; vice
president II. sanborn Smith; secretary
| and treasurer. A. X. Forsyth; assistant
secretary, Arthur NJ Wickwire.
'sfhe new company in terms or the
official order OF sale will take over and
| assume all pending business. contracts
and obligations of every sort and descrip-
tion of the trustee, who VIII deliver the
| business as a current going concern"