Helena weekly herald. [volume] (Helena, Mont.) 1867-1900, 1878-09-05
JAY COOKE.
He Thinks the Northern Pacific Railroad
has Bright Future---His Advice
to Creditors

! udo a. DIlSuC uIut0---E1lS AOV1C0
| to Creditors.
! A New York Herald interviewer fastened
himself upon Jake Cooke, at elton Falls,
the other day and had long conversation
with him in regard to the settlement of the
affairs of Jay Cooke & Co., of which the fol-
! lowing are the most interesting portions:
lis there any likelihood of the Northern
Pacific and St. Paul and Duluth stock ad-
vancing :"
IL regard the present price Of these stocks
as merely nominal, and believe that by ju-
dicious transferring of them into lands, or by
holding them for a reasonable time, that the
creditors will realize fully 100 per cent. of
their claims"
What is your advice to creditors in re-
gard to this Northern Pacific stock and the
scrip to be issued?'
"My advice uniformly has been and still is
to hold on to each and all of the securities.
Those who can do so should convert the
Northern Pacific and the st. Paul & Duluth
stock into the valuable lands of the COM
panies lying contiguous to the roads. Many
have done so already, and there are innumer-
able instances where they have realized the
full par value of their deposits with Jay
Cooke & Co., and in some instances from
so to 100 per cent in addition. | have great
confidence in the rapid advancement of the
Northern Pacific preferred stock, as it is re-
ceivable by the company the same as green
backs at its par value for choice wheat land,
and is being largely placed on these lands and
being cancelled
''What have the land sales of the company
amounted to during this year?"
''Nearly million acres at an average of IS
per acre. This is a very low price even on
cash valuation. The amount was fixed by J.
Edgar Thompson and myself several years
ago, and has never been increased, although
it is usual, and it was contemplated at the
time, to advance the price $ per acre every
two years"
"What do you think of tn, Oregon Navi-
CATION stock?'
IL have always thought it good invest
ment at $40 per share, at which rate it was
purchased by our firm. and has been distribu-
ted to the creditors. 1t has already paid divi-
dends this year amounting to over twenty per;
cent in gold, and presume that it will pay
other dividends before the year is out.
FAITH IN NORTHERN PACIFIC.
You still have great faith in the Northern
Pacific enterprise?'
''Yes, l regard it as the best and safest
railroad enterprise in the country; in fact, it
is the only road without bonded or other debt.
1t has magnificent road-bed and full equip
ment, and vast wealth in its landed estate, of
which there are at least eight million acres
already earned and unsold."
"How much of the road is built?"
''Including branches more than six hun
dred miles, over which trains are now run
ming daily, and large and tlourishing towns
exist and are constantly springing up along
the line A fact not generally known is that
every alternate section of land has been re-
served by the government as homesteads for
actual settlers. This land will, in my opin-
ion, be crowded with hardy, intelligent and
industrious population, even at the present
rate of settlement, within five or ten years.
Any one can calculate from these facts the
sure and permanent business that will flow
over the road, as well as the constantly in
creasing value of the lands"
''Mr. Cooke, by this time those few credi-
tors who under the old law forced your firm
into bankruptcy can see the error OF their
ways? What do you think the outcome of
the estate would have been if it had been left
in your hands for Administrations
Il have always regarded this thing as a
monstrous wrong against the firm of Jay Cooke
& Co., and especially against the ninty-nine
per cent. of creditors who were opposed to
bankruptcy proceedings. believe that we
could have closed up our estate satisfactorily
to creditors within six months without sacrl-
ficing more than fly per cent. of our person
al wealth. Otherwise we could not have paid
all our debts in cash, but by promptly COM
promising and adjusting, according to the
various plans we had in view, the creditors
would have been fully satisfied, and over one
thousand three hundred of the smaller credi-
tors, whose united debts did not exceed $780,
900, would have been paid cash in full and at
once"
''But the law permitted and seemed to in
vite bankruptcy proceedings?
II wish it distinctly understood that l am
firmly of the opinion that the whole trouble,
loss and delay has been occasioned by the.
course pursued by the few creditors and their
attorneys who relentlessly pushed US into
bankruptcy, and no small share of the blame
should fall upon the miserable law which per-
mitted firm with 5000, 900 of assets and
it's creditors to be ruined by the power given
to any one creditor holding claim OF $3.50
to force them into bankruptcy"
A gentleman who was yesterday having his
boots BACKED at the post Office was suddenly
left in an unfinished state hy the boy, who
ran across the street and held brief CONVEX
sation with lad of his own age.
THAT'S no way to leave Job, said the
gentleman as the boy returned.
"'Spect not, but I've got mor2n butte TO.
look after!'
''Who was that boy?"
''That boy? Why. he's got chattel mort
gage on this 'ere new brush. and run across
fhoro IN ooh him how uvas his health 1dOn't