Show PLAN OF NEWHOUSE reorganize RE TION the following notice has been received by local stockholders in the New newhouse housa 3 mines smelters shelters Sm elters corporation among other things the notice states that the company finds itself with an indebtedness ot nearly partly past due on which suit iv ir threatened and with no funds which to meet the sem semiannual semi annual interest which will fall due on july 1 y on its par value of outstanding ng first mortgage bonds and the required also on july 1 1909 for sinking fund funa purposes the company is unable to meet these obligations and requires substantial further working capital for the development of its mines the alterations of its mill and to pay its creditors to that end a prompt reorganization is imperative plan of reorganization A new company is to be organized under a name to be hereafter determined by the committee to acquire the property at the sale under foreclosure of the existing mortgage or in such other manner as the committee may determine the new company will issue the following securities six per cent 20 year income bonds convertible into stock at par GOO shares of common stock of the par value of 5 a share total securities of the new company the new company will enter into ap prop riat afe e covenants against the creation of any mortgage upon the property to rank prior to the income bonds except with the co consent of three fourths in amount of the then outstanding income bonds the interest on the bonds will be payable annually if earned but only if and when earned and from and out of the net profits of the year the bonds may be retired at par by setting apart and applying annually twenty 20 per cent of the net earnings of the company tor for that purpose subject to the right of the bondholders bond holders at an any y time within ten years to convert their bonds into stock at par any bonds called for payment may be converted into stock within ninety 90 days after such call in order to furnish the necessary working capital for the development of the mine the payment of the debts of the company and to over cover c the expenses of foreclosure for e reorganization and the underwriting of the cash requirements of the new company the stockholders will be required to subscribe to tle the capital stock of the new company share for share to the extent of their present holdings and to pay one dollar for every share so subscribed bed every stockholder so subscribing will receive one share of common stock stoc ot of the new company for each sharp share now held by him the cash requirements of plan have been fully underwritten under written aten 11 9 shareholders who desire to participate in the plan are required to deposit their se curi ties with the american b bank anka 32 f broadway new york aorl not later la ter than july 05 1 1909 the payments of shareholders are to be made in two installments of 50 cents a share bare each one at the time of depositing the stock the other on august 16 1909 |