Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1910-06-24
HEAD OF IOWA CENTRAL AND M.
& ST. |. ACQUIRES c., c.
e L.
WILL GIVE DIRECT LINE
CHICAGO TO THE SEABoARD
Louisville Road Bid in at Receivers
Sale and viii Be Rejuvenated-Wil!
Give HawIey Lines Atlantic Outlet
At Newport New, Va. = Road Has
Had Checkered Career.

| Chicago, June PA new line was
added to the Hawley collection of rail-
roads which includes the Iowa Cen
tral and the Minneapolis & st. Louis,
yesterday when the Chicago, Cincinnati
and Louisville road was bid in at the
receivers sale at Richmond, Ind, by a
| syndicate composed of Edwin Hawley,
Newman Erb, and w. A. Bradford, Jr.,
| in the interests of the Chesapeake &
Ohio.
The sale price was 5000 O00 the up
set price fixed by the court, and only
one bid was received. The sale was
made by Noble c. Butler, special mas
ter in chancery, in accordance with a
decree entered by the federal court
several weeks ago The purchas ers
will assume responsibility for debts
aggregating over S8,O0o,O00 on receiv-
ers' certificates and on various bond is
sues, and there is a floating indebted
ness amounting to about $500 600 The
capital stock amounts to s4,2o600O
c. G. O. Has Owned Bonds.
The acquisition OF the road by the
Hawley interests was expected. as the
Chesapeake & Ohio has owned the sec
ond mortgage bonds for over a year
and Mr. Hawley admitted when he was
in Chicago in April that he expected
to be the the only bidder. The pur-
chase rounds out the general plan,
which has been under consideration
for over year, and will give the Haw-
ley system a total of 16,452 miles of
line with a combined bond and stock
capitalization of 1923, 1854, reaching
from the seaboard to the Missouri river
and the Gulf of Mexico.
The Chicago, Cincinnati and Louis
vile extends from Cincinnati to Chi
cago a distance of 2S5 miles, and will
give the Chesapeake and Ohio, with
(Which 1t is expected to be merged, a
thru line from Newport News, Va, to
this city. as we'll as forming a more
direct connection between the eastern
and western portions Of the Eawley
system than that afforded by the Clover
Leaf
Road Has checkered Career.
The new Haw,ey road has had a
checkered career and has been in the
hands Of j. P. Goodrich as receiver
since early in 1908, but it has been be-
lieved that much Of its misfortune has
been due to its isola ted position, and
that Its Improvement will be marked as
soon as it becomes part of the thru
line.
The road was built by a syndicate
headed by W. A. Bradford. Jr.. and was
purchased in 1904 by the Pere Mar
Quette. Following the breaking up Of
the Great Central system 1t was oper-
ated independently. al,ho with close
affiliations with the Wisconsin Central
until tina, road became a part Of the
500 line last year.
II has never earned its fixed charges
in addition 10 operating expenses, and
in 1907 its gross revenues only amount
ed TO 100000 This was increased
under Receiver Goodrich's adyninistra-
tion 10 sl.300.00o in 1909, and for the
present fiscal year it is believed that
the gross earnings will reach $780,
600
1t was announced that Improvement
work, including the elimination Of
curves and grades, will be pushed TO
place the road in excellent physical
condition.