The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-02-25
SinauriSI.
CHICAGO. January 81, Isoa
To the Stockholders Of the
{ Alton R. R. Co.:

Referring 70 a circular OF this date by Mr.. John ].
Mitchell NJ Chicago. we beg leave to say:
We believe. Notwithstanding the general advnnc.
in value of railway shares. that the price offered.
namely, 5000 por share for each shArs Of the pr,-
ferred and e175 per share for each share OF the com.
mon. IL a fair price for tho stock. and that II Ia for
the interest OF the stockholders of the Chicago a
Alton Railroad Company to deposit their stock
under the agreement referred to. We. therefore,
recommend the acceptance by stockholders OF the
proposition made therein.
We have had under consideration for over two
months the question OF the purchase OF the stock OF
the Chicago \ Alton Railroad Company.
Upon the request OF the President, the Executive
Committee took up the pending negotiations. and
the agreement now submitted to you was approved
by them.
The Chicago q Alton Railroad is without con.
nections either East or West subordinate to its own
corporate control. AT important points. increas.
ing competition already existing and threatened.
with the general tendency TO decreased rates Of
transportation, and TO increased rates OF taxation,
mako Il more and moro dIfloult for the road TO
continue the earnings of the past. These facts,
in our opinion, constitute conditions Affecting the
future of tho property which will exist and be felt,
Notwithstanding the bonded indebtedness OF the
company shall BIO refunded. In addition, the com.
pany will. In our opinion. be obliged to expend .
large sum for track elevation in Chicago. and for the
purpose OF putting tho road and its AppurtenAnces
in condition. In competition with other lines. to
economically do the business which shall DO offered
to II.
FOR THESE AND OTHER REASONS WE
WILL FOR OURSELVES ACCEPT HI
DEPOSIT OUR OWN STOCK WITH H
UNITED STATES TRUST COMPANY OF
NEW YORK, UNDER THE AGREEMENT.
The purchasers of the stock OF the Company arc
gentlemen connected with important railway In.
terests. This fact will enable them to use the rail-
pany, II acquired by them, as . virtual extension
Of their own systems, and will furnish It with .
large amount Of through trafhc. which otherwise
might not obtain. This furnishes explanation OF the
desire of the gentlemen named to acquire. II possi-
BILE, the stock OF the Alton Company. Very reHpsot
fully.
ORE K. JEsUP.
JoHE A. STEWART,
JOHN J. MITCHELL. 81. L0uA,
MARSHALL FIELD
y ALBERT A. sPRAGUE
A. G. BARTLETT.
CHAS. a. CHAPPEIL,
Directors.
Referring to tho above and to the ono1
made to purchase at
$500 EACH SHARE OF THE PRE-
FERRET STOCE, and at
s17s EACH SHARE OF THE COMMON
STOCK,
of the Chicago and Alton Railroad,
which offer. by the unanimous order
of tho Board of Directors, was COM
inundated to tho Stockholders, atten-
ton is called to the fact that
THE TIME FOR ACCEPTANCE OF
THE TERMS OFFERED WILL
EXPIRE ON MARCH 1ST.
Asserting Shareholders should, therefore,
promptIy deposit their Stock with the
United States Trust Company of New York,
from which circulars setting forth tho CON-
ditions of tho offer in detail may be OBJ
tanned upon application.
JOHN j. MITCHELL.
Chicago, February 18th, 1899.