The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-04-29

In the determined effort to get control of
the Virgins Ferry Company stock. indica-
tons are that the price will be pushed far
above $500. Offers of $50. it is understood,
have been quietly made. Owing to the fact
that some of the stockholders are holding
back for the highest bidder the negotiations
for control are being delayed.
May is the last day given by the Mer
camille Trust Company TO stockholders to
come in under the bid of $500. Tuesday
night is the final time set for the Mississip-
pi Valley Trust Company clients.
Owing to the injunction suit filed by the
Mercantile Trust Company yesterday fur
ther time may be allowed on all sides The
officials of both trust companies are going
on the theory that a final decision must be
reached ar once and are urging each stock
holder to act Immediately.
1t is probable that never in the history of
a st. Louis deal have the wires and tele-
phones been used so freely, nor have car
riages and automobiles played such an i'm
portant and exciting part. Since last
Thursday it has been fight to close mat
tiers in haste, and, with the advent of the
rival trust company this haste has been all
the more feverish. Thousands of kilograms
stockholders and others, and the answers
are followed by flood of other messages.
The long-distance phones are being used
from Maine to California. The boards of
directors of both trust companies. their
statesmen and their legal advisers. are not
only devoting their time to the consumma-
ton of the deal, but they are putting every
influence at work TO induce the stockholders
30 bof topkhOld-
ers. realizing that they will be the final
gamers, are letting the trust companies out
bid each other for the coveted certificates.
The Bone of Contention.
The fight on the deal has narrowed down
TO a contention by the Mississippi Valley
Company that the agreement of the Mer
camille Company is faulty in that the stock
holders in signing the clause reading do
sell'' did not expressly convey their hold
ings. but merely gave power of agency.
which could be revoked
They concede that the Mercantile Trust
Company has obtained 81 per cent Of the
stock. but hold that this agreement does
not constitute a sale. Counsel q. A FIN
kelnburg. H. S. Priest and the regular at
torneys of the Mississippi Valley Trust
Company are working on the legal features
of this agreement.
Francis Enters the Field.
The arrival of Former Governor d. r.
Francis from Charleston put a new Rich-
mond into the field, and all day he was IN
conference with different trust company ci-
rectors, although whether his business had
to do with the ferry fight can only be con-
iectured. The Governor was heard to re-.
mark laughingly to a friend in the Mercan-
tile Trust Company building elevator
II ought to have been here to get some
Of the commissions on stock that are being
paid out in this deal" n
/, In the offices of both the trust companies
all-day receptions were held. At the Mer-
camille President Festus j. Wade and john
Scullin were in charge directing operations.
At the Mississippi Valley were Vice Presi-
dent Breckinridge Jones and AlonZo ..
Church. vice president of the ferry COM
pany. With stenographers at their side
they interviewed all incoming stockholders.
gave them contracts to sign. and If accept
able paid checks ON the spot for the stock
The Mercantile paid $500 share, while the
Mississippi Valley paid 5000.
The heads of the rival interests were con-
tinually on the move, as they have been
for several days. They rushed from one
Office building OF bank to another. an
syered phone calls or called up parties by
phone, dictated kilograms and letters and
kept squads of messengers on the alert.
Many women alighted from equipages to
go into consultations with the officials. The
moves in this financial and terminal cam
paign were of absorbing interest
There IS no change in the status Of
things" said President Scullin of the Wig
gins Ferry Company. at p. m. as he left
the Mercantile Trust Companys office sur
rounded by secretaries.
I'VE are still doing business at the old
stand, and 1 do not think there has been
any change in the way things stand. Stock
holders are signing up said President
Wade.
The Mercantile Trust officials adhere rig
idly to their statement that before the an
nouncement was made that the deal had
troll of the stock. This is admitted as being
technically correct even by Mississippi
Valley directors-so stockholders state-but
they hold also that the agreement is in no
sense sale.
Broker Gives His Opinion.
"If the case goes to the court said a
broker, "it will be clearly shown that the
signatures are binding and the stock has
saving clause for the Mercantile company
by which If 1T does not secure control of a
majority of the stock the agreement
Among the 81 per cent of signatures
which It is conceded the Mercantile COM
pany has obtained. some are attached to
kilograms and the point will doubtless arise
whether these are valid in law. Some Curl
osity has been expressed on this question
and last night the Mercantlle company sent
out-of-t town stockholders the needed blanks,
50 that there will be no loophole to evade
the agreement.
Vice President Church Talks.
"I have made a million dollars for the
| stockholders in two days by holding out
| strongly against sale for $780," said Vice
| President Church of the ferry company,
and that is the only interest have in the
deal now. / expect to get more for the
stock, as the interests who are buying seem
| determined to buy at any price. have no
1 idea who they are and have not incurred.
The trust companies are acting as agents
and that is all that is necessary at present