Show THAT ALTON SATS I President Blackstone Issues a Surprising pricing Circular Letter Cheago Feb 5r B Blackstone prt ldent of the Chicago Alton roaxl issued < circular letter to the stock he cK is today which Is likely to create a sensation In railroad and financial circles Th molar will nccomi > any that sent OU by J J Mitchell submit the ting to > the vote of stockholders proposition to l the load to a syndicate syndi-cate at 17j a share for the common and 2uO for preferred stock While no jtsime advice is tendered the stock ho aeis in Mr Blackstones circular noon no-on can read it without b Ins convinced that the writer is bitterly opiwsed to the adoption of the proposition From I the beginning the negotiations it is buad have been carried on in opposition I ta Mr Blackstones views and wishes I was Mr Blackstones vote that j pre nted the sale of the Chicago Alton I Al-ton to the Kansas City Pittiburg Gulf road The present proposition maybe may-be n ore favorable from several points of view but it apparent still falls short of being what in Mr Blackstone Black-stone opinion would be fair to all the stockholders of the Chicago Alton In the circular issued I today Mr Blackstone points out that the road has been throughout the whole period of business depression paying 7 per cent divi LBUS and that the earnings at the pit sent time would justify the directors In ivj mq S per cent but due considera tn lym the physical condition of the read hue induced them to pursue the c insei aUn policy of reserving large a i urns for itt improvement The cir e tc fu the deals with the fact that th bMi issue o the road will mature in lets than three years and can be re fu J i tor less than onehalf of the pres I t rate of interest standing offers hang been received for the full airujiii required to carry through this plar When that is done there will not only be a reasonable probability but a cert lt cer-t i L > that the property if managed as I it has been will then b able to nay stoiKl IdeiS 15 r > er cent on their holdings I hold-ings |