The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-29
The virgins Ferry Deal.

The latest development in the direction
of a merging of interests of transportation
companies is that of the sale of the Wig
gins ferry at St. Louis. This company
owns belt lines on both the east and west
sides of the Mississippi river. quite large
area of real estate in East st. Louis. and
car ferry lines operating on the river. Its
business is the switching of cars between
connections. and it operates in competition
with the Terminal railroad Association.
which owns the only two bridges spanning
the river at st. Louis. Its capital stock
Is SlOtO,0O0, and its shares, which are 500,
par value. have been selling about 290. Re
cent reports from st. Louis indicate that
parties connected with a trust company
and with the management of the Virgins
Ferry Company have effected a sale at $500
share. Ii is not known who the purchas-
ers are, but it is thought likely that the
AtchisOn may be behind the deal. An OPP
position to the sale has developed, another
Richmond beirg in the field, and it is not
now certain that the control of the prop
erty can be secured and delivered. AS a
result of the competition for the property
stockholders are being offered from $500 to
$500 a share for their holdings. 1t Is eX-
pCCted that il will be known within a few
days which interest has secured the prop
erty.
In the Circuit Court at ST. Louis yester-
day afternoon Judge Ferris granted a tenn
pOrary injunction to restrain the officers
of the Virgins Ferry Company from trans
ferring the stock to the Mississippi Valley
Trust Company and to prevent similar
negotiations on the part of any stakeholder
of the Virgins ferry corporal ton. The or
der was made returnabe Friday next The
petition filed by the Mercantile Trust
Company, which is reported to have Sc
cured an option on a majority of the stock
at $500 share.
ley and Mercantil Trust companies to Sc
cure control of the property of the Wig
gins Ferry Company was brought to par
tial focus on Monday, says a dispatch from
St. Louis, when Alonzo G. Church, vice
president of the Ferry Company issued a
statement to the effect that the sale of a
majority of the stock had not been effected,
and further, that the agreement purported
to have been made by the Mercantile Trust
Company with the Ferry Company stock
holders was not binding. Vice President
Breckenridge Jones, of the Mississippi Val
ley Trust Company declared to-day that the
control of the Virgins Ferry Company
stock had not passed. I'VE have been ad-
viSed," he said by the most eminent legal
counsel in the city that none of the Wig
gins Ferry stockholders are bound by the
agreement to sell to the Mercantile Trust
Company at $500 share The figure on the
stock named is purely an option, which the
Mercantile Trust Company obtained and
can be withdrawn at any time until the
final negotiations are closed. We are pay
ing $500 a share for the stock
Festus j. Wade, president of the Mercan-
tile Trust Company, said: Il hold that the
Mercantile Company has majority of the
Virgins Ferry stock. We have not met
nor will we meet, the price offered by the
Mississippi Valley Trust Company, namely
5000 a share, but will pay $500 and no more
for all that is offered. We have bought the
controlling interest and it is unnecessary
for to raise the price already named
A dispatch from Kansas City says: I'll
is the opinion of local railroad men gen
orally that the Santa Fe Railway is the
| buyer of the st. Louis, Kansas City q Col
Orado Railroad and the Virgins Ferry. Al
first it believed that the extension into
Kansas City of the new road would be over
the Frisco system tracks. Now il is stated
that the road will connect with the Santa
Fe near Sibley, Mo, and come into Kansas
City over Santa Fe terminals"