New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-11-02
RAILROAD INTERESTS.
NOT SATISFIED WITH THE NEW PLAN.

NOT SATISFIED WITH THE NEW PLAN.
OBSERVATION-DISCLOSURES OF THE TOLEDO. ANN
ARion AND NORTH MICHIGAN RAILWAY
WHO ARE UNFAvCHAELE To THE
crrNrArp-LAwRENCE SCHEME
eo,e-o, LARGE holders az the securities Of the
Toledo AM, Arbor and South Michigan Railway
ara no. satisfied with the Quintar!- Lawrence plan
tor reorganization and will actively oppose it.
They believe that the plan is a step toward set
,Iin, ~. company's trouble bu that IL leaves the
rco~-rniza ton in condition of uncertainty. The
C;4~c~aI Generalization Committee. of which
c.,~.., Is Murray is chairman. mas aggressive
cd ;,ii.oi;ial following. and is actively opposing
a., cr.ntGrl-Lawrcncc plan. The Cadillac. Mount
Pleasant end Lake Michigan bondholders. who
arc 70; resented h. Henry Clews 4 CO.. also
ot2osod to the plan, and so Is the Stockholders
Protective Committee. OF which f.. {. Stoinan IS
chairman and large stockholdinS interest repro
se,.tcl by q. r. quincy and his associates in the
Dcqri o. Directors.
large holder o. the bonds. who is not interested
IN any os those committees. says that he does
propose to deposit his bonds until it is demon
siraied which committee is really going to effect
the reorganization. lie represents other bondhold
ers who take the same view The Indications
that the Murray committee will amend its plan
a. to make II acceptable To number of important
interests that have not been conciliated by the
Quntard- Lawrence committee
The difference in the allotment OF new securities
between the Murray and the Quntard plans yields
70 holders in interest follows: The Grand Trunk
bonds receive under tho ouintard plan $40 per bond
and 30 per cent nOn-cumua;ive preferred stock. no
revenue; under the Murray plan. 50 per bond. The
North Michigan bonds under the Quntard plan
ccive $3.50 per bond and 30 per cent non-cumula-
tive preferred stock. revenue: under the Muir
ray plan. so per bond The Mount Pleasant under
the (luiniard plan receives $40 per bond and -
per cent non-cumulative preferred stock. no reve-
nue.. under the Murray plan. $40 per bond. per
cent preference stock. no revenue: under the
Murray plan, 81 - per bond. per cent new pre-
ferred stock The Cadillac bonds under the Quin-
tard plan receive so per bond and 20 per cent non
cumulative preferred stock, revenue under the
Murray plan. 81 - per bond. per new pre-
ferre3 stock. The Lake Michigan bonds under the
Qmntarl plan receive SO per bond ana a. per cent
non-cumulatiVe preferred stock. no revenue. under
the Murray plan. So :" per bond and - pcr cent
nOn-cumUlative preferred. no revenue. The
solIate1 bonds under the Quintard plan get l2O
per cent in new preferred stock. revenue. under
the Murray plan they receive s. ~ per bond The
FTankford and Southeastern bonds under the Muir
ray plan receive so per bond and 20 PEI cent
preferred stock no revenue: under the Murray plan
they not treated The difference fixed
charses-hetwecn the two plans is very slight To
the Henry Clews Cadillac hondhodcrs' committee
and to the stockholders committee of which f.. 6.
Stcdman is chairman has been given representa-
ton on the Murray REORGANIZATION Committee