St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-11-01
Several Hundred Thousand
OF Attachments Against
an Iron Company.
st. Paul Men Prevent the Con-
summation OF a Big Insol-
veney Scheme.
Plenty Of Showing and Bio W.
ing in Sections Here
aboutS.
Places Where Prairie Fires
Did Great Damage--Gen-
eral News.
Special to the Globe.

Special to the Globe
DULUTH, Oct. 31.-The Iron and Land
Company of Minnesota, limited, has
legal fight on its hands that threatens to
swallow the corporation. The fight is
practically family one. and is of such
proportions that about S1,O00.0OO is in
vOlved i'll the controversy. The condi-
ton OF affairs has been partly brought
to light by means OF several attach
ments made upon the effects of
the corporation at the instance
of creditors. Some of the attachments
are for large amounts, but the exact
number of attachments or the full
amount thereof cannot yet be deter
mined with the information before your
correspondent. The iron and land
company is corporation with Great
Britain parentage, and the stockhold-
ers are principally EngliShmen of noble
birth and extensive means. The ma me
implies the object of the organization,
and vast area of valuable mineral and
timber lands were acquired. The lands
are even now of large value, because of
their extent, and are located
Chiefly in st. Louis County.
The iron ore found therein and the
proximity to the market and accessible
ity to shipping facilities give promise
of values that will in time be fabulous.
1t IS probably owing to the anticipated
value that the current controversy
arose and assumed its present form.
The capital stock issued was for
large amount, and considerable sum
was thus raised to make payments on
the lands purchased. In addition to
this there were issued by the corpora
ton large number of debentureS
to raise money to further the landed
investments. These debentures were
to some extent at least given to persons
in America, and number of them
found their way into the hands of gen
tlenen in ST.. Paul. The debentures
mature May l, 1872, and are for $50
each, bearing per cent interest. The
holders of some of these debentures got
wind of plan on foot
Among the Eng1ishmen
of the corporation to look after their in
dividual interests in a way that is
thought 10 be inimicable to the holders
Ofinterests i'll Minnesota. The plan
embraced proceeding to be begun in
Great Britain with the view of declar-
ing the concern insolvent and the ap-
pointment of receiver to wind up the
affairs of the corporation.
Some of the creditors in Minnesota.
getting wind of such rumor, anticipated
any effort of such character by taking
heroic measures to protect their inter-
eStS. As result number of actiOns
have been commenced against the cor
poration setting up the claims. and &C
companying the suits attachments have
been levied upon the lands owned
by it on the grounds that the
defendant is foreign corporation.
The largest of the attachments
served is at the instance of Albert
Scheffer, of st. Paul, who claims to own
2,40o of the debenUures, valued at $685.
600. Another attaching creditor is James
w. Wright, who owns 200 debentures
valued at $4,000. Percival Flower and
John M.Power own.ffty-four debentures
valued at S13,50o, upon which they have
attached.
Homer E. Eller and Jared S. How, at
tOrneys OF st. Paul. claim $500 for
legal services covering a period of two
years, and have attached to secure their
claim. The report here is that other at
tachments will be made, but the names
of the parties and the amounts are net
at hand.