Daily globe., 1879-02-16
2HE ST. PAUL & PACIFIC,
FORTUN-ITE ENDING OF ASIx YEARS
CONTEST.
Inc L1tchteld Interest Purchased by the
ST. Paul and Canadian Parties Who Own
the Bonds-The Title to His Great Prop
erty in Fair Way to be Settled-The
Tedious Litigation Can Now be Closed
ana the Road Managed by its Owners.

For some SIX years past the St. Paul 4 Pa
c'nc railroad property has been involved in
an almost interminable and inextr1cable liti-
CATION. The parties litigant were MIR. Litch-
held, who held nearly all the common stock,
about SIX and half millions in amount, and
million in bonds, and the Dutch
oondholders. Pending the settlement of
the legal controversy the road was thrown
into the hands of the United States courS,
and receiver appointed, and the road has
ever since remained in court. Something
over year ago some Canadian and St..
Paul parties purchased nearly all of the
bonds held by parties other than Litchfield,
and OF course bought into big lawsuit
Ever since these latter parties entered upon
the scene there has been more or less talk
OF settlement of all difficulties, and it
gives the GLOBE pleasure to announce this
morning that this effort has at last been en-
tirely successful.
For some two weeks past the parties have
been IN conference, in New York, there being
present from st. Paul Messrs. James J. Hill,
OF the bondholders, with his attorney, r. B.
Galusna, and Geo. L. Becker, representing
the LltchHeld interest, and his attorney, II.
II. Blgelow. These parties returned to St..
Paul, yesterday, bringing the gratifying in-
telllgence that the conflicting interests had
been harmonized by the bondholders pur-
chasing Mr. Litchfeld's common stock and
bonds, and he thus retires from all contro-
Versy IN the matter Mr.. Becker was presi-
dent of the Litchfeld organization, and upon
the sale being completed, he and the others
representing Litchfeld resigned, and new
board of directors was chosen.
While this purchase removes ali discord-
ant elements, the future policy of the present
owners Of the road is yet undetermined
The bondholders had instituted foreclosure
proceedings to GUST Litchtield, and now that
both ends of the controversy are in the same
hands, there can be no question of the re-
suit. AS matter of perfecting title, the
foreclosure proceedings may be pushed next
month, as originally designed, or they may
be dropped. The policy to be pursued has
not been definitely agreed upon, but the
only occasion for the foreclosure will be to
quiet title. ="
For the first time in six years this i'm
portant line of railroad has no conflicting
Interests. 1t is to be managed by the men
who own it and will be extended rapidly.
The link from Alexandria to Fergus Falls
will certainly be built next summer, and
possibly the whole remaining portion of the
line. The title to the proposed Union depot
grounds is perfected and settled by this pro-
cedure and nothing now remains to delay
that work. The people of St. Paul and of
Minnesota have reason to rejoice over this
result. The lands of the road will now be
placed in the market, immigration encouraged
and secured, and all the advantages which
result from such important property having
definite ownership will flow in upon US.
No event of such Importance in our railroad
development has occurred in a long time.
and we extend congratulations to Messrs.
Stevens, Smith, Hill and Kittson, on the one
hand, and to the people of Minnesota on the
other. The GLOBE has never before furnish
cd railroad item Of such important signifi-