Beautiful uncancelled Gold Bond Certificate from the Superior Colliery Company
issued ibn 1912. This historic document was printed by the American Banknote Company of New York Company and has an ornate border around it with a vignette of miners working underground. This item has the signatures of the Company’s President and Secretary, and is over 108 years old.
POOR'S PUBLISHING COMPANY. NEW YORK 1921
SUPERIOR COLLIERY CO.—Inc. in July, 1912, in N. Y. Acquired all the coal, mines and mining development of the Superior Coal Co., consisting of coal underlying about 13,000 acres in Jackson and Vinton Counties, Ohio, also 7 mines in operation. Controls Imperial Elkhorn Coal Co. The Superior Development Co. (see statement in 1919 Manual, page 739) has been liquidated and its assets absorbed by the Superior Colliery Co.
The Superior Colliery Co. and Superior Development Co. were both formed in 1912 in the process of the reorganization of a former company, the Superior Coal Co., and the securities of both these companies were distributed to bondholders of the former company, as outlined in the 1918 Industrial Manual on page 1598. These securities consisted of capital stocks of both companies, First Mortgage 5% bonds of both companies and First Adjustment bonds (to bear 5% cumulative interest only if earned) of both companies. Interest on both issues of First Mortgage bonds was regularly paid thereafter, but no interest was ever paid on either of the Adjustment issues. In 1915, events led to the formation of a Bondholders' Protective Committee, and a Deposit Agreement was entered into as of June 5, 1915, under which practically all the bonds of all issues were deposited.
Committee: G. E. Warren, G. T. Maxwell, H. B. Hollins. Columbia Trust Co., New York, Depositary.
Amendments to Deposit Agreement.—Amendments (as of Aug 15, 1918) to the Agreement and Plan of June 5, 1915, were abrogated by the above committee and Amendments (as of Feb 1, 1921) were adopted, as announced in circular of June 10, 1921. to holders of certificates of deposit. The Amendments, as of Feb 1, 1921, include the following changes:
Outstanding Securities.—The Superior Colliery Co. haB funded debt. Income notes and capital stock, as of Feb 1, 1921, us follows:
First Mortgage bonds $251,000
First Adjustment bonds 965,000
Income Notes 430.000
Capital stock 1,447,500
Interest has been paid on the First Mortgage bonds to and Including Oct 1, 1920. No interest has ever been paid on the First Adjustment bonds or the Income notes.
The Superior Development Co.. prior to the foreclosure of Its mortgages had outstanding First Mortgage bonds In the principal amount of $10,000, and First Adjustment bonds in the principal amount of $965,000. and capital stock of the par value of $100,000. Such mortgages were fore, closed by the order of the Court of Common Pleas of Jackson County, Ohio, dated June 7, 1920. and all of the property of the Development Company was sold to a representative of the Committee for $56,000. making applicable upon the First Mortgage bonds of the Development Company the principal amount thereof, to wit, $10,000, with interest from Oct 1, 191S, and upon the Adjustment Mortgage bonds the sum of $35.87 per bond. The said First Mortgage bonds of the Development Company have been deposited with the Committee, making it unnecessary to pav in cash the principal of such bonds.
Exchange of Rant*.—$10,000 First Mortgage bonds of the Colliery Company with interest coupons beginning April 1, 1921, shall he exchanged for a like principal amount of deposited First Mortgage bonds of the Development Company together with cash payment of interest due on said bonds up to and including Oct 1. 1020.
Changes in Funded Debt Provisions.—Provisions In regard to the First Mortgage bonds shall be modified as to purposes for which the bonds may be issued, changing the time within which 5 cents per ton of run of-mtnc coal must be paid to Trustee, so that it shall be pavable 90 days after Feb 1 each year beginning Feb 1. 1921, etc. Mortgage securing the First Adjustment bonds shall be modltied to provide that Interest at the rate of not exceeding 5% per annum, but onlv as and in the amount declared by the directors, shall be paid beginning May 1. 1921, and up to and including Nov 1, 1923, and that there shall be paid upon the bonds firm interest at the rate of 5% per annum on May 1, 1924 and thereafter. The mortgage shall be called Second Mortgage and the bonds shall be called Second Mortgage bonds.
Changes in Capital Stock.—The capital stock of the Colliery Company shall be distributed in the following manner :
To holders of $890,000 par value of Adjustment Mortgage Honda out- standing as of the date when the Amendments to the plan shall become effective $890 000
To holders of such Adjustment Mortgage bonds the stock Issued to the
Committee in return for assets formerly of the Development Company 89 000
To holders of such Adjustment Mortgage bonds for eight years'
accrued interest on such bonds amounting to 40% 356 000
To the Superior Colliery Company, to be held in its treasury ' 107000
Stock outstanding and undeposited 5*500
The balance of the capital stock outstanding as of Feb 1, 1921 shall
be returned to the treasury of the Colliery Company $1 447 500
Income Xotcs.—The income notes of the Colliery Company and all outstanding obligations there. under, both for principal and for interest, shall be cancelled.
Capital Stock.—Authorized, $1,930,000; outstanding, Dec 31, 1920, $1,447 500- par $100. Transfer Agent and Registrar: United States Corporation Co., New York.' '
Funded Debt.—$35,000 First Gold 5s; dated Sept 25, 1912; due Oct 1, 1932; int. A & O 1. Guaranty Trust Co., New York, Trustee. Authorized, $1,000,000; issued, $310,000. of which $59,000 have been redeemed and $216,000 were in treasury as of Dec 31, 1920. Balance issuable only for new property acquired. Sinking fund: See under First Adjustment Mortgage below. A first lien on entire property.
$965,000 First Adjustment Gold Bonds; dated Sept 25, 1912; due May 1, 1932; interest at rate of 57' per annum, cumulative, payable M & N 1, if earned. Guaranty Trust Co., New York, Trustee. Authorized. $1,200,000; remaining $235,000 bonds issuable only for new property. Secured upon entire property, but subject to first mortgage described above.
Sinking Fund of 5 cents per ton of mine coal mined to be used in retiring bonds under First Mortgage at par and interest up to total of 107 in any one year of bonds outstanding; balance to retire First Adjustment Mortgage bonds.
Income Notes These notes (issue limited to $430,000), issued for floating debt
of Superior Coal Co. They do not bear interest and are payable in yearly instalments, if earned, of 10% per annum, or in larger amounts at discretion of board, before any dividends are paid on stock.
Total $3,198,710 Total $3,198,710
Contingent Liability: Interest—First Adjustment bonds, $418,167; Federal Income tax—additional assessments, $39,001; trade acceptance discounted, $7,000—total, $464,167.
CONSOLIDATED STATEMENT OF WORKING CAPITAL, DEC 31, 1020.
Net working capital, Dec 31, 1920 $213,105
Officers: G. T. Maxwell, Chrm., New York; U. S. Morris, Pres. & Gen. Mgr., Detroit, Mich.
Executive Committee: G. T. Maxwell, U. S. Morris, E. J. Hancey, H. B. Hollins.
Directors: The above and E. J. Hancey, H. B. Hollins, Harry A. Monteith, C. S. Scovell, New York; E. R. Stark, Cincinnati, O.
Annual Meeting, first Wednesday in June.
General Office, Detroit, Mich.