The Minneapolis journal., 1901-10-11
WILL HILL GET IT?
Million Dollar Bridge Over Missouri
at Sioux City.
ASSET OF THE CREDITS COMPANY
Liquidation of Early Boom Conn
panies at Hand-Struggle
for the Mastery.

Special to The Journal.
Sioux City, Iowa, Oct. 1.-THE liquida-
tlon or the great companies organized to
handle the assets of the concerns which
went to the wall here in the $20,00O,O0O
crash of 1894, is now at hand. The
credits Communication company, capital
lied at $3,S76,560 with $1,499,S00 in its
contingent fund and $S00,727 of assess
ment certificates recently outstanding,
VIII hold its annual meeting Oct. IA, at
Whlch the assets are to be divided and
sold or otherwise become the properties
OF new controlling faction. From Ver-
mont Massachusetts, New Hampshire
from thirty-six states OF the union-will
come stockholders and proxies for this
meeting. Their stock represents the
claims against the Union Loan and Trust
company and allied concerns which closed
their doors after an unprecedented boom
In Sioux City, which enlisted the interest
OF business men the country over.
There are now two factions struggling
for the control Of the annual meeting
next Monday. The indications are that
John c. Coombs of Boston. the first gen
eral counsel for the company, has bought
and secured sufficient stock and proxies
to prove master of the situation, and in
that event the railway history of this city
is likely to be changed
The fight of James ]. Hill for mastery
In the Northern Paciic-which has no in
significant parallel in the Sioux City con-
test-Was fight centered about Sioux
City. Here Is the gateway Of the Great
Northern line to the Burlington, which
will be leased by the victorious Hill
crowd. With the Burlington in his power
1t is known that an extension of the for
mer Sioux City Short Line, to O'Neill,
Neb., to the Burlington near Alliance or
Seneca, Neb.. will be made that connec-
tion may be had for the new San Pedro
line which Senator Clark Of Montana is
now building The Credits Communication
| company owns the stock Of the COmbina-
t1on Bridge company, owner of the big
structure spanning the Missouri river,
which is the key to the western railway
situation. 1t Is known that Hill may be
expected to be purchaser Of the bridge,
and also that Mr.. Coombs favors using
the bridge as a means for attracting the
| railways to this city for its upbuilding.
1t Is also known that a definite PROPOSE
tion has been received by John G. Coombs
in connection with his theory or plan re-
| garding the big 81 1000, 900 bridge and that
1t is probably from James J. Hill. The
Northern Pacific Great Northern-Bur-
| lington lease will therefore have g. direct
bearing upon the future of the Credits
Communication company properties.
The second faction seeking control is
| that of the Bank of Montreal through it's
| Chicago branch, the Hanover National
bank Of New York city, and Colonel /. G..
Elston of Charlottesville, Ind, who is
! president of the Sioux City Stock Yards
| company, owned until recently by the
| Credits company. The effort of this fac
| tion is to force the sale of all the assets
OF the Credits company, which would be
| done at a very modest figure. The mem
! bers Of the faction would be buyers and
| it has been announced here that a guar
anteed price has been offered the holders
of large blocks of stock to secure the sup
| The factions are nip and tuck, and the
! country has been secured for the stock.
| Recently Coombs had transferred in a
| bunch some 1900 shares.
At the last annual meeting a resolu-
| tion to liquidate was carried and COM
I mittees appointed. The company which
was to look after the Stock Yards COM
pany has been successful to such a de-
! gree that the yards have been sold to
Swift & Co. Of Chicago, who will soon
| erect mammoth packing plant here. The
land has been sold at profit, and the
bridge is now regarded as one Of the best
assets. Each of the auxiliary companies
and the committees for the liquidation
of each will make report and then will
| come the fight for supremacy. In any
event the great monumental company,
token of Sioux City's dismal days, will
be wound up, and in case the bridge be
sold to James j. Hill, the presumption
is that Sioux City will soon be on the
route of transcontinental travel.