Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-04-12
THE NORTHERN PACIFIC.

An Adyerse Report on the Bill Permitting
It's Completion.
Washington Special (Aprii 81 to Chicago Tri-
bune.
The subcommittee of the House Pacific
railroads committee to-day decided adverse
ly on the bill which proposes to extend the
time for the completion of the Northern Pa
cific railway for ten years from the 1st of
July next, the date of the expiration of the
charter. The contest over this has been
very animated, and the result of the decision
of the committee has been made the basis of
considerable speculation upon the stock
market. Several previous statements which
have been used as basis for such specula-
tions, however, have been false, as there was
no definite action, even of the subcommittee,
until to-day, and the action of the sub-com-
lnittee is not necessarily the action of the
full committee. The position Of the Demo
cratic portion of the subcommittee towards
the Northern Pacific railroad bill appears
to be one of predetermined hostll-
ity. The bill presented by the
Northern Pacific people in the Senate
does not ask for ten years. extension, but
for six, and it is believed that the Senate
will report in favor of six years extern
sion, although it was not favorable to the ten
year period. The House subcommittee,
however, declined to permit any motion to
be made to reduce the time to six years, but
insisted on a vote on the original bill, which
fixed the limit at ten years.
IT is ON THIS
ten years. bill that the vote of the comnit-
tee was adversely cast to-day. The friends
of the Northern Pacific, Notwithstanding
this adverse action of the House, are hopeful
that the Senate will pass the bill fixing the
six years period, and that the Senate bill
will hereafter receive favorable consideration
in the House. Two elements seem to coop
crate in the House committee against the
Northern Pacific bill. They are, first, a de-
termination on the part of Southern men,
who are mainly friends of the Texas Pa
cifc, that no extention shall be given to the
Northern Pacific unless the supporters OF the
latter measure shall at the same time con-
sent to aid the Texas Pacific. This argu-
ment is not as strong as it would have been,
however, in the last Congress, as the Texas
Pacific Company now has no bill before
Congress for aid. Second, the Democratic
politicians generally would be pleased to see
lands granted to the Northern Pacific road
restored to the National domain in order
that they might make some capital out of
their demagogical declarations that many
millions of acres granted to corporations by
Republicans when in power have been re-
stored to the peoples domain by the
Democrats. This argument is very infiu-
entail one with certain class of politicians
who overlook the fact or do not care to know
the fact that the Northern Pacific road has
practically complied with the spirit of the
act of Congress, and is, in bona tde manner,
ENDEAyoRINa TO COMPLETE ITS ROAD
according to the terms of the law. One
least, however, does not agree with the sub
committee. He is understood to have ex-
pressed the opinion that there will be no
enactment upon this subject at this session,
and that the Northern Pacific is endeavor-
ing to comply with the spirit of the act Of
Congress. A member of the sub committee
expresses the opinion that the whole COM
mittee will sustain the decision OF the sub
committee, and that the bill will be reported
adversely to the House. There has been a
great deal of speculation consequent upon
the consideration of the bill. 1t is said
that pool was IoTmeu W Dear tne
stock of the Northern Pacific, and
that it was expected that the
report presented to the House
last week by Chalmers, of Mississippi, from
the committee. would have the effect to de-
press the stock. The incorrect information
in connection with that report was in some
way published that it was the report of the
whole committee, whereas that scheme had
not been considered by the whole commit
tee, and probably has very little chance of
favorable report when it is considered. The
story in the corridors of the capitol to-day
was, however, that the pool which had been
organized to sell the Northern Pacific short
on the basis of the expected adverse action
of the committee had been sadly disappoint-
ed, and that some $11, 900 had been lost by
this pool, for the reason that the stock re-
fused to go down.
R2rpafns in ,TeW0lrV.