The Savannah morning news. (Savannah, Ga.) 1900-current, 1902-08-01
ROCK ISLANDS PLAN
ITS BIG SCHEME OF REORGANIzA-
TION OUTLINED.
A WHEEL WITHIN A WHEEL.
TIE NEW JERSEY CORPORATION
TO CONTROL.

stockholders Are offered 800 in
Per Cent. Gold bonds of the Rail-
rond and $40 in Preferred ana
Common stock of the Rock Island
Company of New Jersey-The Rail
way Company Capitalized at $780,
100000, Including stocks and
Bonds md the Controlling COmpa-
ny at SI5O.OOO, OOO-A Strong Board
of Dire ctOrs Named.
New York. July 31.-Formal an
nouncement of the reorganization of
the Chicago, Rock Island and 4Aecific
Railroad Company was made to-day
in a circular letter which was sent to
all stockholders of record. With few
exceptions the main details have al
ready been published. The circular
says in part:
Chicago, Rock Island and Pacific
Railroad Company (of Iowa) hereby
offerss to purchase all outstanding
stock of the Chicago, Rock Island and
Pacific Railroad Company, certificates
for which shall on or before the first
day of September, 1902, be deposited
under the terms of this offer with the
Central Trust Company of this city.
For each share of stock of said rail-
way company of the par value of 800.
so deposited, to deliver-$100 in its
per cent. gold bonds of POOP; $40 in the
preferred stock of the Rock Island
Company (of New Jersey and 800 in
the common stock of the Rock Island
Company (of New Jersey.
Chicago, Rock Island and Pacific
Railway 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
and Pacific Railroad Company. 1t IS
authorized securities are 1925 000, 900
stock; SIS 900, 900 per cent. gold bonds,
known as Chicago, Rock Island and
Pacific Railroad Company 4 per cent.
gold bonds of POOP.
THE per cent. gold bonds of 2002
are limited to the aggregate face value
OF SIS, 900, 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,
| MOCK lSldHu anu GdCliC 1dilTOdu OOUl-
| pany, which may be acquired under
this offer OF purchase, or otherwise, and
| can be issued only to face amount
| equal to the par value of the stock
pledged under the trust agreement.
The Rock Island Company.
"The Rock Island company is a cor
| poration organized under the laws of
| the state of New Jersey. 1t has no
mortgage indebtedness. Its authorized
| capital stock is $3.50, 900, 900 in two
classes; 1884, 900 of non-cumulative
| preferred stock, and $96, 900, 900 of COM
mon stock.
THE preferred stock is entitled to
non-cumulative yearly dividends at the
rate of per cent. for the year 1903
| and for each and every year thereaf-
ter until and including the year 1909.
at the rate of per cent. per annum
| for the year 1910 and for each and
every year thereafter until and includ-
ing the year 1916; and at the rate of
per cent. per annum thereafter.
THE Rock Island Company has en-
tered into agreement with the Chicago,
Rock Island and Pacific Company (of
Iowa) under which. in consideration of
deliveries of it's preferred and common
stock for the purpose of the foregoing
offer. the Rock Island Company will
become the owner. as issued, of the
capital stock of the Iowa company.
THE new company has organized
with this list of directors: r. r. Ca
Bile. Marshall Field. II. C. Frick. Will
liam H. Moore. D. G. Reid, J; II.
Moore, W. B. Leeds Ogden Mills,
George S. Brewster, Arson r. Flower
Francis l.. Hine, George G. McMurey,
and George 7. Boggs.
This is the old board reelected,
with Mr.. Frick as an additional mem
Der The directors elected Mr.. Leeds
president of the new company with
Mr.. Reid as secretary and treasurer,
and Mr.. Boggs as assistant to Mr..
Reid"