OCR Text |
Show EASIER! ROADS 10 COISOUDATE NEW YORK, Dec. 22. What was regarded in Wall street as the first step in tho long-rumored plan to consolidate con-solidate the subsidiaries of the Now York Central system with the parent company was taken today when the New York Cential and Hudson River railroad companies addressed letters to the holders of Its 5110,000,000 3 1-2 per cent collateral trust bonds, which were given In exchange for stock of the Lake Shore & Michigan Southorn and Michigan Central roads, asking their consent to mergo either or both ' ronds with the parent company. the Lake Shoio at this timo, but owing ow-ing to a provision of the mortgage the consent of tho holders of the Michigan Central proportion of the lssuo mus be oblnlned The way thus is left open, however, for a consolidation of the Michigan Central with the Now York ' J Central, and the bondholders are asked j , to give their consent to such consoll- fj dation. ' According to an officer of the com- ? pany, the immediate object of the ab- I sorption of the Lake Shore Is to ob- tain a through line to Chicago under one management, to the end that its ; operation may be placed on a less , cumbersome basis. , It was denied todav bv nfflpl-io " ' ; any further plans for a comprehensive ; unification of the system aie contemplated, contem-plated, but it has been, frequently re- ' ' ported that such Is tho goal the direct- '. ors have In mind. ' |