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5418478_1_1003.xml
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5418478_1_1003.xml
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<title>
<bibl><title>Denní Hlasatel</title>,
<date when="1911-02-18">Feb. 18, 1911</date>.
<title level="a">A New Company Has Risen from the Ruins of the Former Hudson Coal Company and the New Company Is Offering Former Shareholders an Exchange of Stock</title></bibl>
</title>
</titleStmt>
<publicationStmt>
<publisher>The Newberry Library</publisher>
<pubPlace>Chicago, Illinois</pubPlace>
<address>
<addrLine>60 West Walton</addrLine>
<addrLine>Chicago, IL 60610</addrLine>
<addrLine>USA</addrLine>
<addrLine>http://www.newberry.org</addrLine>
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<idno>5418478_1_1003</idno>
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<note>Transcribed from digital images contributed to the Internet
Archive by the University of Illinois at Urbana-Champaign.</note>
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<item>BOHEMIAN</item>
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<item>II A 2</item>
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<div type="citation">
<bibl><title>Denni Hlasatel</title>,
<date when="1911-02-18">Feb. 18, 1911</date>.
<title level="a">A NEW COMPANY HAS RISEN FROM THE RUINS OF THE FORMER HUDSON COAL COMPANY AND THE NEW COMPANY IS OFFERING FORMER SHAREHOLDERS AN EXCHANGE OF STOCK</title></bibl>
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<p>An interesting meeting was held last night in the Cesko-Americke Slovanske (Bohemian-American Slavonic) hall. The former stockholders of the ill-fated Hudson Coal Company met there with the directors, at the invitation of the latter, whose members are stockholders in the new company. The Reliance Coal Mining Company. The Reliance now owns the property formerly belonging to the Hudson company. The majority of the shareholders of the former Bohemian coal company did not know for what purpose the meeting was called, and many of them could not adjust themselves to the idea of reviving the painful memories of the defunct Bohemian undertaking by the calling of further meetings. In spite of this feeling, as a result of curiosity, <pb facs="5418478_1_1004.jpg" n="2"/>which is such a large factor in many things, yesterday's meeting was more numerously attended than any of the many former meetings of the Hudson company. The meeting was brought to order by Mr. Jakub Kandlik, who called upon the former secretary Mr. Winternitz, to explain to those present the purpose of the meeting. Mr. Winternitz, explained that the meeting was called for the purpose of deciding in what manner the shareholders of the defunct company could be compensated, as much as possible, for their losses. First of all, however, Mr. Winternitz remarked, that these efforts had nothing in common with the suits, started by some shareholders against the former directors and that in any argument these must be left out, because settlement of these will come before the court. Despite the fact, that the directors on various occasions have been called unfair names, they did not care to remember that at the meeting. Out of the ruins of the old <pb facs="5418478_1_1005.jpg" n="3"/>company a new organization has been created.</p>
<p>During the foreclosure sale the directors used their own funds to buy the Hudson Coal Company's mine, whereupon, the new company, under the name of Reliance Coal Mining Produce Company, was formed. Registered bonds were issued to cover the amount of indebtedness and these are held by the present participants to protect their interest in the undertaking. In order that the management, the members of which are the present stockholders, could prove that it operated at a loss formerly, it decided to offer the stockholders of the former Hudson Coal Company, stock in the new company in exchange for their old stock. The shareholders of the Hudson company would not be required to make any payment because of the acceptance of this offer. In fact they could elect directors, entirely different from those who formerly managed the Hudson Coal Company, and these would then manage the <pb facs="5418478_1_1006.jpg" n="4"/>the affairs of the new company. Surely no one would lose anything through such a move, even if they gained nothing. The mine has been in operation since last June. This is about the gist of Mr. Winternitz's explanation of the purpose for which the meeting was called, so that everyone could realize what was being considered without undo excitement. When Mr. Winternitz, had concluded, Mr. Walleck asked, who was behind the committee which called the meeting, because the committee, elected at the last meeting of the shareholders of the Hudson Coal Company, knew nothing about the calling of this meeting. To this question, Mr. Winternitz, replied, that he spoke for the present owners of the mine and that it was a committee, elected at a meeting of these, which called the meeting. Mr. Walleck, after he had been assured that the acceptance of the proposal was to be considered, said the matter under consideration was of too great importance for an oral <pb facs="5418478_1_1007.jpg" n="5"/>explanation to be clear and that it ought to be put into writing and signed by all of the present owners. In answer to this, he was told that the proposal was sufficiently clear, because the shareholders in the new company were all present and agreeable. That every one holding the old stock certificates, be given the same number of shares in the new company. It is a sufficiently clear offer, whereby, the former directors wish to reimburse the former stockholders and turn over to them, the mine in the same condition as before the foreclosure. Aside from the money, which the management put up from its own pockets, they ask for no other security. To this Mr. Walleck replied that he had not the slightest doubt about the sincersty of the present owners of the mine, however, a like offer had been made by the directors of the Hudson Coal Company prior to the catastrophe, with the exception, that at that time a six per cent first mortgage of $60,000 was mentioned, whereas now, no amount is mentioned. As a result of this it <pb facs="5418478_1_1008.jpg" n="6"/>is impossible to judge the value of the stock, because in case the owners should want to secure themselves with a first mortgage of $60,000 and the mine was only worth $45,000, what would be the purpose of exchanging the worthless stock. The explanation of this was about as follows; that the indebtedness at the time of foreclosure amounted to $59,000, a bonded loan of $65,000 was made, so that $6,000 remains in the treasury. The bonds mature after ten years and provision is made for amortization. These bonds were issued by the Union Trust Company which took over the trusteeship and a company of this kind would not be interested in something which would be worthless. All other debts have been paid and the bonds, listed are at six per cent interest.</p>
<p>Further-more; no one can lose anything, for if the mine does not pay even now, the shareholders of the former Hudson Coal Company can not lose any <pb facs="5418478_1_1009.jpg" n="7"/>more than they have lost already. That the mine will not pay is unthinkable, for there is plenty of coal there and the demand is for as much as can be produced. If one good winter comes, it will be possible to sell enough to overcome all previous losses. The former directors are not asking for sympathy. They merely wish to do something for those shareholders who shared their losses with difficulty. The directors actually are not compelled to do anything of such a generous nature.</p>
<p>Mr. Heinz, expressed doubt that the mine would pay even now. He declared he could not understand how there could be any profit now, when for the past three years it almost swallowed money. He also brought up the question of the guarantee of the fifty per cent loan by the former shareholders. These with the understanding that the loan would be protected by a first mortgage, deposited their money and many of them did not even receive a receipt and the loan was in no way protected. An argument ensued and when others arose and stated that they had not received receipts, Mr. Ed. <pb facs="5418478_1_1010.jpg" n="8"/>Novak, declared that line of procedure was drifting away from the purpose of the meeting. The meeting was called so that the offer of the present owners of the mine could be either accepted or rejected by the former stockholders. Further explanations followed and the chairman finally asked for an expression of opinion, in regard to the trend of thought. To this, it was said, that it was rather difficult to make any decisions on such short notices. In fact nothing more is being offered the former shareholders than they now have, a scrap of paper. It was then again pointed out that they can lose nothing. Thus the argument went around and around. Finally it was decided to elect a committee composed of representatives of those who deposited money for the loan and those who were merely stockholders, and this authorized committee to deal with the present owners. Another meeting is to be held in a week and the matter is to be discussed once more. Although many harsh words were spoken and many bitter pills handed out at yesterday's meeting, the meeting was relatively quiet. Now there is nothing left except to await developments and the progress of the mine. There is no question but that it would be the wish of every Czech here, that the undertaking should be put back upon its feet.</p>
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