New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-07-09
RAILROAD COMBINATIONS.
CONSOLIDATION OF THE WABASH AND THE
LOUIS, KANSAS CITY AND NORTHERN RAJ

CONSOLIDATION OF THE WABASH AND THE ST.
LOUIS, KANSAS CITY AND NORTHERN RAIL-
ROADS.
The Wabash and the st. Louis, Kansas City and
Northern Railroads to be united under the name
of the Wabash, st. Louis aud Pacific Railroad.
The largest shareholders of both companies have
given their consent to the consolidation. The
union Of the two companies which lacks
only the formal ratification by their stock
holders, has been virtually accomplished. The
capta stock Of the new corporation has been fixed
at 100000 600, the sum of the combined stocks OF
the two companies. OF this capital onehaf will
be preferred, and the other half common stock. The
present capital of the ST. LOUIS Kansas City and
Northern Road is S24 coo, 900, divided equally into
preferred and common stock. That of the Wabash
Road is 81 600 900 Of common stock. There will be
no 81 lngc therefore in the stock of the st. Louis
road but the capital Of the Wabash road will be
divided equally into preferred and common stocks.
The funded debts of the two companies VIII remain
for the present unchanged. 1t probable that on
the completion Of the proposed extensions, on the
part of the Wabash TO Chicago and Detroit, and on
that OF the st. LOUIS road To Omaha, thau tHS
sectional mortgages will be consolidated, secured
on the entire line of road. The bonded dent on tht
new company will be then at the rate OF ABOUT
$4,000 a mile: With the present mileage the
funded debts of the two companies amount 10
about $4,000 a mile. The funded debt oil the
Wabash Company is composed OF numerous mort
cages which were placed on the separate lines Oh
road forming the Wabash line. these. together
with the mortgages Of the st. LOUIS road, VIII he
retired, it Is understood, by tie GonSohqaled
mort gage Of tho new corporation The wabash, -.
L1u;S and Pacific Railroad contracts over 400
miles OF tracks and, when the proposed extensions
shall have been completed, will control LIS mics
of road. On the extension Of the st. Louis rGad,
from p ttcnsburg to omaha, distance Of 40
miles 80 miles Of rails have been laid al
ready. IL is expected that the work VIII be com
pe'ed early III September. The chicago extension
of the Wabash road Is also making RAPID progress
The new line has been laid out from StraWn 70 the
Kankahee Rivera dis lance OffOrty-tOur miles, trad
ing on this line isnOw gong on and contracts nave
been made for ties rails and other materials ncccs-
sary to its completion. From Strawn TO the rlVer
the hi CHEST grade SAID to be thrtytwo feet to The
mile aud the crossing of the nver Is nearly on
level The new road has been Incorporated under the
general laws Of Illinois. At the next meeting OF
the mcorpOTatoTs mortgage on the hne VIII nc
authorized. III connection with tie funded dcDt OF
the Chicago and PaduCah road, the rate VIII Oe
about $4,000 q mile. The bonds will bear per
cent interest. E,
The Wabash extension from Toledo to Detroit
has not yet been begun. surveyors are ehI
gagged IN laying out the line, but the road
nav not be built. For several weeks nego-
tiatiOns have been IN progress Tor the leasing Oh
one Of the Vanderbilt roads between Toledo ana
Detroit Representatives of the Grand Trunk and
Atlantic and Great Western roads have held Ire.
quent conferences with Mr.. Vanderbilt. Ii Is SAID
that recently he has consented 10 the JOINT use OF
one of the roads by these companies, the Wabash
and his own road. Cyrus W. Field, lTesluent OF the
Wabash Company accompanied by SCION hulnph-
roys member OF the executive comIHIlre, WI 70
to-day to Saratoga to hold nalconference with MT.
Vanderbilt in regard to the lease. The organza-
ton of the Wabash, ST. Louis and PaG!hc Company
has not been completed CyTus W. leu W VII, 10
and B. w. Lewis, jr., president OF the 1T. LOUIS
roads, will be vicepTesdents. Among the directors
will be William X. Garrison, Scion Humphreys
Jay Gould and Russell Sage, OF NeW-lOIk' ana
James L, jaw, of Detroit