St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-08-19
SAINT PAUL MATTERS
The Sale of the Street Railway to a
Syndicate of LEGAL Capitalists
Oonsummated Yesterday.
Arrangements ct Tert Gneiling fer the
Division Riffs Contest Soon to be
Held There.
railroad Corar1issieners Refuse the
Request of tho Minneapolis
Chamber of Commerce.
mother Case of Extortion--A Re-
tired Congressman--C Capt. Bar
ney's viii Contest.
rHE STREET RAILWAY SALE.

tie Purchased by "a Syndicate OF ST.
Paul Men--Emprovennezit TO ""
On ust the Same.
A. deal was closed yesterday whereby
our-ffths of the st. Paul street railway,
nth all its franchises, passed from the
lands of Mr.. Lowry to local capitalists.
Tor some time negotiations have been III
progress. Mr.. Lowry having had two offers,
me from syndicate of Eastern gentlemen
md the other from ST. Paul men. Ihe
after were successful in their efforts to
rain control of the property. The sale was
made on a basis of million dollars for the
plant and franchises. Mr.. Lowry retaining
i one-fifth interest. The purchasers also
assume all the bonds OF the old company,
his added to the actual cash to be pald'
With the stock retained by ME-. Lowry
bringing the total to about > 90o, 0uo. l he
new company, in purchasing the IRAN
.hises agrees to carry out the Inc Oh eA-
tensions and Improvements projected py
MI Lowry, and the scheme 1or the
cable cars will be taken up eXaclly where
It was prior to the sale by Mr.. Lowry.
What is regarded as one OF the important
points in the transfer is that a majority of
The stock is held by st. Paul men of enter
1l
he city. And while it is conceded that
Mr.. Lowry, during the time he has been
pudding UP the street railway system, has
pursued policy that has been liberal and
II which public interest has been duly
recognized and consulted, still it is with
great degree of satisfaction that the trans
.er to st. Paul men is regarded. A portion
If the stock is taken by parties East, repre-
Iented by Mr.. B. j. Stevens OF Madison,
he part held by him being, it is said, in the
ieighborhood of 5000 700. This formal
transfer will be made on Sept. Is.
THE PROBABLE NEW DIRECTORY
will be T. P. Wilson, w. r. Merriam, d.
:. Shepherd and A. B. Stickney of st.
Paul, Nj. George B. Harris of the BurIing-
0n s. Northern railroad, Mr.. B. J.
Stevens Of Madison and Mr.. Lowry,
who will retain a position on the
BOARD. All or the above will
own good slices of the stock, some
Of which will also be in the hands of
St. Paul gentlemen not in the above list.
THE prccipal recognized by the new COM
panY," said stakeholder last night, land
which | believe has been recognized and
,cted on by Mr.. Lowry to an extent greater
than the public has given him credit for,
will be that the interests OF the public are
the interests OF the railway. IN ciIy tllaG
is growing as rapidly as is ST. Paul. and
where improvements so large and so numer-
Sus are a necessity, it is inevitable that
present dividends should be exceedingly
mail. 1 am told that Mr.. Lowry has
iever taken out any dividends, though, of
course, by the sale he has made snug
profit. Tracks will be extended as rapidly
is demanded by the spreading out and
Filling up of the city, without regard to
Profits. The ST. Paul Street railway is
low in the hands of st. Paul men, and
although. no one can ever accuse Mr.. Lowry
If any discrimination, it seems to me a
Iecided advantage that an institution, in
Which the public is personally interested,
md which with the best service is too much
Inclined TO kick at, should be in
he hands of men whose interests are
IDENTICAL with those of the city"