Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-18
Foreign fancy cuts of the sides are made
moderately"
NEW YORK.
Especial Telegram to the Globe !


Especial Telegram to the Globe
New YORK, Dec 1.-THE stock market
opened very lrregularly, then became very
strong. It was evident that the bears were
anxious to secure their profits in the Vii
lard stocks which they depressed SO un-
mercifully on Saturday, and the market
was so largely over sold that the cover
ings of few thousand shares caused an
advance of per cent. in Oregon Trans
continental and per cent. in Northern
Pacific preferred, in very short time.
This helped the remainder, with the ex-
ception of Northern Pacific, which fell
from 1870 to 74c in a
few minutes. The market was
m uch excited and fair days business in
the above properties was recorded before
the first hour elapsed. Oregon railway,
during the excitement, rose from 102 to
to ITO. When the demands of the shorts
were appeasea there came q sharp reac-
ton, followed in the closing half hour by
rapid advance in the Villards, which
carried them above the best igu res of the
morning. There were various rumors
afoat calculated to affect values favorably.
1t was related that the investiga-
ton of the true inwardness of
Oregon Trsnscontinental would make a
favorable showing and other stocks were
bullish on the expectation that the Union
Pacific and its enemies were likely TO
patch up peace. True or not true, these
statements were sufficient to cause sharp
market was made to close stronger than
anything Witnessed for some time. The
changes in the presidencies of the
Oregon Transcontipentel and Ore
gon Railway and Navigation
company had marked influence
for good upon the market, and the fact
that Mr.. Willard would give his entire per-
sonal attention to the Northern Pacific
strengthened the feeling. The "shorts"
were badly twisted in New York Central
this afternoon, and there were larger tran
sactions under the rule and cash at diff
ference of 111s per cent as compared with
regular sales.
According to friend of Mr.. Wizards
who was authorized to speak for him he
retains large and undiminished interest
in all of the companies. At meeting of
the executive committee of the Oregon
Transcontinentai company, held last Tues
day. at which it was decided TO pass the
usual quarterly dividend in the stock of
that company, it vas discovered that the
floating debt of the company has in
creased very materially since June
80. The company had just re-
ceived about $7,0O0,OoO in cash, and
second mortgage bonds from the
Northern Pacific company, and one of the
directors who had examined the affairs and
books of the company as far as he was
permitted to do elected from Mr.. Willard
that it still owed over $16,OOO.OOO. A com
mittee consisting of Wm. Endicott, Jr.,
representing the Boston interests in the
concern, and E. P. Fabbri, representing
the syndicate of bankers, that has negoti-
ated the Northern Pacific securities, was
Immediately appointed to investigate
the officers of the company. To this COM
mittee President Roswell G. Ralston, of
the Farmers Loan and Trust company,
has been added. To Mr.. Ralston Mr.. vii
lard handed memorandum written from
memory of the assets of the com pany. The
points are that the company holds securi-
ties of the par value of $4,000, 900, as fol-
lows: Oregon railway & Navigation stock,
$15,OOo,0OO; Northern Pacific common
stock, $16,000,000; Northern Pacific pre-
ferred stock, $16,75o,ooo; Northern
Pacfc secured mortgage bonds
and Oregon & California's bonds
$2,80o,000 with variety of other securities
to the amount of about $S,7O0,0OO. The
market values of these securities to-day
was about $40,000,00O, against which there
is indebtedness of about SIG, 900 900, lesv-
ing the net assets OF the com pany S24, ,000,-
600.
The Sun will say tomorrow: "Mr. Vii
| lard's career as railroad man fnsneier
began when he was a receiver of the Kan
sas Pacific railroad, at which time
he chiseled Mr.. Jay Gould
| and other able fnanciers out of several
hundred thousand dollars. With the rep
utation thus acquired he attracted a
| wealthy following, which aided him in de-
veloping the railway and steamship sys-
TENS of the Oregon and cepitslizing them
at colossal figures. He.has, according to
the last report of the Oregon Railway 4
Navigation, in operating standard road
for 35 per cent of it's gross earnings. Ir
the achievement Of the "Blind poor from
which the Oregon Transcontinental com
pany was organized he applied the climax
of Wall street audacity and tested its ere
dulity as no one ever did before ani
won. A movement lis on foot among th'
preferred stockholders of the Northern
Pacific to replace him as president Of tn.
company. Having learned something
about Oregon Transcontinental the stree
has fallen to conjscturing whether Mr.
Wizards faith in his enterprise, which b
has directed, has been equal to the faith b
inspired in others and attracted by simi
lar results. The pslace he is building
speaks for ITSELF"
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