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THE JARVIS-CONKLIN MORTGAGE CO. Details or the Reorganization Plan-Capital Stock to Be Sealed Down. The reorganization plan of the Jarvis-ConkIin Mortgage Trust Company has been completed and is ready to be submitted to the security holders. The members of the committee having the reorganization in charge are all well known in financial circles in this country and in Europe. The committee consists of Mr. Henry W. Cannon, President of the Chase National Bank of New York, Chairman: Mr. A. C. Barstow, President of the Mechanics' Savings Bank of Providence. R. I.: Mr. R. L. Austin. President of the Independence National Bank of Philadelphia, Pa.: Mr. Samuel M. Jarvis of New York: J.A. Binns, official receiver in bankruptcy, Bradford, England: Mr. MacLean Brodie. chartered accountant, of Glasgow. Scotland. and Mr. Edward Watson. investment agent, of Newcastle-on-Tyne, England. All of these gentlemen are largely Interested as creditors and shareholders, both for themselves and in the representation of others, with the exception of Mr. Henry W. Cannon, who is an entirely disinterested member of the committee, and who was requested by prominent creditors both in England and America to represent them. The plan as formulated contemplates the organization of a new corporation having a capital stock of $2,500,000, 1 and holders of the full paid stock of the present company are to receive two shares of new # stock for every three shares of the stock of the present company. All of the liabilities of theold company are to be merged into one series of debenture certificates of the new company bearing 4 per cent. interest, payable semi-annually. If any surplus remains from net profits in any year after payment of 4 per cent. on the capital stock such surplus is to be divided between the capital stock and the debenture certificates until the latter shall have received 6 per cent. These debenture certificates are to be issued to the full amount of outstanding obligations of the Jarvis-Conklin Mortgage Trust Company. Interest at present rates up to Oct. j 1. 1893. is to be added to the face value of the certificates, and the whole to bear interest from that date at the rate E of 4 per cent. absolutely with the conI tingent interest in the profits up to 6 per cent. The first interest payment will be made E within three months after the completion of 8 the reorganization and will include all interest which shall have then matured. Itis proposed to ask the Stock Exchange to list these certiflcates. Until the delivery of the new stock the Reorganization Committee will appoint officers and manage the affairs of the company. It is proposed that the new company shall have a Board composed of twenty-one trustees, with whom will be lodged the various assets of the company. including the securities now held by the various trustees as collateral security for the debentures. It is considered that such a Board of Trustees, composed of men of high standing and business experience, having is direct interest in administering and preserving the assets of the company. will achieve better results for the security holders than it would be possible for the trust companies, acting as trustees, to do. under their limited powers and lack of facility in handling the farm mortgages and other securities lodged with them under the trust agreements. The address to the security holders which accompanies the reorganization agreement contains the balance sheet of the company. made up as of Sept. 28 by Barrow. Wade, Guthrie & Co., chartered accountants. Taking all mortgages at their face value, real estate h at cost less 25 per cent. for depreciation or loss on realization, bills receivable at their face value less 50 per cent., and bonds and stocks at various valuations, in no case above par, the assets and resources of the company are estimated by this firm at $11,591,000. Judge John F. Dillon and other counsel certify to the legality of the proposed scheme of reorganization. and Mr. T. R. Wilkinson of Manchester. England. unites with Messrs. J. Arthur Binns and MacLean Brodie in a letter to the creditors and shareholders of the company in which they urge the acceptance of the plan as the best possible and as offering the only method by which the assets can be realized without ruinous loss.
