Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1911-11-07
SUBJECT TO APPROVAL OF
MEETING IN DECEMBER
Central 60 Convey lie Property 70 N. a
81. L. Subject to lts Indebtedness,
But With 81, 500, 900 Additions, Money
Provided Fer-Mestins Held in New
York Monday.

ponement from last Thursday. resulted
in the plans of the proposed merger
of the two properties being agreed up
| on. The action of the committees, how
ever, 10 subject to approval by the
| stockholders Of both roads. at meetings
stockholders will meet in Minneapolis
| Dec. IS. and the Iowa Central in Chi
caso on the day following.
The terms Of the proposed merger
are set forth in the following press
| dispatch sent out from New York Mon
day night, following the close Of the
meeting. The dispatch follows: Z
New York, Nov. 6.-The terms OF
the proposed lease Of the Iowa Central
Railway Company to the Minneapolis
& st. Louis Railroad Company were
agreed to today at joint meeting OF
the committees acting for the two
properties, subject to the approval OF
the directors and stockholders at meet
ings to be held in December. The Iowa
Central is to convey it's property sub
ject only to its funded and other debt,
but with $2,500.0OO additional money
provided for corporation purposes. The
distribution Of sureties will be made
upon basis which the directors may
determine and the shareholders APP
prove. and which also must be satisfac-
tory to the Minneapolis & ST. Louis
Railroad Company. 1t will include the
right to subscribe for part of the new
bonds. which will be underwritten.
The present capitalization OF the
TO- Wea<7 y%A
SS,535,623 common stock. while the
a. 100000 preferred and $6,O0O,OO0
common. Under the proposed COM
bination the aggregate capital stock
outstanding will be reduced to $4.s17.-
500 preferred and .$15.370.200 common
stock.
This means that the preferred shares
of the two companies will be cut down
from s9.674,000 to little more than
ham That sum, while the new combina.
ton stock will be increased from $14,-
525,623 to $15.370.2oO. The new COM
pany will also be provided with 81
100000 for corporate purposes.
Hawlsy Gives Out Statement.
Edwin Hawley gave out the following
! detailed description Of the terms under
which the Iowa Central is to be- leased
to- the Minneapolis & st. Louis:
THE committees acting for the Min
neapolis & st. Louis Railroad Company
and the Iowa Central Railway Com
pany at a meeting in joint session to-
day agreed to recommend to the board
Of directors and shareholders of their
respective companies the approval OF
lease Of the Iowa Central railway to
tho Minneapolis & st. Louis Railroad
Company, the terms of which were
agreed upon by the committees. and
for the purchase by the Minneapolis 4
St Paul Railroad COMPANY of the
property Of the Iowa Central Railway
Company in consideration of the pay
ment by the Minneapolis & st. Louis
Railroad Company to the Iowa Central
Railway Company for its property 93f
! 7O2 shares Of the common stock, 1915
shares Of its preferred stock, and 49,
SOC. 900 par value Of it's proposed issue
Of per cent refunding and extension
mortgage bonds.
THE Iowa Central Railway Company
is to convey it's property subject only
to its funded and other debt. but with
81, 500 900 additional money provided
for
THE distribution Of the securities
will be made upon basis which the
| board of directors Of the Iowa Central
Railway Company may determine and
the shareholders approve. of and which
also must be satisfactory to the Min
neapolis & st. Louis Railroad Com
pany. 1t will include the right to sub
scribe for part Of the new bonds which
| will be underWritten:"