Michael Sol Collection - Milwaukee Road Archive

Chicago Milwaukee Corporation
Chicago Milwaukee Corporation
First Annual Stockholders Meeting Held
First Annual Stockholders prosperity. A year ago, the first quarter Meeting Held
Addressing stockholders of Chicago
it will be a desirable partner for inclu­
Milwaukee Corporation at the annual for the railroad alone was a loss, as is sion in whatever major rail systems
meeting Addressing held in stockholders Chicago Mayof 9, Chicago Chair­ usually prosperity. the case, A year but ago, it the represented first quarter a may it will eventually be a desirable emerge." partner for incluman
Milwaukee WilliamCorporation J. Quinn reviewed at the annual the considerable for the railroad improvement alone was over a loss, 1970. as is sion Thein stockholders whatever major of Chicago rail systems Mil­
criteria meeting onheld which in Chicago the company May 9, isChair bas­ The usually first the quarter case, this but year it represented for the rail­ a waukee may eventually Corporation emerge." approved a charingman
itsWilliam active search J. Quinn forreviewed companies the road considerable alone wasimprovement not quite as good over rela­ 1970. ter amendment The stockholders providing of Chicago for the elecMil­ ,
suited criteria to on its which diversification the company plans. is basing
Heits saidactive firms search are being for sought companies that
tively The first as the quarter first quarter this year the for year the berailfore,road being alone off was onnot netquite income as good by some relationwaukee
of directors Corporation by classes, approved witha onecharthirdter amendment of the membership providing being for the elected elec­
are suited not affected to its diversification by the seasonal plans. varia­ $234,000. tively as the first quarter the year be­ each tion year of directors for three-year by classes, terms. with They onetions
He in said earnings firms that are affect being the sought railroad that fore, He stressed being off that on "the net income board of by direc­ some also third elected of the amembership slate of nine being directors elected
industry are not affected and thatby dothe notseasonal have thevaria intors $234,000. recognizes the importance of its who each had year been for nominated three-year by terms. manage­ They
tensivetions in labor earnings andthat capital affect characteris­ the railroad responsibility He stressed tothat the "the public board to continue of direcment also to elected the holding a slate company's of nine directors ninetics
industry of railroads. and that do not have the in­ totors maintain recognizes and improve the importance the railroad's of its man who board. had been nominated by managetensive
Mr. Quinn labor and expressed capital characteris­ confidence service responsibility as a common to the public carrier." to continue ment Laurence to the S. holding Kaplan, company's Williamnine J.
that tics companies of railroads. can be found for acquisition
Mr. on Quinn reasonable expressed termsconfidence and that
to He maintain called and particular improve attention the railroad's to a
report service issued as a common by the hearing carrier." examiner
Quinn man board. and Arthur M. Wirtz were
elected Laurence to serve S. for Kaplan, three years. William J.
they that will companies contribute can earnings be found for for Chiac­ in the He called Union particular Pacific-Rock attention Island to a Quinn Tildenand Cummings, Arthur M. William Wirtz were G.
cagoquisition Milwaukee on reasonable Corporation terms and which that proceedings, report issued which by the included hearing examiner the ex­ Karnes elected and to serve Joseph for three A. Maun years. were
will they bewill favorably contribute affected earnings by the for conChiaminer's in the views Union ofPacific-Rock how the westernIsland rail­ elected Tilden to serve Cummings, two years. William G.
solidatedcago Milwaukee losses available Corporation to the holding which roads-with proceedings, the which exception included of the the Frisex­ Karnes Patrickand L. O'Malley, Joseph A. Philip Maun W. Pills­ were
company. will be favorably affected by the consolidated
He explained losses that, available as a to result the holding of the
coaminer's and theviews Milwaukee of how the Road-should western rail­
be roads-with consolidatedthe into exception four basic of systems. the Frisbury
elected and to Ray serve Garrett, two years. Jr., were elected
to serve Patrick oneL. year. O'Malley, Philip W. Pills­
Milwaukee company. Road's past operations,
there He isexplained available that, a taxas loss a result carry-for­ of the
co Mr. and Quinn the Milwaukee declared that Road-should the Milwaukee
be consolidated Road will into press four the basic Interstate systems.
bury and Ray Garrett, Jr., were elected
to serve Chicago one Milwaukee year. Corporation
ward Milwaukee which, Road's as of Dec. past 21, operations, 1971, Commerce Mr. Quinn Commission declared that to act the upon Mil­ The Chicago Milwaukee Corpo­
amounted there is available to $33,773,000, a tax loss and carry-for­ an un­ the waukee Milwaukee's Road will petition press for the inclusion Interstate ration Chicago became Milwaukee the parent Corporation of the
usedward investment which, as tax of credit Dec. carry-for­ 21, 1971, with Commerce the Union Commission Pacific or to Southern act upon Milwaukee The Chicago RoadMilwaukee on Jan. 14, Corpo­ 1972
ward amounted of $11,078,000. to $33,773,000, and an un­ Pacific the Milwaukee's if it approves petition the acquisition for inclusion of when ration anbecame exchange the offer parent to acquire of the
used Commenting investment ontax Milwaukee credit carry-for­ Road the with Rock the Island Union byPacific either or Southern both of the Milwaukee outstanding Road stock on Jan. of the 14, rail­ 1972
operations, ward of $11,078,000. he said that the first half those Pacific carriers. if it approves the acquisition of road when was an exchange declared offer effective. to acquire The
of the Commenting year has traditionally on Milwaukee been aRoad loss the "Meanwhile," Rock Island heby added, either "we or both intendof
corporation the outstanding now holds stock more of the than rail­
period operations, for the he railroad said that with the very first few half tothose maintain carriers. and improve the services 95 road percent was declared of the effective. outstanding The
exceptions, of the year has eventraditionally in years of been relative
a loss and"Meanwhile," operations of he theadded, railroad "we sointend that shares corporation of thenow railroad holds more common than
period for the railroad with very few to maintain and improve the services stock 95 percent and Seriesof Apreferred the outstanding stock.
exceptions, even in years of relative and operations of the railroad so that shares The Chicago of the railroad Milwaukee common Corporation,
stock and aSeries holding Apreferred company, stock. was
formed The to Chicago enableMilwaukee diversification. Cor­
Plans poration, for the a holding acquisition company, of other was
companies formed to are enable now diversification.
being studied
with Plans a for viewthe toacquisition the realization of other of
the companies greatestare possible now being longstudied term
benefits. with a view to the realization of
the Thegreatest board of possible directors long of term the
corporation benefits. consisted of six membersThe
at the board time of of directors the effective of the
date corporation of the exchange consisted of offer. six mem­ The
authorized bers at the number time of was the increased effective
todate nineof bythe board exchange action on offer. March The
10, authorized and Joseph number A. Maun, was aincreased partner
into the nine St. by Paul board lawaction firm of on Maun, March
Hazel, 10, and Green, Joseph Hayes, A. Maun, Simon a partner and
Aretz, in the was St. Paul elected law to firm fillof one Maun, of
the Hazel, vacancies Green, created Hayes, by Simon the ex­ and
325 ALUMINUM CONTAINERS manufactured by the Heil Company of Milwaukee reo
cently began movement over the Milwaukee Road on their way to Perth Amboy, N. J.
The containers, each with a 1,324 cubic foot capacity, are designed for the transpor­
325 ALUMINUM CONTAINERS manufactured by the Heil Company of Milwaukee reo
tation of prilled pellets (approximately 1/16 inch balls) of petroleum-based plastic
cently began movement over the Milwaukee Road on their way to Perth Amboy, N. J.
between Puerto Rico and Perth Amboy. The total shipment will require 163 TTCX
The containers, each with a 1,324 cubic foot capacity, are designed for the transpor­
container cars, with two units loaded on each car.
tation of prilled pellets (approximately 1/16 inch balls) of petroleum-based plastic
between Puerto Rico and Perth Amboy. The total shipment will require 163 TTCX
May container - June, cars, 7972with
two units loaded on each car.
pansion. Aretz, was Theelected full complement to fill one of of
directors the vacancies was achieved created by on the April ex­
20 pansion. with the The election full complement to the boardof
of directors Ray Garrett, was Jr., achieved and Philip on April W.
Pillsbury. 20 with the election to the board
of Ray Garrett, Jr., and Philip W.
Pillsbury.
19
May - June, 7972
Michael Sol Collection
19