Show 1 l I Mines Mines' es and Mining Sprague Ea Edited F. F uv W. W a 1 I II I HOLDERS Of STOCK fiEf ULTIMATUM N Reorganization Plan Calls For 1 a Share by July 1 Shareholders ot or Mines S Smelters are In receipt of or the first firs of official I Information concerning tho plan of at reorganizing the company pr prepared pre pre- pared h by hy tho the committee composed o or of Cl Charles arlt 1 A. A Morse Frank A. A and Louis N. N Kramer The rhe re recites re- re cites e. e that owing to the recent depression depres depres- Ion sion Ion In business generally Sand and In fr th the copper opper Industry especially and and also alo owing to fo numerous caves and mishaps at- at atthe f the mines s the company I it finds I Itself with an nn Indebtedness indebtedness- of nearl nearly I partly party past due on on which suit s lt Is JH threatened and with no funds with which to meet tho the semi-annual semi Interest which will fall tall due on July 1 i J. J J 1909 on Its par value of or outstanding out out- standing t first mortgage e bonds and aud the required also on July 1 1 lOftO H for sinking fund purposes Tho company compan Is unable to meet these obligations and requires substantial further working capital for the development devel devel- oJ of or Its Is mines the tho alteration of ofIs ofUs Us its Is nm and to pa pay Its is creditors To that end a prompt reorganization Is Js Imperative r T Iliin of ot VA A A new company compan Is to to tobe be organized under a name to be hereafter deter deter- d t b by the committee to acquire tho the property at ot the sale alo under foreclosure the existing mortgage or In such 10 l' l manner manne 3 as the thc committee ma may d determine C t ermi n a. a t I The Tue new company will wU Issue tho the following following fol tol- lowing lo securities 4 Six per cent year 20 yeal 20 Income bonds convertible coli into stock at par 1300 shares of common stock ot or the tho par value alue of 5 a share total toto securities of or the now new compan company com corn pany pan The now new company will wm enter Into covenants co against tho the creation crenton cre cre- of nn any mortgage upon upen the property property prop prop- crt erty lo to rank prior to the income bonds except with the consent of or three three- fourths In amount of the then outstanding outstanding outstanding out out- standing Income bonds Tho The interest on the bonds will wil be bc payable annually If Jf earned but only if it anci aad alc when earn earned d and from and out cot tOr of th the net profits of or the year The Thc bonds ma may be bo retired at par by set apart Rn and applying annually twenty CO 20 per cr cent of the net not earnings of or I Ul company compan for Cor or that purpose e subject no to the tho right of the thc bondholders at any time time- within ten years ears to convert their thefT bonds Into stock at par An Any bonds culled called for payment Oa may be converted Into tock stock to k within ninety 90 days das after after atter af at- ter such callIn callIn call cI In order to lo furnish the tlc necessary working walking capital for tor tho the development of oC the the payment of or the tho debts oCtie of oC the tho tie company compan and to cover er the ex- ex lenso Jense pf pt foreclosure reorganization and the thc underwriting of tho the cash r re re- re of the new company compan th tim tho stockholders will bo Le required to sub sub- to 0 the capital stock of ot the tho new company share for tor share to tho the extent of ot their present holdings and to PUY PU thel share so subs sub sub- orif dollar for or every s HIO s Evory E evor stockholder so 80 sub stub o share g j h J t inc nc cash requirements of oC this plan juan l ve e b been ef fully ul un underwritten er who desire to 0 Tf te In th the plan aro are required to do- do sit their securities with the Amen Amerl- Cb cin n bank 3 32 Broadway New York not 1 ter la ter than July 1 l. 1909 The Tho payments r shareholders h are to bo be made in two installments of or 50 cents a share each each each- one at the time Ume of depositing the stock tIe the tle other on August 16 1909 1109 |