Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-06-06
Stockholders to Get Equal Mum.
Der OF Shares OF the Rock
Island Stock.
Price OF the Latter Much Bet.
ter Than That OF the
B., c. r. E N.
Cedar Rapids will Lose Head.
quarters, But Shops May
Be Enlarged.

/
Rock Island was predicted severa
months ago, at which time very
strong effort was made to discounte-
nance the story. During the past few
weeks, however it has been generally
talked among the employees of the b..
c. r. & N. that the line would be
absorbed" by the Rock Island, which
road already held a large interest in
the stock of the company. 1t was eX-
pected that some intimation of the
change would be given out at Wednes-
days meeting of the Rock Island in
Chicago, but the plans of the company
were covered up until yesterday.
The change means much to Cedar
Rapids. AL first blush it would seem
that the removal of several of the
general office departments would be
an injury to the city. but this is far
more than counterbalanced by the
fact, conceded in all quarters, that
the Cedar Rapids shops will be in
creased to several times their pres
ent magnitude by the Rock Island
and that this city will now be on
one of the main lines of one of the
greatest railroads on earth-the c.,
r. I. & P. 1t will unquestionabl.
give the city great advantages in the
way of freight rates and direct con-
nections that it has never had, and
the value thereof can not possibly be
over estimated. 1t will also give to
the city vastly improved passenger
service, for the new lines projected
by the Rock Island will complete
the links between ST. Louis and ST
Paul; it will give Cedar Rapids di-
rect train service to the southwest
over new lines, and 1t will give the
city, as a directly competing line one
of the most progressive, energetic
and accommodating lines of railway
in the country. 1t leaves Cedar Rap
ids all it has enjoyed, save the sat
isfaction of the distinction of being
the headquarters of the Cedar Rapids
route, a loss that brings no little
sorrow in it's contemplation, and it
gives this city advantages and OPP
portunities that it never before pos
sessed and could never get without
the change.
AT the conclusion of the stockhoid-
ers' meeting the following bulletin
was issued:
Office of Burlington, Cedar Rapids &
Northern Railway Company of Iowa
Cedar Rapids, Iowa, June S, 1902
To Stockholders: The Chicago, Rock
Island Pacific Railway Company has
made to your directors proposition to
take lease for 999 years of the rail-
ways and property of the Burlington,
Cedar Rapids & Northern Railway
Company of Iowa, at a rental amount
ing to six (6) per cent net on the capt.
tai stock of your company, coupled
with an offer to purchase all outstand-
ing shares of the capital stock of the
Cedar Rapids & Northern
Railway Company of Iowa not now
owned by the Rock Island Company,
paying therefor one share of the capt.
tai stock OF the Chicago. Rock Island
& Pacific Railway Company for each
and every share of b., c. r. & N. stock
sold and delivered to the Rock Island
Company under the terms of it's offer.
Your directors, considering this propo-
sition for lease a fair and desirable
one for the stockholders, guaranteeing
as 1t does permanent return Of six
(6) per cent on their stock have ac-
cepted the proposition, and have made
and delivered to the Rock Island Com
pany such lease, which has been rati-
fed by the vote of the stockholders at
the annual meeting held this day.
The undersigned, approving of the
1f 1,n n OF d.
ers in making such lease, submit, with
heir recommendation that it be ac-
copied, the offer of the Rock Island
to exchange its stock, share
'or share, for the stock of the Burling-
on, Cedar Rapids & Northern Com
oany. 1t is known to you, Of course
hat the Rock Island company has long |
majority of the stock Of our
The very extensive holdings
u the Chicago, Burlington & Quincy |
Railroad Company in your company's |
shares have recently been acquired by |
interests closely connected with the
Rock Island company, at the price of |
'160 per share, while the ruling marke,
rice for the stock of the Rock Island |
company has long been over $40 per
share. The sale of this large block of
stock at the price named
amply justifies us in recommending to
he remaining stockholders the eX-
hange of their B., c. r. & N. stock for
n equal number of shares of the Rock
sland company's. Besides by making
his exchange of shares, the B. c., r. &
\. stockholders not only retain their
interests in their present property and
n its future prosperity, but will par
icipate as well in the growth and de-
elopment of the Rock Island system.
The undersigned, who have been
onnected for so many years with the
uilding and management of your rail-
iay, congratulate both themselves and
he stockholders on the ACCOMPLISH
tent of what seems to them a. most
final disposition of the
roperty and a most desirable assur
nee to the stockholders that their in
crest in the property has not thereby
cen diminished. but rather increased
value.
The exchange of shares can be ac- :
emphasized by sending your certifi-
ltes, properly assigned and stamped
'r transfer to the office of the Chica-
D Rock Island & Pacific Railway Com
any No. 10 William street, New York )
ty, N Y, at any time on or after the !.
st day of June, 1902, and on or before :
lie LIST day of July, 1902. You will thus
,ceive the B.. c. r. & N. dividend pay
Die July /, 1902, to stockholders of rec
d on the closing of the books June 20,
'02. Respectfully,
r. r. CABLE q
Chairman of the Board I