The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1914-04-03
COURT ORDERS +
APPRAISAL OF PERE
MARQUETTE RAIL WAY

MNVQM1 V1SO&8k<9 "
APPRAISAL OF PERE
i MARQUETTE RAILWAY
(Csnsis~@A srsa rage Ose).
I .taling such action and incur
! ring such expense.
An appraisal Of the company viii
5Aow some things which. Il believe,
Xstll surprise the public," said an Of
ft4nl 0G 1ho Pere Marquette, Friday.
1T. Ccoley's appraisal In 1905 show
n1Ae. Of about $50. 900 900. Since
h6out 410, OOO. 900 has been add
ink!uding %. 000. 900 to 3 $4.O00. 900
hid receiyers.. Allowing for depre-
Hon. "A appraisal may show be-
I0pen $4,000, 900 and $70.00O.000 In
Srope1ty.s There are not many who
b6liove that the road II 20 valuable.
kEQf. course; there r. no, telling Whist
be fEuress will bring, Il Il y sold -
ll(Ures, the bondholders. or most Of
$No)n, will be taken care Of.
sFhe .steekholders, however, have
bat much 70 hope for. That means
~ wipihg out Of e36. 000. 900 Of stock.
hid by about 1.700 people, most Of
SkOm are In New England and New
fDSk.'
IN fssl That II IL absolutely nsces-
NY 10 have an honest appraisal made
~ the rere Marquette BY 4 disinter.
i}ed party" .said Judge futile.
Chcre 'haS been 10 much said about
HI pore Marquette, many Of the
ntements not founded on fact, that
HI 4 my dirty to Get the matter
lt ;batore The public BY having Z
@Ub1cts appraisal made Of the. prop.
-. N0uch m appraisa1 will make me
fe secure In the position ! have
1ous u handling the matter, also it
MI to Of use to the state railway
nlEjselon IN the matter Of future
I'D issueg. and In addition, Will
I've the eject Of stopping politicians
M others from attempting 70 make
&lltical capital out OF the PAre Mar.
1etkefo.1Dancial alIhirs.' think that
~ xotooCteos Of the road can we'll af.
mi - bar the expense Of, the ,Ap-.
ptGioal. N my opinion, Dean Cooley
b the best man available to make tho
hpF raisal: ~
The funded debt Of the road, June
Do. 1879. amounted TO $63,672, 900 In
HE hands oflthe public. OF this, ahoat
|t1e,60e,O 600 was In nrst mortgage
6cndS There IL also about 81. 000, 900
m receiver certificates to be taken
|bafo ~. In the event Of = sale. these
|AHeE(tros1xp securities that win r.
ErSlto attention.. After they have been
|p1ta the other bondholders VIII re-
PcGtSe consideration.
: Nen come the junior securities, IN
|cl hg the Pere Marquette consOlidat-
~ ortgage ~, Of which the Farm
- IoAns = Trust Co., u New, York,
~ b has instituted forecIoouro pro
6cG. tngS agaluat the road. ~ trustee
Ea1 ESQ 800 rounding nertgAoe gold
El1& $4,000, 900 general marriage 80
Eye4r Sd, depOoitod with the 0uaranty
ETy7iot CO. Of New York. and other
ftS21es. II the road brings high
/ etkUeh figure. these also may all BE-
ltanAn care OF.
but The @1l.3l6.eoo IN common stock,
Etht e1o.QS9 900 IN snrst preferred. and
4 thesCe36. 900 Of second preferred IN the
eho&/D Of the public 10 doomed. In
Fdp93. Il u not at al likely that sale
|of .tHe road would bring enough to can
/ gu MI the bonded obligations. No.
b1111 II likely to pay more for the
1 r6Ab than . sum On which tho lines
/ CO earn money and pay divldends-
~ matter what the origipal cost may
- been, or what She apprAisaI may
sk&w the present value Of the roads
- orty 20 he. II the Rad -, split
~ md III various parts distributed,
e xaay be that they Will bring high.
~ figure. These ate problems that
m35{ be considered In connection with
4 th3. foreclosure.
fMs action .oe the Farmers,, Loan Z
.T{1St co. was f0feseen both BY the
cn1Btt and the .rocetver1. and was
h5khly pleasing to everybody. That
cu1Speny has w9tched Pere Marquette
al1jrU clusely. when Judge Sessions
a.; 1919. authorised. tia Issue OF. -,
&C. no Ia receivers certintates, the
"a fbany entered 6bject10is; declsr
lS1 s4hat its bond rights were, belnG
113pArdised. III motion was Over
40 ~ Judge 66S6iooG, however. a
K(th tho defhultint u ths interest
Y Aprit / J. ana the continesacy that
IN f60hd holdef4 'alkeeted ~ that fun
~ would BEGIN fofecloaure pr4ceea
S1Gt. the pArm0fk Loan & Trust Co
lnnped right u q tfotect IL clients
Eklo. Is quite what the oourt anf
~ :receivers VaSiS6< Hoth realise
fHSt the recolvUrshlp cannot List Tor
~, ana that addiiicnsl capital can
S17 Is secured The on1y roaeo1Atit
eC1sJe that seent4 epeu No - tar
~ yai!sqad OYER g st q. - ~ j. ].
- rcaAI 81