The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-06


for by the stockholders of the old COM
pany as shall be necessary to provide a
cash capital of at least 1880. 900"
Application for listing the shares of the
new corporation on the New York Stock
Exchange Is to be made, the circular
states.
1t Is pointed out in a letter OF the
chairman OF the committee. which ac-
cu0Qonies the circular, that no addi-
ticNal investment IL necessary by de-
posting holders Of first preferred stock.
II that plan is approved by a suffi-
Client number OF share owners all Of
/ them will receive $40 in cash plus the
stock of the new company. to which
they are entitled under the subscription
allotment.
Plan for New Company.
The circular reads In part as follows
There have been deposited with your
committee 64.064 shares OF the first pre-
ferred stock OF the American Mating
Company under the terms OF the deposit
| agreement OF July s. 1918 out OF a total
Of 69,2Ss shares Of outstanding f,rst pre-
ferred stock Of the company. The time
within which first preferred stock OF the
company may be deposited under the
| terms Of the deposit agreement has been
extended to and Including February IS.
1919.
Your committee has been engaged IN
careful examination and inquiry az to
the nature and character OF the COM
nany's assets and liabilities. and In the
course Of such inquiry has been con-
fronted with the serious question OF how.
In view of the progress OF prohibition
eentiment and legislation throughout the
country and other adverse circumstances
n nf ~ ".
holders in the real estate and plants
Of the company may be best conserved
and protected.
Incorporate In Delaware.
Under these circumstances the com.
mittee. with the cooperation and &C.
tive support OF some OF the larger de-
posting stockholders and the necessary
financial aid secured on terms which the
committee deems reasonable are organ
izing or are causing to be organized
under the laws Of the State OF Delaware
corporation TO be called the American
Grain Products Company. or by other
suitable name. with wide charter pow
srs enabling 1t to carry on the present
business and other related businesses.
which It Is proposed shall acquire by
purchase the real estate. plants and
other assets Of the American Mailing
Company. which cannot be realized uron
by sale with advantage.
The new company Is TO have $4,000
shares of stock Of no par value. OF which
40, 900 shares are to he offered for sub
scripton at s3s per share by the stock
holders OF the American Mailing Com
pany as hereinafter indicated. and $500
are to he issued to the organizers and
financial hackers OF the new company
for their services and In considera ton OF
their agreement to subscribe at s36 per
share for so much OF the capital stock
Of the new company not subscribed for
by the stockholders OF the Old company
as shall he necessary to provide a cash
capital of at least s1.500.000 provided
that In the opinion OF the committee suf-
f'cient cooperation by the stockholders
of the old company shall be received to
Justify the enterprise. II Is tire intention
TO apply to have the stock OF the new
company listed on the New York Stock
Exchange.
Your committee is authorized to ex-
tend the privilege Of subscribing 10 stock
of the new company in the first instance
at $36 per share to holders Of record OF
certificates OF deposit for frst preferred
stock OF the American Mating Company
on the books OF the Guaranty Trust Com
pany OF New York at the close OF bust
ness on the 18th day OF February. 1919.
or their assignees. but the right Is re-
served after the 4th day of March. 1919.
to terminate this offer or to offer stock
, Of the new company not subscribed for
as above by tho holders of certificates Of
deposit TO other stockholders Of the
American Mailing Company. both pre-
ferred and common, or to the public on
! terms to be determined by the commit
tee and organizers OF the new company
but in no event at price less than $40
, per share.
"Cnder the terms of the OFFER To be
made by the new company YOU as a
holder OF certificate or certificates ot
deposit for first preferred stock Of the
American Mailing Company will have
the right to subscribe for stock of the
, new company at the rate OF S36 per
share to the extent OF 20 per cent. OF the
number of shares of FIRST preferred stool,
ot the American Mating Company repre-
sented by your holdings OF record on the
18th day OF Re bruary, 1919, OF sa'd GER
tihcates OF deposit. payment for such
subscriptions to be made by this commit
tee. with your consent and authority. out
Of the cash dIstributable on account OF
the first preferred stock represented by
said certificates OF deposit as a result OF
the dissolution and liquidation OF the
American Mailing Company, II and when
the committee shall notify such holders
OF certificates of deposit or their as
signees Of record that sufficient sub
ecriptions have been received and that
the plan Is accordingly duly adopted
AFTER the most careful consideration
of the matter we do not hesitate to
recommend your fullest cooperation In
this plan. We believe that II this plan
Is successfully carried through the
,iauida ton Of the assets of the American
Mailing Company will enable this COM
mittee TO distribute to the depositing
first preferred stockholders the sum OF
approximately $40 In cash per share plus
the stock Of the new company. which will
be received by subscribing therefor TO
tire full extent OF 20 per cent Of the
first preferred stock OF the American
Mating Company represented by GER
tificates OF deposit. We are unable to
conceive OF any other plan or method
calculated to realize anything like the
actual value OF the assets Of the Ameri-
can Mailing Company as going con-
csrn." ,.,"y.ocrS 49, I'D