Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1913-02-24


firrt Of November with which the title
to these two roads was to be perfect
ed. and they could then make the pub
lie offering Of the bonds Some Of the
banks actually paid to this fund their
proportion of the amount, something
like 100000 or 100000. when the Ball
kan war broke out. I doubt If the
people here knew what that war meant
to the financial interests Of Europe. OF
course the syndicate defaulted.
TT Is no concern Of mine what Mr..
Mannberger does. He has a lawyer in
this country, and know he has taken
counsel of some Of the largest firms Of
New York, and they have told him
that the court is not justified in forfeit
ing payment made and annulling the
contract"
Dallas Company In Deal.
Mr.. Shaw then devotes several hun
dred words to description of the ne
and elsewhere. to secure the money
with which to go on with the DEAL He
stated negotiations are now on with
the Republic Trust Company. of Dali
las, Tex, with an office IN New York.
The president of this company. he says,
came here with his engineer and spent
a week, and has signed an agreement to
recommend to his board of directors
that they underwrite so,500,00O of bonds
at 75 per cent of par with accrued in
terest, the same to be paid within five
years. These UNDERWATER bonds and
the underwritten agreement will be de-
posted in trust as security for 6 per
cent notes. Possibly some may not ap-
preciate the logic of this procedure. 1t
is, however, regular and we'll nigh uni
versa
''The plan now is to connect Manning.
prospective town on this road" he
says, with St. Louis. The course Of
freight is rapidly changing to the
south. For the first time we have a
proposition that appeals t. capital. We
need some time to get this underwrit-
ing closed up. the new company or
ganized and a new mortgage executed;
the securities deposited and the money
in hand which is assured as soon as
the details are worked out"
Mr.. Shaw adroitiy appealed to senti-
ment in Atlantic, which might influence
Judge Arthur's action Tuesday, by
warning them that if the syndicate is
not given time to complete this deal
the line of road which he outlined
would go to Des Moines or Council
Bluffs. for, as he said. Every expert
enced man recognizes that it is the
best strip Of unhuilt road in the world"
II am not asking sympathy for
Shaw" said the financier in closing
what is regarded here as a remarkable
statement. He stands ready to charge
his losses to experience II Atlantic
wants the road and wants to save the
suffering junior lien holders they have
the right to respectfully urge the court
to protect their interests. This rs not
an extension of the old sale. That is
ancient history. 1t is an extension
asked to enable new prospective buy
err to perfect arrangements so as to
take over the proposition, and save
everybody. and incidentally, to put At
lantic little nearer the center Of the
map.
While was under no contract to
furnish any money. much money was
needed, both here and in Europe. and
furnished quite a bunch Of it. In
other words. they had to have milk and
seemed to be the only fresh COW.
They have MIXED me dry and now they
are trying to drive me into "a corner
and beat me with the STOOL