The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1888-03-15

DULUTH, HURON, AND DENvER.-Last
week letter, was received from contract
or William Fowlds, stating that an offer
had been made to compromise the claims
against the Duluth, Huron, and Denver
railroad, by which creditors would re-
ceive about sixty-fve cents on the dollar.
The letter states that parties were ready
to advance $15O.OOO with which to pay
up all indebtedness, taking an assign
ment of claims, and completing the road
to the state line. 1t is said further that
the original company would accept $751;
900 in consideration of its right, title land
interest in and to the road, and assign
to the new company. This would leave
$4,000 to be divided among the cred
itors, whose aggregate claims as ascer-
tanned are 500, OOO-about sixty-three
per cent. A meeting was held here. at
which over $4,000 of claims were rep
resented, and it was decided to send a
committeeto St. Paul to confer with Mr..
Fowlds and ascertain all that could. be
learned, relative to the offer before taking
definite action. Messrs. Fish, How,
James, Bruce, and Anderson were ap-
pointed and the meeting adjourned to
await the report. Only the three first
named attended the conference, and upon
their return a second meeting was. held.
They reported that they had met with
Mr.. Fowlds and several other contract
ors at St. Paul, but were unable to learn
from what source the offer emanated,
but were inclined to think it was the
Northern Pacific road; that it was
made in good faith and the money! was
ready. They brought back contract,
or rather an offer of composition by
which creditors agreed to accept not less
than sixty cents on the dollar, providing
all creditors joined in the arrangement,
the money to be paid on or before April
10th. The contract was signed by sew
eral of the heaviest creditors. TWAS also
ascertained that liens amounting to
about $175,OOO had been filed against
the company. The committee saw Judge
Caldwell and Engineer Roberts, who
were of the opinion that the company
would be willing to accept the $4,000
for it's interest in the road, providing the
creditors wished to make settlement on
the proposed basis. A letter received
from President Conkey written on the
7th inst. says that negotiations are pend
ing still for money with which to pay off
in full and complete the work, and still
another letter from him in response to
an inquiry states that he has no know
ledge of any plan to pay sixty-three
cents on the dollar for claims. On the
other hand it is said that Judge Caldwell
has said that the company had aban-
doned all hope of raising money with
which to prosecute the work. In this
conflicting and unsatisfactory state of
affairs it is difficult to foresee the result
or predict the future of the road. That
it will be completed substantially as
projected serms well assured, hut by
whom and to what purpose is not SO
evident. 1t is not at all probable that
the work can be completed by the con-
tract time, May 1st-certainly not unless
the weather soon changes very decidedly:
There is considerable work yet remaining
to prepare the line for ties and iron, and
it will require energetic management to
lay ninety miles of road in thirty orforty
days.