Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1899-03-02
AMONG The RAILROADS
PRESIDENT BLACKSTONE CONFIRMS
SALE ~ LTO RAILROAD.
Majority "f Stock Dcpo<itcd-WiII Not
say Whnt He VIII d." With His
Holdings - Official An
n"unccncnt Made.

CHICAGO. March IT. l.. Blackstone.
president of the Chicago " Alton road, to-
day confirmed the reports nf the sale of
MAT railroad. lie received! from Second
Va" President Clark. on the United States
Trust Company. with which stock was To-
he deposited. 4 dispatch reading as fol
lows:
Majority Of stock already deposited. he
sides a considerable amount pledged io-
delivery"
That Is official" said Mr.. Blackstone.
and may be taken as settling III" matter
beyond dispute. Nothing now remains FOR
rac I" do but to step down and out. They
have got the rroi,rty. ana Will have no
us for me here. According TO the circular
issued hv J. j. Mitchell. when submitting
tho offer of the syndicate - the stock
holders. the minority stockholders have M
til Arri! l 10 deposit their stock. have
already said tn them that In case a ma
lor!iy OF the stock Were deposited for sale
10 the syndicate. | would advise them TO
accept the offer and soil their stock, as
that * probably tho best thing they can
do under the circumstances.
Il have not sold my own stock. 1t is all
over in the safety deposit vaults here in
Chicago. What viii do with ii is another
| question. We vii: cross that bridge when
We come TO il. We are not there yet. /
do not suppoA. they are both.ring much
about my stock Row that they have Sc
cured a majority. They do not need it
very hadly-at least not just yet. When
they do ! suppose they Will let HE hear
from them. AS ! say. we will cross that
hridS" when We CONF 10 il. do not care
10 make any further statement as 10 what
j may or may rot do. Ii is sufficient thai
the road is sold"
Notwithstanding Mr.. Blackstone's state
ment thai The syndicate which has secured
tn. road will have no further use for him.
nevertheless he much in evidence when il
GENES IL carrying ont the financial projects
OF the new owners. No new stocks or
bonds can be issued without his consent
so long as he holds his present amount of
stock in tn company. Under the Atoms
charter. which is an exceptional one. a
ihre"-fourths vote Of the entire stock is re-
luired before any financial oporationa can
be nut into effect. Mr.. Blackstone owns
considerably over one-fourth of the present
issue. most of his holdings being preferred
stock.
The attitude of Mr.. Blackstone in case
the syndicate gained control of the line
was discussed by a local banker some DAYS
ago ana he did not seem to think that Nj.
I.iachSlomc woult stand in the way of any
scheme mat would increase the valu. Of
ms holdings; provided that he intended to
hold on TO his securities. As h.. MS adj
vtsed me minority holders to accept the
offer under existing conditions. ii is nor
thought he Will act contrary to his own ndl
vice. ""-
NEW YORK. March lit was officially
anho.ncen at the office of Kuhn. Loeb Il
ma l"ritH of the Chicago * Alton stock Las
",'n Het,os!ted and the stock would he
lrald Tor March l.. according 10 agreement
Ind, tm. I'm" i9r further deposits will he ex-
'IIAt uhfl ~