The St. Cloud journal. [volume] (St. Cloud, Minn.) 1866-1876, 1875-05-27

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LETTERS FROM OUR ST. PAUL cor
RESPONDENT.
| ST.. PAUL, May II, 1875.
EDITOR JoURNAL.-In my severa
letters, have endeavored to lay be
fore your readers what I could learl
of matters connected with the St
Vincent and Brainerd Extension
Lines, as they are called, I hope in
diligently, hope in a manner which
will lead every person who is at al
interested to further investigate, i
possible, and to join in doing any
thing, which can be done, to get thes'
lines completed as soon as possible
My conclusions are:
| tlHSI.
That these lines will not be finished
by the "bondholders'' who are 81
much talked about. The bondholder.
of 1872 and 1873 are not the bond
holders of to-day. The former were
to great extent Small farmers anc
tradespeople in Holland;'' they in
vested what they had to spare wher
they took the original bonds from
Lipman, Rosenthal & Co. and paic
for them. They were not the bond
holders who made any complaint il
1873; for they had no reason to com
plain; their interest was regularly
paid, and funds were in the hands O.
Lipman, Rosenthal & Co. to keeF
paying it every six months as it fell
due until July l, 1874,-fands tha
Lipman, Rosenthal & Co. hac
retained from the original sales 0
bonds to pay it with. Nine-tenths o
the original bondholders of 1877:
have sold out. During the genera
crash of American railroad bonds i,
Holland and Germany, the. fears o
these holders were worked on, unit
their bonds dropped from eight,
cents in 1873 to six cents at this date
and it is believed that three-quarter
OF the t5onds are now owned by tn,
Holland Ring, at an average cost tx
Them of not over eighteen cents on tn
dollar, and that this ring does no
propose to have anything done, excep
in court, until the other and large
bondholders, who have meyer takel
any part in these suits, are forced tt
sell or ''pool in" The talk in thi
case Of sympathy for the bondhold
ers" is a fraud on honest men. Tn
bondholder who deserves our sympa
thy is the one who has sold out ant
been most terribly swindled by tina
Ring. The theory that the bond
holders will put any more money in
on the same kind of bonds, in ordel
to save what they have already, is a,
unmitigated humbug. The odor o
the St. Vincent and Brainerd Exten
sions Bonds is too strong to be addet
to. The bonds will do for Ring t,
work with, in court or otherwise, I'm
til that Ring can manipulate a sal
or otherwise compromise these matters
| That there will be a division of thu
Main and Branch Lines, and thu
Ring will get hold of and control tn
Main Line, and that the St. Vincen
and Brainerd Extensions will be hell
in the courts and hands of Receiver
until the matter can be so adjusted
that that port Of the 81. Vincent In.
from st. Vincent to point fifteen mile
south Of Glyndone shall be finished
and set off to the owners of the Main
Line, and by the construction of the
piece from Breckenridge to that ffteer
mile point, a distance of thirty-on@
miles, they will have line of rail
road from St. Paul and Minneapolis
via Breckenridge and Glyndon to ST.
Vincent, and there connect with the
Canadian road. (Remember in THU
connection Representative Llstoe's
vote.) In the division to be made
the Branch Line can take the Sank
Rapids and Brainerd piece, in con
sideration of yielding the long line
from Glyndon to St. Vincent. Thu
above division being made, the piece
from St. Cloud to the point fifteen
miles south Of Glyndon may lie un
der the control of the Ring until they
decide in, their own minds whether tx
give up, sell it for what they can get
or build it; for this Ring have the
same opinion that the Hon. G. A
Gilman has, that Congress will al
ways renew the land grant and that
the settlers on the line will Away.
request Congress to do it when the
time is up. This may not be a con-
forting thought to the people q
the Sank Valley, but they must
bear in mind that they are situated
on the most expensive part of the lin,
to build, and that the men composing
that Holland Ring do not propose tx
put any more of their own money in
to it. They are determined to q
manage and control the division O
the lines, and their future construc
ton, as to make the greatest possible
amount out of the bonds which the,
have bought up at such low prices
they knowing we'll that parties il
this country now stand ready, ant
have tor two years stood ready, to fin