ceded liabilities, $457,809.89, which left a surplus of $743,918.25, and it was upon this amount that they determined the value of the petitioner's preferred stock to be $88.43 per share. But, as has been pointed out, I think the appraisers overvalued the corporate good will to the extent of $150,303.72, and the value of the taxicabs $84,099.60, making in all an overvaluation of $234,403.32, which amount should be deducted from $743,918.25, the surplus of assets over liabilities. as found by the appraisers. After making this deduction then the surplus of assets over liabilities on March 9, 1914, was $509,514.93, and the value of petitioner's preferred stock, based on these assets, is $60.57 per share, or $10,478.61. In reaching this conclusion I recognize the impossibility of fixing, with a desired degree of accuracy, the value of the petitioner's stock, but I think that the result reached approximates as near as can be the true value of the stock and accomplishes substantial justice between both parties. The order appealed from, therefore, is modified as indicated in the opinion, without costs. All concur. SHORT TERM NOTES REDEMPTION AND SALES PRICES 1 $50,000,000 BETHLEHEM STEEL CORPORATION Secured Serial 7% Gold Notes Dated July 15, 1918. Due Series A, B, C and D, $7,500,000 each July 15, 1919-1922, inclusive, Series E, $20,000,000, July 15, 1923. TO BE AUTHORIZED AND ISSUED $50,000,000 Coupon notes in denomination of $1,000; registrable as to principal only. Interest payable January 15 and July 15, without deduction. for any tax or Governmental charge except any Federal Income Tax in excess of 2 per cent. per annum. Redeemable at the option of the Corporation at any time upon 30 days' notice, as a whole or in series, (in which event all the notes of one or more of the series first maturing must be called for redemption) at 102 for Notes with 4 years or more to run. 10111⁄2 for Notes with 3 years or more but less than 4 years to run. 101 for Notes with 2 years or more but less than 3 years to run. 10011⁄2 for Notes with 1 year or more but less than 2 years to run. 100 for Notes with less than 1 year to run. Notes to be convertible at the option of the holder at par into new Bethlehem Steel Corporation Consolidated Mortgage 30-Year Sinking Fund 6% Gold Bonds, Series A, due August 1, 1948, when pledged under the indenture, at a price for said bonds equivalent to a 6%% income basis at the time of such conversion. We offer these Notes, when, as and if issued and received by us, subject to approval of counsel. and 1-Year Notes due July 15, 1919, Price 9911⁄2 and interest to yield about 71⁄2% 2-Year 3-Year 66 " 4-Year 5-Year "July 15, 1920, 987 7589 75%% July 15, 1923, 1 From advertisement in New York Times, July 16, 1918. Issue, $1,000,000 6 per cent 15-year bonds. Denominations $1,000, $500, and $100. Due 1st of April, 1924. Interest payable 1st Sinking Fund Sinking-fund, $46,200. Total Amount of Year Amount of Sinking Fund Interest Accrued on Bonds Held in Total Amount to Invest Each Year Bonds Purchased for Sinking Fund Cash Balance in Sinking Fund Column A is the amount of $1 at compound interest. Column B is the present worth of $1 at compound interest. Column D is the present worth of annuity of $1 at end of each period. end of each period, will amount to $1. |