New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-19

line between Columbia River aud Puget Sound had
been completed In November, 1874 making a totsa
length OF lise In operation OF SO miles Negotiations
| are now IN progress for contract 10 build about &C
miles more down Puget Sound. and 1os miles from tbs
Columbia River eastward to Lake Pend d'Oreille
STATEMENT OF SECRETARY wILKEsos.
Jay Cooke e. Co., az is well known. have
been the financial agents Of the Northern Pacific Raj
road ever since the beginning Of that gigantic enterprs
It asserted financial circles that the Arm had
made large advances to the Railroad Company 10 puss
forward the work OF construction. taking tho honda Of
the Company security. and that this had seriously
crippled them, they could not readily re-
alize on this class OF securities because
Of the dsrust by tire failure Of the Canada
Southern and the New-York and Oswego Midland Rail
road Companies. Wishing 10 ascertain how far the
failure OF the hrm would affect tho Northern Pacific
Railroad Company in the work OF constructing their
road the continent. reporter Of THE TRIBUNE
called, yesterday, Samuel Wkeson. tho Secretary Of
the Company. at his Office at Fifth.aye and Ninthst
Mr.. Wkeson said no was glad reporter Of THE TRIB
USE had called the subject Of the COmDany's pros
poets and the effect OF the failure OF Jay Cooke Co
There question that the failure Jay Cooke q
Co and the suspicion thrown all railroad bonds ns
matter how good their securities might be- on account
Of the failure Of the Canada Southern and the NewYors
and OswegO Midland Railroad Companies, would prevent
bonds and all other railroad bonds for the present.
probably for a considerable time TO as usual
with financial agents, Jay Cooke & 60. had made largo
advances TO the Company but he did not think THIS haze
impaired their credit crippled them Their failure
due 70 sudden run, In consequence Of tho
stringency or che money market. caused By
the manipuations OF INSCRIPTIONS consprators
The firm were unable to convert their re-
sources time the demands OF their creditors
Ja Holt the wa m TW
OF the members of the directors OF the North
Pacific Railroad Company. The result will 6e that
the work OF construction will be somewhat retarded
It than probable that Congress will be asked 70
grant extension Of two years TO the Company be-
yond that already granted. 10 enable 1t TO complete
the road No such enterprise was ever be-
fore attempted by private capitalists a. that
OF constructing railroad 400 miles in length across
unsettled continent. Congress should have como To
their by extending the credit Of the Government 70
tho undertaking II would have done but for tho
demagogical cry that corporations were graspnx tho
entire domain and overriding the rights OF the people
The stoppage Of the sale Of bonds would not materially
affect the construction. for the reason that cold
weather begins Dakota in the latter part of October
and snow often falls about that time. Consequently
there il not much time left for construction this season
The Board OF Directors to have met that afternoon
and passed upon bids offered for the construction OF
ne section OF the road, 2O5 miles in length from tho
Yellowstone
for grading and bridging the 2O5 miles There were two
bids for 90 miles of the distance one bid for the
entire distance including rails and trackaync but ex
Guiding bridges one bid. including bridges, reste-work'
and piing the entire distance. There was not much
doubt that the contract would be awarded during thu
afternoon and miles Of the distance, leading 20 most
excellent coal fields west OF Fort Abraham LlncOin.
will probably be constructed this Fall. The contract
had that day been awarded open coal mines ga Heart
River in the month Of october,
NO APPREHENsI0Ss ENTERTAINED.
He had no doubt OF the future OF the road n wouid
be constructed There were those supporting II who
would not allow the work to be abandoned The Board
OF Directors alone represented millions. The Company
had not dollar OF unpaid paper up 10 the present time
Not a note Of theirs ever seen IN Wall-st. NOT
q bond was hypethecated by the Company
Consequently, the Company had no liabilities
hanging over it that might descend without
warning The interest the COmpanys bonds was not
due until the OF January next and 1t would then un'
doubtedly be met That portion OF the road already
built was earning than anticipated from It,
That portion OF IL running TO the Red River country had
already developed fine carrying trade. He believed
the road would be hindered more by the hostile Sioux
than by financial revulsion Neither force, however.
could prevent the successful completion of the road
EFFECT OF THE SUSPENSION OF JAY COOK. co.
PHILADELPHIA, Sept. 18.-As in connection
with suspension OF jay Cooke Co. many holders OF
Northern Pacific Railroad bonds throughout the country
will naturally feel concerned about their inVesmens.
inquiry has been made and developed the fact that the
Northern Pacific largely indebted to its fiscal agents.
andtherefore can nothing pecunary by their ss-
pension. The Railroad Company will have 10 make
other financial arrangements before pushing forward
its line 1t has completed road and Government land
grant both morgaged to secure s bonds. and the
curity is considered amply sufficient.