Word: burlington
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SHAREHOLDERS' O.K. was given at the Northern Pacific annual meeting to the road's plan to form the nation's largest rail net by merging with the Great Northern and the Chicago, Burlington & Quincy. I.C.C. will hold hearings on the proposal this summer...
Before the Interstate Commerce Commission last week was a plan for the biggest railroad merger ever proposed. Three major Western roads, the Great Northern, the Northern Pacific, and the Chicago, Burlington & Quincy (98% owned by the G.N. and the N.P.), petitioned the ICC to allow them to merge into a single, vast new system to be called the Great Northern Pacific & Burlington. In addition, the short (936 miles) Spokane, Portland & Seattle Railway, built and wholly owned by the N.P. and the G.N., would be operated after the merger under a ten-year lease, presumably would then be absorbed...
...merger would create an integrated railroad empire spanning 17 states, stretching from Chicago and St. Louis to the West Coast (see map). Through subsidiaries, the Great Northern Pacific would also connect with the Gulf of Mexico at Galveston. Texas, via the Colorado & Southern, which is 75% owned by the Burlington and which, in turn, is the sole owner of the Fort Worth & Denver Railway...
...rich land holdings in Montana and North Dakota, and would have combined assets of $2.8 billion. Under the proposed merger terms. N.P. stockholders would get one share in the new company for each share held; G.N. stockholders would get the same, plus one-half share of preferred; Burlington stockholders would get 3¼ shares of the new stock for each share held...
WESTERN RAIL FIGHT for control of Western Pacific (TIME, Feb. 17) will involve the Denver & Rio Grande Western, key link between the Western Pacific and Midwestern cities. Union Pacific and the Chicago, Burlington & Quincy are buying Rio Grande stock in defensive moves to prevent Santa Fe from setting up a direct Chicago-to-San Francisco route should it win control of Western Pacific...