The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-02-20
9tnansial.
CHICAGO. January 81. 1893.
To the Stockholders of the
{ Alton R. R. Co.:

Referring to a circular Of ihis date by Mr.. John J.
Mitchell ~ Chicago. We beg leave to sayi
We believe. Notwithstanding the general advance
in value OF railway shares. that the prico offered.
namely, 1900 per share for each share " the pre-
forred and SIZE per share for each sharo OF tho COM
mon, Is n fair p-Ice for the stock. aud that II is Tor
the interest Of the stockholderAp ~ the Chicago %
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 tho stock OF
the Chicago s Alton Railroad Company.
Upon the request OF the President. tho Executive
Committee took up the pending negotiations. and
the agreement now submitted to you was approved
by them.
The Chicago & Alton Railroad Is without con-
neotions either East or West subordinate to its own
corporate control. At important points. increAs-
lug competition already existing and threatened.
with tile general tendency 70 decreased rates of
transportation, and to increased rates OF taxation,
make It more and more dificult for the road to
continue tho earnings Of the past. These facts.
IN our opinion. constitute conditions affecting the
future OF the property which will exist and be felt.
Notwithstanding the bonded Indebtedness OF the
company shall be refunded. In addition. the COM
psny will. In our opinion, be obliged to eIpend a
large sum for track elevation in Chicago, and for tho
purpose of putting tho road and its appurtenRnces
in condition. in competition with other lines. to
economically do the business which shall be offered
70 IL.
For these and Other reasons We will for ourselves
accept the said proposition and forthwith deposit
our own stock with the United States Trust Company
OF New York undor the agreement.
The purchasers of the stock OF the Company arc
gentlemen connected with important railway in.
terosts. This fact will enable them to use the rail.
way of the Chicago and Alton Railroad Com
pany, IL acquired by them. as a virtual extension
Of their own systems, and will furnish II with a
large amount OF through traffic. which otherwise it
Nigh. no. obtain. This furnishes explanation of tho
desi % OF tEe gentlemen named to acquire, IL posi-
bic, the stock of tho Alton Company. Very respect
FULLY.
MORRIS X. JESUP,
JOHN A. STEWART.
John J. MITCHELL, 81. Louis.
MARSHALL FIELD,
ALBERT A. SPRAGUE.
A. C. BARTLETT,
CHAs. Il. CHAPPELL.
Directors.
Referring to the above and to tho offer
made to purchase at
$500 EACH SHARE OF THE PRE-
FERRED STOCK, and at
S175 EACH OF THE COMMON
STOCK.
which offer. by the unanimous order
of the Board of Directors. was COM
municated to the Stockholders, alton
ton Is called to the fact that THE
TIME FOR ACCEPTANCE OF THE
TERMS WILL EMPIRE on
MARCH 1ST. Asserting shareholders
should, therefore. promptly deposit their
Stock with tho United States Trust Conn
pany of New York, from which circulars
setting forth tho conditions OF tho offer
in detail may be obtained upon appIica-
ton.
JOHN j. MITCHELL.
Chicago, February 18th, 1899.