New-York tribune., 1907-12-10
PERE MARQUETTE PLAN
Reorganization InuoIres Cancellation
of C., II. 6 ID. Lease.

Detroit. Dec. 9.-After a number Of postpone
ments the stockholders Of the Pere Marquette
Railroad this afternoon adopted the plan for a
reorganization, which involves the cancellation
of the lease of the Pere Marquette system TO the
Cincinnati Hamilton & Dayton Railroad for 999
years. the consolidation of the Pere Marquette
Railroad Of Michigan with the Pere Marquette
Railroad of Indiana, and the settemen OF &C
counts and claims by Judson Harmon and ". w.
CrapO arbitrators.
General Solicitor r W. Stevens and II. F.
Bodman. an attorney. of this city cast in favor
of the reorganization plan 276r554 out Of total
OF 280,00O shares of the stock. In addition to
Messrs. Stevens and Bodman there were present
at the meeting General Manager William COtter
and Secretary Thomas J. Walsh. of Cincinnati
Under the terms OF the reorganization there
will be a $1,000 600 issue Of hve-years per cent
debentures to pay the companys floating debts
and the receivers certificates issued for taxes
and other obligations The total capital stock of
s2s.500000 is not increased by the reorganiza
tion.
Following are the names of the first board of
directors of the reorganized company, tenn
porary board named in the articles of ncorpora-
ton. as required by law: George w. Perkins.
H + Shoemaker, George w. Young. ". T. Cross.
f. II. Hartman, Charles Steele, T. d. Under
wood, G. \. Richardson. George F. Baker Nor
man Z. Ream, / c.. Mccullough. Walter b. Hess,
Allen Wardwen and Thomas w. Joyce, all of
New York, and Frederick ". Stevens, of De-
troit
The first directors meeting. at which officers
will be elected for the company, will be held
at No % Wall street New York, the day the
consolidation agreement is filed with the Secre-
tary of State of Michigan This will probably
be early next week. on the first Tuesday in
April 1908, there will be general stockholders
meeting for the election OF board Of d.
rectors
General Solicitor r W. Stevens at the end of
the meeting issued a statement In which he said
that the money for the s. 100000 Issue of debent-
ures will come from about 1900 stockholders
and not from any large financial institution.
continuing:
BY srransemsn am2rg tho the stockhoders those
better & class cf stock than they nov No hod. tn,
to ana limited to cumulative prcfcrenti;I di,i,ends
Of per cent year provided. of course. the earn
ings Of the company permit the payment of diV
demlS Inc new second htelcrTed st9cS VIII: on
cumulative preferential dividends Of I per cent =
year subject 20 the prior pay ment of tn lrst pr-
subject to the rights Of the othcr two classes of
stock. 1t is account of that arrangement con
necessary and it takes the form of a conSoidatian
or the present company with tho subsidiary
pany known the Pcrc Marruottc Railroad Com
Itny Of indiana The total capital stock Is not
increased.
The pian Of reorganization has hccn submitted
to Judg" Lurt"r Of the United States Circuit Court.
in the rereivcrshif cause. and order has hesn
made. in substance follows: Tho reorglnzed
COMPANY may lie a agreement il thu rcreycr-HD
cause assuming all the debts and liabilities OF the
present company ard Of the receiver and agree.
ing pay the with REASONABLE p9omptnrsS.
Upon this agreement being filed the receiver is ail-
thorized to turn over 10 the n"N company the
possession and control of the property ANA b,isi-
ness The court retains jurisdiction. however,
and reserves the right t. retake possession
through the receiver If for any il should
deemed proper There other provisions for
the protection of creditors and claimants.