Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-02-17
THE ST. PAUL. and PACIFIC.
The Bondholders Buy Out the Litchfield
Interest.

The Bondholders Buy Out the Litchfield
Interest.
FOR some six years past the st. Paul d Pa
cltic railroad property has been involved in
an almost interminable and inextrlcable liti-
CATION. The parties litigant were Mr.. Litch-
field, who held nearly all the common stock,
about six and half millions in amount, and
a million in bonds, and the Dutch
bondholders. Pending the settlement OF
the legal controversy the road was thrown
into the hands Of the United States court,
and a 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 tho
bonds held by parties other than Litchfeld,
and of course bought into a big lawsuit.
Ever since these latter parties entered upon
the scene there has been more or less talk
of a 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.
Galusha, and Geo. L. Becker, representing
the Litchfield interest, and his attorney, H.
r. Bigelow. These parties returned to st.
Paul, yesterday, bringing the gratifying in
telligence 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 Litchfield 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 all discord-
ant elements, the future policy of the present
owners of the road is yet undetermined
The bondholders had Instituted foreclosure
proceedings to GUST Litchfield, and now that
both ends of the controversy are in the same
hands, there can be no question of the re-
suit. AS a 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. FL.
For the first time in six years this i'm
portant line of railroad has no conflicting
interests. It 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 tie 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 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
ed a railroad item of such important signif-
canoe,