An Towa corporation, capitalised at $100,000,000 and organised for the purpose of controlling railroad properties to. be bonded at between $70,000,000 and $750, 000,000—such is the plan in brief of the Morgan-Hill syndicate as disclosed by the incorporation at Burlington, Iowa, on Wednesday, of the Chicago, Burlington and Quiney Railway Company.
Details of the plan, which is by far the most stupendous ever conceived in the railway world, were learned here yesterday, and they have set the financial and the railway worlds talking. None of the Burlington officials would consent to give the slightest information regarding the organisation of the mew company, but despite this, facts came to light which made certain that the Iowa corporation is the proprietary company which is to take over all the securities of the Burlington, the Northern Pacific, and the Great Northern roads.
Text read from the printed page and cleaned; old type leaves the occasional error.