Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1878-08-23
lNN cookE.

tors.
4 New Notk H,m3 interviewer fast
eued himself upon lay Cooke, at Chel-
tom Fails, the other day and had long
conversation With him III regard 70 the
settlement Of the affairs Of Jay Cooke 4
Co., OF which the following are the mest
interesting PORTIONS
is there amy likelihood II the North
em Pacific and st, Paul aud Duluth
stock advancing"
regard the present price " these
stocks as mere nominal, and believe
that, by a juhciouS transferring OF them
lnta lands, on Nv holding them for
reasonable time, that the creditors will
realize fully 100 per cent Of their
claims"
What is your advice t. creditors in
regard to this Northern Pacific stock
and the scrip to I've iSsucdS'
My advice uniformly has hccu and
still is q hold on Is each and all OF the
securities. Those who cam do 81 should
convert the Northern Pacific and theSt,
\ Paul 4 Duluth stock into the valuable
lands Of accompanies lying contiguous
to the roads, MANY have done SCI al
ready, and there are muumcrahlo IN
stances where they have realized tho
full par value of their deposits with JAY
Cooke 4 Co., and in some instances
from fifty e. ono hundred per cont. IN
addition. | have great confidence III
the rapid advancement of the Northern
Pacific preferred stock, as il Is reeeiv-
ahlo hy the company the same us green
backs rs il is par value for choico wheat
land, AMI is being largely placed ON these
lands and being cancelled
"What have tho hand sales Of the
company amounted to during this
YEAR
Nearly i million acres 1T nh aver
aye Of - per acre. This is u very low
price even ON n cash valuation, Tho
amount WAS fixed hy J. Edgar Thomp-
son and myself several years ago, and
has never been increased, although tits
usual, and il was contemplated at the
time, 70 advance the price 81 Per aero
every two years.
"What do you think of tho Oregon
i Navigation stock
have always thought il good iii.
vcstmcnt III forty dollars per share, III
which rate il was purchased by our
firm and has been distributed to the
creditors. II has already paid dividends
tins year amounting 10 over twenty per
cent. in gold, and presume that il will
\ pay other dividends before the ycnr i
out
FAlIll IN NORTHERN PACIFIC.
YOU still have faith in the North
crn Pacific enterprises
Yes, | regard il ms the best and
safest railrond enterprise III the country;
ia fact, il is the only railroad without
bonded or other debt 1t hns II mag
nilieent road-bcd and full equipment.
and vast wealth in its landed estate, Of
which there nrc III least eighty million
acres already earned and unsold,'
low much of the road is already
huilt2'
!" Including branches more than six
hundred miles, OYER which trains are
now running duly, and large md Hour
ishing towns exist and nrn constantly
springing up along the line, A inctnot
generally known is that every alternate
section Of hand has been reserved by
the government ms homstcuds for actual
settlers. This land will, in my opinion,
he crowded with hardy, intelligent
and industrious population, even Ut the
present rate Of settlement, within five
or ten years. Any one can calculate
from these facts the sure and porman-
ont business thut will ilow over tho road
NJ well MS Tive constant increasing value
Of the lands
Mr.. Cooke, by this time those few
creditors who under the old law forced
your firm into bankruptcy can see
the error Of their waysY What do you
think the outcome Of tho estate would
have been if it Ind been left in your
hands for administration p
Il have always regarded this thing
rs amonstrous wrong against the firm
Of JAY Cooke e Co., and especially
( against the nincty.ninc per cent. Of
creditors who were opposed to bank
ruptcy proceedings. ! believe that we
: could have closed up our estate salts
faetorily % creditors within xix months
without sacrificing more than fifty per
cent. Of our personal wealth. Other
wise We could not have pnid nil our
debts IN cash, but by promptly com
promising and adjusting, according To
. the various plans in view, the creditors
would have been fully satisfied, and
over one thousand thrcchundrcd smaller
: creditors, whose united debts did not
exceed 100000, would have been paid
cash IN full and Mt once.
But the law permitted and seemed
to invite bankruptcy proceedingsY
wish ii distinctly understood that
am firmly Of the opinion that tho
whnln troMhle. loss and delaY has boon