The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-08-01

ticleS of incorporation of the Rock ISL
and company, capital $150,00O,000
which were filed in the office of the
clerk of Hudson county, N. j., yester-
day, were recorded today with the Sec
rotary of state. A filing fee of $780,
600 was required to have the incorpor-
alton made matter of state record.
Terms of REIMBURSEMENT.
NEW YORK, July 81. - 1t is
authOritatiVely stated that I'M
der the Rock Island plans of read
juStment each holder of one hundred
shares of common stock is to receive
a $4,000 bond secured by a collateral
trust mortgage upon the present Rock
Island stock
In addition to this, they receive in
the Rock Island company of New Jer-
Sey seventy shares in preferred stock
and 100 shares in common stock; the
preferred stock is preferred to the ex-
tent of per cent from the earnings
of each year for a period of seven
years, when it becomes preferred for
5 per cent for an additional period of
seven years, after which it is preferred
to the extent of per cent per annum.
An Iowa Operating Company.
The dividend requirement on the
present Rock Island stock to meet the
per cent on the bond ana per cent
on the amount of prefrred issued, is
per cent; and to the common stock ac-
crues all the net earnings or the COM
pany over and above the Z per cent
required by the bond and the preferred
stock. The bond is put up on the
present Rock Island stock by means of
an Iowa operating company which buys
the stock of the present Rock Island
company.
In turn, the Iowa corporation depos-
its the stock in a New Jersey holding
corporation which issues against it it's
preferred and common stock. By this
means the Iowa corporation bonds
have behind them tie entire value of
the present Rock Island stock the OPP
GRAFTON of the New Jersey company
Rock Island stock, the operation of
being able in no way to affect the value
of this underlying issue of collateral
trust bonds.
The new Rock Island organization
has been effected by the reelection of
w. B. Leeds as president and William
H. Moore as chairman of the board.
Henry G. F'rick was ADDED to the list
of directors.
Incorporated in Iowa.
DIES MONIES, Iowa, July 31.-The
Chicago, Rock Island & Pacific rail-
way filed articles of incorporation with
Secretary of State Martin this morn
ing. The capitalization is fixed at
$125,00O,00O. The fee accompanying
the articles was $125,015, the largest
ever paid in the state. The incorpor-
ators are William T. Rankin, of Chi
cago, Benjamin S. Cable, of Chicago,
George S. McCaughn, of Chicago and
John 1. Ollie and Frank Davy, of Des
Moines.
The principal place of business is to
be in DeS Moines with branch offices
to be maintained at Chicago and New
York. The annual meeting of the
company is to be held here on the third
thursday of October or each year be-
ginning with 1898.
Circular to Stockholders.
Formal announcement of the reor-
ganization was made today in a circu-
lar letter which was sent to all stock
holders of record. With few excep-
tons the main details have already
been published. The circular says in
part:
THE Chicago, Rock Island & Pacific
Railroad company (of Iowa. hereby
offers to purchase all the outstanding
stock of the Chicago, Rock Island &
Pacific Railway company, certificates
for which shall on or before the 1st day
of September, 1902, be deposited under
the terms of this offer with the Cen
trail Trust company, of this city. For
each share of stock of said railway
company, of the par value of 500, so
deposited, to deliver 500 in it's per
cent gold bonds of POOP; $40 in the pre-
ferred stock of the Rock Island COM
pany (of New Jersey, and 500 in the
common stock of the Rock Island COM
pany (of New Jersey).
The Chicago, Rock Island & Pacific
Railroad company is a railroad cor
poration organized under the laws of
the state of Iowa, with power to ac-
quire the lines of railroad and the cap
ital stock of the Chicago, Rock Island
e. Pacific Railway pOTnnanU
The Securities.
Its authorized securities are: $685.
100000 stock; $75,000,000 per cent
gold bonds, known as Chicago Rock
Island & Pacific Railroad company 4
per cent gold bonds of POOP.
THE 4 per cent gold bonds of POOP
are limited to the aggregate face value
of $75,000,000, and are to be secured
under trust agreement with the Cen
trail Trust Company of New York by
deposit and pledge of all shares of the
capital stock of the present Chicago,
Rock Island & Pacific Railway COM
pany, which may be acquired under
this offer of purchase or otherwise, and
can be issued only to a face amount
equal to the par value of the stock
pledged under the trust agreement.
The bonds are to mature Nov. 1, POOP;
to bear interest at the rate of per
cent from Nov. 1, 1902, payable semi
annually on the LIST day of May and
November, both principal and interest
to be payable in the city of New York,
free of tax. The bonds are coupon
bonds for $1,000 each, with the privi-
lege of registration as to principal, and
registered bonds in the denomination
of $4,000, or multiples thereof The
coupon bonds and registered bonds are
intercharS eable.
The New Concern.
1.-THE Rock Island company is a cor
poration organized under the laws of
the state of New Jersey. 1t has no
mortgage Indebtedness. It's authorized
capital stock is $3.50, 100000, in two
class s--$54, 000,0 900 of nom cumulative
preferred stock and SOC, 200, 900 of COM
mon stock. The preferred stock is en-
titled to non-cumulative yearly divi-
dends at the rate of 4 per cent for the
year 1903, and for each and every year
thereafter until and including the year
1909; at the rate of per cent per an
mum for the year 1910 and for each and
every year thereafter until and includ-
Ing the year 1916; and at the rate of G
per cent per annum thereafter
The preferred stock is also prefer
red as to capital Holders of the stock
are entitled to elect majority of the
directors, but such privilege may be
surrounded with the consent of the
holders of two-thirds in amount OF
the preferred stock. The amount OF
preferred stock cannot be increased
save with the consent of tWo-thirds OF
each class of stock
The Rock Island & Pacific Railroad
company (Of IoWal, under which IN