Daily press and Dakotaian. [volume] (Yankton, Dakota Territory [S.D.]) 1875-1880, 1880-03-24
HISTORY OF the RAILROAD TRANSFER
Pre.,den, wicker Unbe.om. Himself 4. .
Journal Scribe.
Sioux City journal "a

Preside 0t Wicker UNb0soms Himself 70 q
Journal scribe.
Sioux City Journal. %.
PRESIDENT WICKER
was the first one to be interviewed. He
said it had been generally known for 4 long
time that he was anxious to diapo.e of his
interest in the lines Of the Sioux City and
Dakota company. Short liner, independent
Of the protection and advantages afforded
by connection with trunk lines, were not
profitable. and he was $l75.00O poorer than
when he commenced the construction of the
old Dakota Southern. Finally he aold
little more than majority of the stock TO
John !. Blair, but fortunately retained con.
troll Of the management. Last December
Mr.. Wicker ascertained that the Milwaukee
would buy the lines, and made overtures to
Mr. Blair to
EITHER BUY OR SELL
20 that he could make the transfer. The
Milwaukee fir.t offered $3.50 per mile but
finally raised their bid to $9,OO0 Mr.. Blair
at first agreed to sell at the latter price, but
then changed h;s mind and refused to do so
Mr.. Wicker then insisted that il he would
not sell he should buv, and BLAIR at la
aaid he wonld give $500 per mHe. Mr..
Wicker objected to this, az they had an Of
fer Of $9,OOO Thus the matter hung fire
for lew davs when Mr. Blair said he
would take Wick~r's interest rated at $4,000
per mile, and complete the trade January l.
MIR. Wicker wanted memorandum to this
efiec. drawn up and sixned, but Mr.. Blair
thought in 40
THRILLING A TRANSACTION
his word ought to be good for thirty days.
The first of January came and Mr.. Blair
was not ready to close the bargain. He sent
out here his attorney, Mr.. Larnard, Who
examined The books and papers Of the com.
pany, and 10 a lengthy written opinion de-
cioed that the articles Of Incorporation Of
the Dakota Southern, of the Sioux City and
PeInb.na, f the consolidation of the two,
and the issue of preferred stock, were full OF
irregularities, and of no binding force. Mr..
Blair then informed Mr.. Wicker that
THE TRADE WAS OFF.
On the latter asking Blair what he would
give him for his interest, the railroad kline
replied that he would give him nothing
that he did not consider his interest worth
anything. Mr.. Wicker then became con.
| vlnced that it was Blair's intentioD tu freeze
him out, that Larnard's opinion was drawl
to suit purpose, and no he determined Il
save himself If he cuuld. We might adj
right here that during this time Blair va
negotiating to sell the whole thing out I,
The Sioux d: Pacific company at $4,000
mile. Mr.. Wicker ascertained that lh.
| Milwaukee folks.were still willing to tax,
the lines, and ON Insulation with then
aud other railroad men, his course wa
blocked out. He had control Of the boart
Of directors, aod all he wanted to be
MASTER OF THE SITUATION
was majority of the stock. so that he coul,
give The purchaser controlling interes,
Mr.. Blair Mad 81 per cent. interest aga,ns
Mr. Wicker. 4S with the Pembina brancI
completed to 3 lott. With the extension o
the line from The latter place to Sioux Fall
the company was entitled to i-sue addition
al stock aud bonds. A meeting was GALE,
aud this was done. The additional a,ocl
issued on the extension added to wha, w ok
er already had, just over-lzed Mr.. Blair
interest, and this wss transferred to III
Milwaukee, leaving
BLAIR In THE MINORITY,
or just in the position Wicker had been u
to the time of the new issue. The board {
directors then leased the Sioux City an
Dakota to the Milwaukee for FIVE year
though it is Understood that practically ,h
lease ia perpetual one, or at least may b.
come such if the Milwaukee wills it, az th
company now own majority of the stool
Sunday night dispatch was sent Mr.. Bla
informing him that the Sioux City aud D,
kota lines had been leased to the Milwauke
for FIVE years for 40 per cent Of their gro
earnings. and that the bonds issued on Il
extensiotf from Beloit to Sioux Falls hs
also been sold 10 the same company for 8
per cent. of their par value. The san
night letter was sent him containing
DRAFT FOR $l9S,276.47,
payable to his order, aud representing b
; entire investment in the lines, includir
interest to date. This action indicates tn
: there has been no intention to defraud NJ
+, Blair out OF any money he may have put
these enterprises, but as he would nel,h
buy nor sell be has just been forced to tai
his own and etep down and out. This
probably the first time in his long and su
cessfnl career that Mr.. Blair has been owe
reached, and how he will take his defe
. remains to be seen. He may return d
!, draft and not accept the situation, pref
ring to test the legality of the transf
: the courts, but this hardly expected. T
y Milwaukee seems to feel secure of
;. ground, and .urely has not gone into Il
bu-ines. unadvlsedly. The legal points
volved having been all passed upon q
approved by no less eminent railro
attorney than Gen. Cary, The general soli
d tor Of the company.
), ------...-..-.-.