Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-08-01
MOORE 5 Will CONTROL
Details OF the Reorganization
of the Rock Island Are
Given Out.
William H. Moore Will Practi-
cally Control the Property.
Succeeding Cbale.
Cable Remains on the Director
ate An Explanatory State.
ment.

New York, Aug. "details of the re-
organization plan of the Rock Island
| railroad the first step in which WAS
| t:iken yesterday by the incorporation of
the Rock Island Company of New Jer-
! sey. We're given out by w. Is. Leeds,
who has been made president OF the
new concern.
One of the most important features of
the plan is that William III. Moore prac-
tically succeeds II. X. Cable in control
OF the property. Mr.. Moore is made
chairman of the finance of executive
committee. and thus Will have more
power than Mr.. Gable as chairman of
the board. Other members of the ex-
ecutiNe committee are Marshall Field,
w. Il. Leeds, ID G. Reid, j. II. Moore and
Francis l.. Hine. The directors of the
new company are as follows: r.. II. Ca
BILE. Marshall Field, H. G. E'rick, William
III. Moore. j. III. Moore. u. q. Reid. w.
il. Leeds ogden Mills. George S. Brew
George G. McMurtey and George T.
Boggs.
The plans, it WIS announced, are APP
proved by the directors and Il majority
of the stockholders of the present Chi
cago Rock Island 4 Pacific Railroad
Company. They involve the forming of
two new companies, as follows:
/. The Chicago, Rock Island & Pa
cific Railroad Company, chartered in
Iowa and authorized to issue $125000,-
600 of capital stock and $l5.00O,000 of
l0o-year 4 per cent gold bonds. This
company will operate the railroad sys-
tenn. William I. Rankin is president of
this company.
. The Rock Island Company, char
tered on Wednesday in New Jersey,
With Mr.. Leeds as president, which will
issue $96,000,000 of common and S54,-
100000 of preferred stock.
The capital stock of No. / will be is
sued TO No. 2 and No. will in return
make over to No. ] the common and
preferred stock of No. 9 to an amount
sufficient to enable No. to offer for
each S1Oo share of the capital of the
present Rock Island company deposited
before Sept. l. 1902. $40 in No. IS pre-
ferred stock and 500 in its common
stock. besides 500 in No. Is per cent
gold bonds.
These bonds can be issued only to q
face amount equal to the par value of
the shares of the present Rock Island
stock (here is S15.00o,000 of thaD,
which are eventually purchased by the
Iowa company (No. y, all of which
stock so purchased is to be deposited
under a trust agreement with the Cen
nf -
secure the bonds.
Preferred Stock to Control.
The preferred stock of the New Jer-
sey Rock Island company is to be
entitled to noncumulative yearly 4 per
cent dividends for seven years; after
that time per cent for seven years,
and after that to 6 per cent indefinite
ly. The holders of this preferred stock
are entitled to elect majority of the
directors, but. by a two thirds vote,
may surrender such privilege. "A two
thirds vote of both classes of stock is
necessary to increase the amount of the
preferred stock. This explanatory
statement is given:
",rhe New Jersey Rock Island COM
pany has entered into agreements with
the Iowa Rock Island company, under
which, in consideration OF deliveries OF |
it's preferred and common stock for
the purpose of the foregoing offer, the
New Jersey Rock Island company will
become the owner, as issued, or the
capital stock of the Iowa company.
upon the acceptance of
such offer by all the stockholders of
the present company, the Iowa COM
pany will have acquired the entire
capital stock of the present company, I
while the entire capital stock Of the |
Iowa company will, in turn, be held
by the Rock Island company, so that |
when the stocks of the Rock Island
are delivered in pursuance of
this offer to purchase, the proportionate |
interests of stockholders of the present I
Rock Island and Pacific rail
road company in the railroad proper
ties and other corporate purposes"
Since the Moore brothers and their
associates obtained control of the Rock
Island lines the mileage of that system
has been about doubled. The follow |
VII