Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-10-20

from the construction of the
Northern Pacific, from second mortrage
bonds and from branch road bonds when
sold. Mr.. Eudicott further says that
company was proposed in Germany last
winter to buy large quantity of land,
but it was given up, and he understood at
the time that the Northern Pacific decid-
ed it to be better policy for the road to
sell in small quantities to actual settlers.
That was decidedly good scheme to bull
Northern Pacific stock on, but Mr.. Endi-
cott was of the opinion that it did not
pull through, not because of the Northern
Pscifc's decision as to what would be bet
ter policy for the road, but rather be-
cause the company in Germany
either would not buy the land
or could not pay for the same. The sPecu-
lation in land has collapsed out there. The
following statement of the condition of the
Oregon Transcontirental company is
made as it appears from the general
balance in its annual report for the year
ending June 80, 1888: "CapitaI stock s40.-
ooO,GOO." This S4O,OO0OOO is invested in
stocks, which to-day have market value
of only $26,1O7O7O. The collateral trus.
of bonds, S7.864, $50, are secured by pledge
of the branch line bonds, amounting to
$780,, 600. The floating debt, consisting
of s1O,682,857 IN actual Liabilities, is of
set by $11.O07. 40 in assets, some of which
are of uncertain value. Certainly not
- RI
pay the floating debt. Such was
the situation as their directors and yet
they So, an On page thirty ''the general
balance sheet published herewith shows
balance OF undivided profits on June 30th
of $2,88O,895, which included S1,G79,36I.
Northern Pacific dividend script, repre-
senting at the time the market price OF
ninety and accrued interest 1851, sos"
Perhaps Mr.. Endicott can sti! further en-
tighten people about Oregon transactions,
by pointing out how $2,880,695 Of undi
vided profits could have resulted from the
creation Of floating debt which exceeds
the value of all available assets, and which
is accom- panied by shrizkege il values
of stocks in which the whole
capital Of the company is
invested, and which shrinksge now
amounts to the enormous sum Of S16,506,-
562.
Clews said: 'sThe excitement was quite
like that attending the old st. Joe corner,
owing to the anxiety of the shorts to cover.
The comparison of the temper of Wall
street now as compared with that period
or the capitalization of jersey SIS, 500 900
as against ST. Joe's stock of only S1,00O,-
600. was not taken in consideration by the
demoralized bears. The whole exchange
was inoculated by its influence, however,
and the shorts were made to feel it was the
paft of wisdoml to cover up. many of
their outstanding contracts which changed
the current of the movement to the bull
side, but at the expense Of eliminating
several hundred thousand shares of the
short interest. If one half of that portion
of the buying had been for long account it
nently improved market, but it was mostly
done in the interest OF the bears, who have
been thoroughly furnished with powder as
blast to blow up the foundation again
when they wish TO do so."
Various theories have been put forward
to account for this unlocked for denoue
ment in Jersey Central. A very ingenious
conjecture, and one not altogether wanting
ia plausibility, is that Mr. Gould, being
heavily long of his own stocks and short
OF others, among them Jersey Central,
and having made una7ailing efforts during
several weeks to organize ball pools TO
help him turn the market upward, hit
upon the plan Of buying in regardless of
price the stock he was short OF. The de-
vice would scare the shorts into covering
and encourage bull buying.
It is said in Wall street that President
Willard, before he left on his western trip
early in SaPtembsr, disposed Of most of
his large holdings il Northern Pacific,
scenting the decline from afar, and know
ing he could buy it again at the reduced
figures. This charge is believed to be
groundless, chiefly because Mr.. Willard
retains the confidence OF the stockholders
which lie would rot if ne had
betrayed them. It is not likely the syndi-
cate of bankers would agree to float a
second loan if they did not believe in the
faithfulness of Mr.. Willard. For this rea-
son also the rGmor that Mr.. Wizards reaig-
nation has been demanded is believed TO
be groundless. Among those who are
publicly reported to have held on to their
stock and to have suffered from its depre-
ciated value are Frederick Billings, who
is said to be $2,5OO,O0O poorer by
the decline; D. O.. Mills, j. Pierpont
Morgan, Geo. NJ. Pullman and others in
the directory or in the confidence of its
members. Several men, including one or
two holding Offices of trust in the COM
pany, are reported to have ''stood from
UNDER before the blow fell. Among them
is said to be the president Of another rail-
road company, whose Offices ere not far
from those Of the Northern Pacific. But
all reports OF this kind are necessarily
guess work and entitled TO but little credit.
CHICAGO.
Special Telegram to the Globe.l
CHICAGO [Oct 1o-00 :che1ca the dav