The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1909-01-07
Four Syndlcates Were Seeking To
Purchase Local Electric Line
When Sale Was Made
A FESTIVAL FOR "PIKERs"
New Owners of the Line Secured il
at a Bargain Rate as it is
Taken Over Without an En-
cumbrance of ANY Nature

Some interesting inside facts are be.
/ ing brought out IN connection with the
| sale Of the lines of the Kenosha Flee
trio Railway company to the Invest
ment Registry company Of London
which took place on Monday and these
things show that there was a decid
edly spirited competition for the sale
of the line. The local company which
sought the line missed obtaining it by
just nine thousand dollars as the offer
which had been made by the local man
who appeared through Roger N. Kim
ball, was $285,000. The line was sold
under an order Of Judge Grosscup in
the United States Court. Three weeks
ago an effort was made by the local
company to force the sale Of the road
and at that time the road came near
being disposed of on the petition Of
one Of the banks which held the road
as a collateral security. Had it been
sold at that time it would have passed
into the control Of the company which
was represented by Mr.. Kimball, but
Frost and his associates got wind of
the scheme just before midnight on
the night of Dec. Is and hurriedly
went into the United States Court and
secured an order restraining the sale
of the road until Monday. The order
of the court demanded that the road
could not be sold for a sum less than
$294,0 and this order practically
shut off the local investors as they had
previously agreed to give but 1896, 000.
There was a, great festival of "tpikers''
when it was learned among railway
men that the line was to be placed on
the market on Monday and every man
who had been watching the future of
the line who could raise a few dollars
was out looking to bid on the line. with.
the view of selling it to some Of the
competitors Of the Frost company. It
was considered rather unusual that the
Chicago, Kenosha and Milwaukee
Electric Railway company made no eff
fort to secure possession Of the line
There were four companies seeking.
made. One was the local company
headed by Mr.. Kimball, another was a
Detroit company which is said to have
represented number Of the Canadian
investors in the Chicago and Milwau-
kee, the third was a. Chicago company
and the last was the London company
which proved the successful bidder.
After the sale it was stated that the
London company sent it's representa-
tives to Chicago WITHIN the past two
weeks with express orders to purchase
the line at any reasonable price The
line had been pledged as collateral
security on a. loan Of $435,000 held by
one Of the Chicago banks and Frost
will not receive d cent as his share of
the sale, but the proceeds will be used
to reducing his Indebtedness.
The London Investment Registry
company takes over the line without
an encumbrance on it and they paid
the entire purchase price in cash. The
Kenosha line is now one of the few
street railway lines in the west that
has absolutely no bonds against it. It
is probable that the London company
vii remedy this in short time and
that plentious supply Of bonds will
be issued on the property and that
they will find ready purchasers among
the financial men of London. Super
intendent Russell is still in charge Of
the local operation of the line and he
has received no notice from the agents
of the London company that any
changes are being planned in the local
management or in the operation of the
road. 1t will probably be hard mat
ter for the City Council to treat with
the new owners Of the road as it is
long ways from Kenosha to London
and the visits of the present owners of
the. line to Kenosha will probably be
few and far between