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Reorganizaron of the T., A. A. & N. M A New York dispatch glves r.he following particulars of the proposed reorganization of the Ann Arbor road: Messrs. G. W. Murray, T. A. McIntyre, W. H. Male, Jos. Richardson and Henry S. Redmond, the reorganiza tion committee of the Toledo, Ann Arbor & Northern Michigan Railway Co., have formulated a plan for the rehabilitation of the company. The plan contemplates the formation of a new company, with a capital stock, of $6,500,000 in common and $2,850,000 in preferred shares, and authority to issue $7,000,000 five per cent gold flfty-year bonds, bearing interest from January 1, 1895. Of these bonds $5,767,100 will be used in exchange for bonds of the present company, leaving $1 232,900 in the treasury of the new company to be used for acquiring additional rolling stock and terminals and for betterments and such bther purposes as may be deemed by the committee necessary for the best interests of the road. The preferred stock is to be issued for accrued interest on old bonds, for assessment on old stock, and for adjustments and settlements. The common stock is to be issued in exchange for the old common. Holders of the first mortgage bonds of the Toledo, Ann Arbor & Grand Trunk Railway Co. are to receive the new flve per cent bonds for the par value of their bonds and the new preferred stock for accrued interest. Toledo, Ann Arbor & North Michigan flrsts will also be exchanged for the new bonds, and receive new preferred stock for accrued interest. Toledo, Ann Arbor & Cadillac firsts will receive 90 per cent in the new fives and 10 per cent in new preferred stock, and' new preferred stock for accrued interest. Toledo, Ann Arbor & Lake Michigan flrsts will get 60 per cent in the new fives and 40 per cent in new preferred st. ck. ai;il now ïvi'HiTred nock ior a; rrned r.'HTT.sl Tojclo, Ann Arbor .- Ni ii h Michigan consola will feet 30 per cent in the new fives and 70 per cent in the new preferred stock for preferred stock for accrued interest. Stockholders are asked to exchange their stock for the common stock of the new company, and to pay an assessment of $5 a share, for which they will receive new preferred stock at par. This assessment is payable In two or more installments. In case of foreclosure and the non-payment of the full amount of the assessment on the stock, provisión is made for the formation of a syndicate to underwrite the plan. The agreement for the deposlt of securities authorizes the committee to make application for the removal of the present receiver and the appointment of a new receiver to be agreed upon between the committee and the Farmers' Loan & Trust Co. The funded debt per mile of road of the system is now $26,654. This will be reduoed after reorganization to $21,014 per mile. The total annual fixed charges are now $420,670 and will be after reorganization $288,355, an annual saving of $132,315. The committee after explaining the importance of immediate action, says: "With a basis of credit established, the plan seeks to make such provisión for the future that will enable the reorganized company to develop its business and to increase the net results, all of which cannot be done by any less comprehensive reorganization, in the judgment of the committee. This being done, there is no reason whatever to doubt that such a degree of prosperity can be brought about as will justify the security holders for the concessions they are now called on to make." The Farmers' Loan & Trust Co. will act as depositary for the bonds, and the Atlantic Trust Co. for the stock.