New-York tribune., 1911-11-29
ACCEPT REORGANIZATION
New Plan for Metropolitan Ap-
proved by Committees.
REDUCES CAPITALIZATION
rosal Obligations TO Be S97,-
655.5OO - Receivership of
Street Railways to End.

eral plan Of reorganization for the
,s.+-.,olftan Street Railway Company, pro-
-, for a lower assessment on Metro
.,,..sr stock than was at FIRST called for
-. Otherwise showing few changes from
che original plan. was announced yester
49,, bv the bondhOlders reorganization
o,-,n1i-tee headed by Guy Z. Trip. and
yas subsequently, accepted by the Inter
borourh- Metropolitan Company. which
.,,-s Cob rer cent Of the Metropolitan com
,sry.s stock The new plan was also ap-
rroyed by Che joint reorganization commit
90 Of the Metropolitan Street Railway
,o-,aanv and bv the committees represent
,-. the & per cent and per cent bondho.d-
srs.
Under the terms of the plan, which,
,s~orrb It's approval by the various bond
bo1Fers' committees now becomes effective,
IN. assessment on the Sj2,oo00r OK Metro
,,rffan stock OF which the marlborough
Metropolitan Company holds $i2 10000. as
IN DO 81. 90 a share. instead Of Si7 o. the
sro1-t orie.nally named The reduction
An the assessment Mr Tripp said, was
made because &c was found that only $780,
OBI instead of Sl000l0o1 the amount first
estimated. was needed TO carry out the re-
organization plan, and was not 90 be re-
ra-5ed as compromise with the INTERIOR
ruqa-M5ropolitan Company. This COM
many oa Monday presented proposition.
which was turned down hc the boudhold-
e-s. organization committee providing
for reduction of lo per cent in the as
se.smeut on the Metropolitan stock
The amount the Observation-Disclosures
ta1 Company is called upon 20 pay under
the new plan IS S.5i&+61, whereas under the
old u.a. .t would have had % pay approx
imafaly ssfH4" iu order 20 retain lls
equity .l t1c metropolitan properties
5.... ,,,-.,, ,, No+se
l .--.- NOT oe learned o--'.'-..s Jus, '.e' w
,-r --,.---t' u 't to'-'.-'- '..- '-''
necessary -0- '' "a. ,---'
.' .7 -----" .''-- -- %. -.
fs-' N.... "-- .' "-.'-
"- -'.e.-".. "." o7''.7 me
purpose. d .-Aoi mat d. 3 -NoI oI7dH N W.
would -aa' .-r l-.ti .ol GUS" snare o-
ST.. assess "-.t was denied 'otA AT tAe
Morgan o-1.ls ana 'E -Ne''ors = 9-eil'-'
president .. .-. -'lci .-l -'iS1- o'-'''1-
Company
--e S.'...' -- STOCK oi 'ne oel''-al II IoSS-
&. I'D. . shan. ..-f.- rre new rIs1. and the
81.
&r+." l- improvement notes Oh l4e -4eI-
r......- Street Railway COmUauv not in
Tie hands o- the receivers OF lAe Ne" AoIA
City Railway Company are given the Op-
-..-f.r.,. -8 rrrtictrate Oh the payment 4
b. ~. 49, - ~. -l.-- 1-,,.
go lot e--- s-'Dp race Fai1e O- "o-e7' 4 ~
ibis payment The stockholders or the Met
''t-.'' ~
and tile holders of The avHvN notes re-
ferrsd ro VI. receive Tor each share "
old stock Of Ao par value and ttr each 500
i4-e fa--t -L -olea lte Lo''o"4"H sel-' '-e7
s. So Il new per cent mortgage 1OAus'
S. @. -r now adjustment bonds and SO 81 In
....--..
lew STOCK.
There mas been no change whatever ln
-.. .....,-...,. md. e-,or-+ Of sar,~i+ias OIL
... ..s--..t..,. -r,t
i-ie- 10 the uep.sl--3 D-i4oii,'-el7' JIG
total amount of securities that wiI be out
......- .s..... .t-. -...,,. .--,,-.,-,- will he
,-''..---'7 ' -,, -. 80,
t-..,...'A MAaA VIII ne Ie"".--o- -' oi'-
t.e present capital and obligations Of the
--.....-..-its, e-~ee+ Railway CruDanv o.
----.-.
-.-..t 2'-'N''0'''
Other details Of the plan, as announce
. .-.-.. ---f-r, ..r tho no.,froIda-sf -e-
t man ~ ,.
.r--A!LaLon committee are 4S -oAo"S'
-..,, -,...-.. ,. undo.
me per cent Do-As '-'- , d. t~', , 80, % y r,.-
cent bonds ana par in adjustment bonds
LH.s allotment covers acc-1 1eo interest '-'
The brr cent bonds receive, as formerly
80 per cent iu new adjustment bonds anl
~ per cent in new per cent 1Oncs. IDS
allotment also covers dccIAed interest
The tort claimants are SUI. 81. en- en- ~ pc.
cent or their claims It new l-. ii t.-,j .
nus slvita them tie same allotment %.
securities that IS o-ere1 the per cen
oonas.
"No Discrimination in Offer
s..-.-...--... ..- ..g...-,tfo7, ir
~ .1 ..o ~. --- fr0i5.rs and rl,
ss-.t ..,,-,,,,-c- r.---roI.rau company vii
Ts.. fra risI- 10 nav -l. assessment on IN,
stock held ry u and receive the securities
above mentioned pro rata, on exactly Tho
.5a.4 basis as any other st0ckhOlder
The adjustment bOuGl1iders have ut
right to elect one Jess than tle majority OF
the directors Of the new company until tAt
ful amount OF their interest pas Detn pau
and the mortgage VIII contain ample ptO
visions protecting t.eif interest lH inc u''
t-.uron or the net income. .-,,.
u f.e az eI.sJlen- 1o-e5 pay o. pst st-.-
interest. WAlta ls i-e Ii.--.-I nm ~ j ,--,.,
ur tle basis OF present earnings lhe sec.l .
r.- allotted 90 The per cent 8olTs WI
-.. ..-lileu ,, a'- i,(,,5e a~d those
o pes cent on me plestiL uo-,,., 7, 41 ,,,oid
quo. ,g '.-r - - ....,-,-,i,.eier- I'm aif Der
'-@ .elt -,+ ~. ~, ,,,,7s
" - '-'
The new securities 10 be issued under inc
MIA. are as follows.