Show Am AID IS TO G. G 1 M. M 1 ST. ST P. P 1 Bankers an ers Re Ready ea dy to o Finance Road NEW YORK Oct 9 AP Bank AP Bank Bankers ers are ready to to take the Chicago Milwaukee St St. Paul railway the largest railroad s system stem in the country country coun- coun coun coun- try Itry from the hands of receivers and place it on a firm finn financial basis Kuhn Loob Loeb Co and the National National National Na Na- City bank reorganization managers in stat statements ments published today declared op operative a n r readjustment readjustment read read- adjustment ad- ad plan despite opposition The bankers said nearly one-half one of the outstanding Junior bonds of the company had been pledged In support support support sup sup- port of their plan The reorganization scheme In involves Involves in- in the reduction of the roads road's interest charges from a aI I year ear to by transferring all except the underlying mortgage e obligations into Income bonds The interest bearing debt is reduce reduced from to and short t term rm bonds are areto areto to be converted into long term I The roads road's to the government is to be liquidated Preferred stockholders are to be assessed 28 a share and common common stockholders 32 a share The opposing group headed by George E E. E Roosevelt of Roosevelt Son Bankers charged the reorganization plan with being needle needlessly fly dra drastic tic and attacked especially the liquidating of th the government debt The St St. Paul was thrown into re receivership receivership receivership re- re March 18 when a suit to foreclose on the property was filed in Chicago The road is capitalized at and is the largest hands receivers re reI re- re ev ever r to go into the of r I |