New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1868-02-24

venting the completion of the latter 10 the Missouri
road Company completed its railroad from
Chicago TO Rock Island on the Mississippi.
formed under the lava OF Iowa called the Mississippi
and Missouri Railroad COMPANY Tor tue purpose OF con
Mississippi River. immediately opposite Rock Island, to
point IN Iowa at or near Council Bluffs That Rock Is
land and Davenport connected by bridge tho
Mississippi That the ConpIny was unsuccessful in
operations, aud had only completed ITS road from paven
when its property was all sold FOR the payment OF It's
Rock Island and Pacific Railroad Company was formed
corporation for, among other things the purchase
Davenport to the City Of Des Moines That tho said
corporation purchased all the property and fran
chises OF The said MiSsisSippi and Missouri Rail
the completion Of such road from Kellogg TO
Des Mones all the stockholders in the SAID Chicago,
Rock Island and Pacific Railroad Company, on the 2@d
day OF Jnly, 1885, united In an amendment 20 their
rgna articles Of Incorporation by which the Company
the terminus Of its road Des Mones the west
er line OF the State Of Iowa. TO connect with the Union
Pacific Railroad aud to forms continuous line from Day
export That August 1866 the two companies agreed TO
unite corporation, under the name last aforesaid
That the capital OF the Chicago 3nd kOcA lsao RAILROAD
Company was originally fixed at s3OOOoO but was subse
quenty increased that the original capital OF the chi
cagO. Rock Island and Pacific Railroad company was
xed at and that by said articles OF consolda
ton provided that the capital stock OF snch con
sodated company should DO the aggregate VI .u9
capital stock which the two companies were authOflod
to create by their respective charters and that the total
amount OF the capital stock Of the consolidated company
the time should commence and go into operation
should be equal 10 the aggregate OF stock issued or geea
to be issued BY the said corporations respectively Lerepy
consolidated aud that the certificates Of shares of STOCK III
either Of the companies should DO returned
and surrendered to the said consolidated company ana
new certificates should he issued to tho holders
therefor That at tho time OF such consolidation the
aggregate amount OF stock Issued by the two companies
so consolidated. respectively, was nlnetytwo thousand
OF the par value OF one hundred dollars eaeh thar
unetyoDe thousand OF such shares had been actually
issued by the said Chicago and Rock Island Railroad
Company exclusively and that the other one thousand Of
such shares were subscribed for IN the other company
butnever issued unless they might possibly Dc construed
being included within the dtona issue OF forty
nine thousand shares hereinafter hehtoneu. i't 49,
sequenty to snch consolidation and between inc twea
tieth day OF August 1906 ana tne and I Boc
Island shares Except Oj sares) returned theIr GER
tfeates TO the sad consoidaied company 1890
bly, TO the articles OF consolidation ana received
in lieu OF the same certificates Tor cores
ponGng number Of shares n e e .s esG aons SST
dalton the consolidated company has hau an ounce lor
the transaction OF business III te cry ol o
meetings OF Its directors or OF ltS eKeeuTs
held In said Ocei that al tho terminates so "a
turned were returned az sala oee, a, NJ. az rT fs
Gates were received at said Once anu that an @
OF stock made at said Office That the iact tnas sucn
Of New-York was matter OF plnhc hoIoley, au n
have been well known 10 all stoekhOlders III sao ces'
dated company That on the 2lst dy OF august 1000 e
Board Of Directors OF SAID CohsOlldated NonP@iR p
pointed such Executive Committee DaNau DVns'
Thomas T. Surges, David Crawford, Jr; Charles W IN
rant and John r. Tracy Ihat rom I m ans ~ ri9
amendment il the intention or the DiectoTSSl siu
Chicago Rock Island and Pacific Railroad company anu
so Ear as these deponents know believe without ANY
dissent that the said extension from Des Moines 20 the
ecuve Committee have been building the SO miles west
of Des MoInes that they entitled to 10000 acres OF
land on the completion OF such eXensiO aLu ta hcrc
are rival roads competing with them. That on anu prior
TO the 18th day OF September last past tue su hAeu
whether the moneys needed for the purpose OF such
extension. should DO raised 10y means OF "a 5o'n 81, on
mortgage bonds, or by iufther issue VI So 80
i'm said consolidated company aud finally resolved as foi
lows: 49,, c.. q, ,os-
a. meeting u The Executive Committee held at the shee o. The
CeTpln a. Tsr 20, e. ss ses PssS TbS%a r s,sS
The osiag Prelebe and Resolutions offered discussed and
S1e'ss sIpet By @ cong,Hy 70 sog,et, !. In.
oi osd 10 the Nb.onf hssI, ~ s a.. c,e,t .r IN
70 prp seSaohy rs eoa'..S's on T ps Rroi Comp.n
sSbsrs line which properly biug 70 ts Com
pany =. country and make markets oI tle land
by the COMPANY 'sd fsAsaa The boedi o. he Con-
pany authorized 10 he issued Tor the Puloe ea y $50, =,
rhe bsd 70 be for the inieres q .hs s,osshosL
cpsuy .hh lawfully issue instead e ''ilG 'A O"o'
oi IN. capita, .eet q tbs Company ,: 1'Ts,sss
stoo0 50 IS % maze ne spai .lfs see'as 10 W. ,s
male such stuck uiheIiic 81 hs, ssa
ch amounts aud 70 such pea or gs.en IS sSe 'a 0'A0s
That this resolution adopted in good faith for the
interest OF the Company that the depOnents under sa
resolutions from time TO time. between the l9th day Of
ocoer ana te goth daY OF December last inclusive OF
those days, caused be sold 10 various parcels the
sales we're very slightly below par which
gave an average price OK Ssf 20 r cent Thai the
whole net proceeds Of such sales amounted TO
hundred and urtyslN dollars ana TWO cents, anu I'M
tho whole Of said last mentioned sum as Deeh acIuay
pald 10 and received by sad Consolidated company.
THAT the estma cost OF the extension is four millions
nine hundred and siNyeght thousand ono hunuIeu anu
was not TO be extended TO the west beyond Des Mone
there would not have been any NECESSITY OF lssu
could not continue In its career OF prosperity
without such issue Of new stock, or BORROWING money on
ceeds of nc new issue was necessary That previously
10 the commencement Of these actions ~ Was the D9na
the welfare and prosperity SAID Consolidated COMPANY
that the tension could be, and for the interest OF s
company ought be- completed 20 the Missouri RIVER b
the end OF the year 1905 InaS uns 1I Pr coo
by hostile litigation, the extension VIII DO S Tht
the aeponsnt s did NOT s'' believe Rat tue sOs
could be pat az premium unless by stock jobbing aud
price and That acposents ere IN no way interested in
raising OF depressing stch market price David DoTs.
that eye. since JSnn . S \. as S had NO interest i
otherwise. Mr. Tracy says his Saes Dave peen iot .c
Company Yith the e{eeg91 ot one sn1, NJ VI Sso:s
further saw that Neither such sale Of the said
new stock the terms which the same was sold as
or by any person they know or believe to de
precate the price OF any stock. or 10 affect the market
loss 10 any person That as these deponents are in
formed aud believe the said consolidated company never
and never could have been IN any degree whatever
Interested In the market value OF ITS shares IN the stock
market except whom 1t was itself engaged IA selling ITS
ponents further say that IL il be proven made to
appear by any course vhsh II was the duy OF these
to adopt could have been realized by sad
consolidated company for the said forynine Thousand
shares OF stock sold, as aforesaid. than was
actually realized thercfron these depohenVs arc aoe ~
make Eood such lose the said consolidated company
that they are willing 10 have an action instituted IN
which snch question could be fairly tried, and arc ready
10 enter into proper arrangement with any reasonably
compctent number VI permanent stockholders IN sucn
company 10 nave an for that purpose prosecuted
agalnst them behalf ~ such company under proper
control and direction 70 insure prosecution there
of In Judgment Then follows statement subStan-
italy ~ above stated Of the disposition OF the moneys
That David Crawford jr. after the same had
such sales had been made without his knowledge
That the said David Crawford IT,, some time AFTER sep
as urged that the extension aforesaid should
not bo made and that the design 10 make u should 10