A New York dispateli in this moming's dai'.ies gives a plan for the rejrganization oí the T., A. A. & N. M. R. R. by the bond holders of the road, or what Se kaown as the 'outs." The road under the management of the present receiver is being put in elegant condition, and so improved that it wlll ba one of the best roads in 'I he country. The peopT.e along the line are very muoh -in favor of the present management, and are afraad that a change wiil mean an end to the present polïcy of progress. Tlie plan of the "outs" to get posii -i the road is as followfe : "ïhe 'ioorg;ui;zation committee of 1he Toledo, Ann Arbor & Northern Michigan Railroad Co., of which Geo. W. Qucetard is chairman, have adopted a plan of reorganization which provides that the existing mortgagos are to be foreclosed and the property rights 'and franchises purehasad under Badd forecJoeure by the committee. It is proposcd to form a new company under the laws of the state of Michigan, ïvhich shall créate the folio wiug securities: $7,000,000 first mortgage 100-year 4 percent, coupon gold bonds, interest payable quarterly, secured by a first mortgage and pledge of all the property of the new company. Coupon No. 1 to be paid at the expiration of the first quarter succeeding reorganization. No t&omal mortgage shall be put upon tlve paropearty, nor shall the authoriacd amounfc of the preferred stock be incioased without the consent, in each baee, of two-tMrde in amonnt of the pieferreil and cominon Btockholders. "The board of ddlrectOTB oftlie new company ïor t'ic Karst year are to be najned by this eommittee, and for this purpose all of Ifche stock, both preferred and common, is to le issued to tíiíis coininittee ajid held by it until after the electiion of the first board of dïrectors. IAmediately alter the electrón the preferred and common stock ie to be distributed as provided lor by the plan of reorganization. "In forniulating the plan the committee have sought ito ascertain what ainount of earninge per annum may be safely assiuned as applieable to interest on first jnoitgagi; bonds. An examination of tlie eaiinngs of other Micliigan roads and their physical condition as compared with this property, tosether with a careful consideration of natural increase, lias led the committee to conclude that $280,000 per annum is a conservative estímate lor the maximum fixed charges for thee property. On this basdfi is jut'dicted the creation oí $7,000,000 first mortgage -í per cent. bonds. "That booclholders may receive the benefit of net earnings in excess of $280,000 ir annum as eetómated, it is proposod to créate $4,000.000 5 per cent. non-cumulative prefcrred stock, $3,657,700 oí whích is 10 "be allotted to said bondholders."