The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-04-30

deals with either Of the comoeting trust
companies. and their operations yesterday
started new food of reports as to the
price bid for small lots No actual transac-
tons have been reported but the bids range
at a wide margin Several brokers said
yesterday that they heard through third
parties that one bid OF 1850 a share had
been made. but no one could trace this bid
to its source. Undoubtedly numerous offers
OF $500 have been made. and a few instances
OF sl,H0 are recorded. II these bids brought
out any stock the brokers are c.ary about
admitting it,
one case which is representative of sew
eral Is that OF Henri de Penaloza The
Counts wife. who was Miss Fusz. owns a
piock OF the stock and he has been beset
by agents for several days to name a price.
Finally he was cornered by representatives
OF fne two trust companies. To both he re-
marked that neither 500 nor $500 was suf-
hcient, and Furthermore he did not wish to
part with the stock. Finally he was asked
TO give positive answer to a certain bid
he agreed II given ten minutes time to
communicate with his wife by phone. The
ten-mlnutes option was granted As re-
suit OF the conversation over the wire
Count Penaloza declined both offers.
1 expect to see the stock GU to 81 900 at
least he said to reporter after being
prevailed on to admit that he had discussed
the sale with his wife, "and I DO not want
to go under that II 1 can help it,
Mercantile Trusts Position.
The attitude Of the Mercantile Trust Com
rany In specifying the price of stock at $500
even after the Mississippi Valley Company
announced $50 openly, has led to repeated
inquiries as to why the larger offer is not
Let. No one would expect other than a
stampede OF stockholders In a case where
500 share could be picked up for the ask
ing. There is an obstacle, however, In the
Mercantile Company declining to recede
from its position. even though technically
Its agents may find n way of evading the
spirit of the agreement. Messrs. Wade and
Scullin are in the attitude of trustees in the
deal. The agreement specifies that they are
to pay $500 and to treat all stockholders
alike. II well-authenticated case should
arise In which it Is shown that more than
$500 has been paid. then the company would
have broken Its agreement and the signers
CT the releases would have been justified in
breaking their part of the contract also
Such Is the explanation given by director
OF the reason of the insistence Of $500 as the
price A broker who heard this remarked
that while 1t was possible to stick to the
$500 figure. there was no law to prevent a
man from making another present. hence
there was no trouble in satisfying the most
exacting stockholder.
Legality of TeleErnphic Consent.
A number Of the acceptances of the agree
ment under which the Mercantile Trust
Company obtained options on the stock Of
Virgins Ferry Company holders are on file
on telegraphic blanks. and in some quar-
ters the question has been raised whether
these constitute legal acceptances- Judge
Jacob Klein, counsel of the company, SAYS
there is no doubt about this being legal
signature, as the name of the sender was
signed to the original, which is one file in
the telegraph office. whence the message
was sent.
Vice President Alonzo C. Church of the
Virgins Ferry Company saw late yesterday
afternoon that he had nothing to add to bis
statement already made public, and that
both side were doing all n their power 10
obtain slocs.
1T is purely a matter Of dollars and cents
with the stockholders. who want as much
as they can get for their holdings" said
Mr.. Church. Both companies are using
all their resources to obtain the needed ma
jority, and it will continue until one or the
other cries quits
East Side Stockholders Sell.
A. B. Smiley Of Belleville. S. c. Smiley
and John Porter of O'Fallon. each holding
107 shares of Virgins Ferry stock. trans
ferred their entire holdings yesterday to
the Mississippi Valley Trust Company for
$500 share.
Mrs Elizabeth Begole Of O'Fallon is the
holder of lO7 shares. Her son. State Sen
ator H. C. Begole. has asked $1,000 share
for this block. The stockholders referred
to above inherited the stock from the
Christy estate. It has been in the family