Turner County herald. (Hurley, Dakota [S.D.]) 1883-19??, 1884-01-10

three roads he maintained the greatest
reticence as to the interior workings of
the companies while he was quietly un.
loading his stocks, and left his associates
sadly in the lurch. Mr.. Wizards friends
insist, however, that he was an equal suf.
ferer with his partners in the various
enterprises, and sustained total losses
by the 100000 depreciation in the
securities of the Northern Pacific prop
critics since the decline of last summer.
amounting to $5,OOO,OOO, and that he
was compelled to put heavy mortgages
on his Madison Avenue palace and Hud.
son River lands. This places them be-
yond the reach of Judgment or attach
ment should suit be brought against
him.
The report already made is analyzed
by some operators as showing that the
stock OF the company was worth from
50 to next to nothing. The former esti-
mate was obtained by computing all of
the securities listed on the stock ex-
change at the closing quotations of Mon
day, the unlisted securities ut nominal
figure, and the other assets at the values
given in the report. On the
other hand, attention was called
to what was characterized as important
omissions in the statement, and the lack
of definite and detailed information.
Among other things, it was said that
the capital stock and bonded debt of
the company should have been classed
among its liabilities. The bonded debt.
which consists of collateral trust bonds.
is secured by the deposit in trust OF
bonds on brarch roads of the North
ern Pacific, which the company
has received for building the same.
The value of these branch-line bonds
is practically unknown to the public.
They have never been quoted, and the
question is raised whether they are suf-
ficient to meet the interest, to say moth
ing OF the principal of the bonds against
which they are held. None of the
branch roads upon which they have
been issued are completed, and work has
been suspended upon nearly all of them.
In these circumstances it is con-
sidered possible that q part of
the reported assets of the Oregon and
Transcontinental Company may have to
be used to protect its collateral trust
bonds. Another liability of the COM
pany that does not appear in the report
is its guarantee of the interest upon
81, 100000 bonds of the uncompleted
Oregon and California Railroad Com.
pany and of q per cent. dividend
yearly upon it's $12,O0O,O00 cap
ital stock for three years from January
l, 1888. 1t is argued that these..facts
and the doubtful earning power Of the
securities held by the Oregon and Trans
continental Company ought to be taken
into consideration in forming fair esti-
mate of the value of the stock of the
company.
WINNERS AND LOSERS.
Who made all the money under the
Willard regimen" was asked of broker
at the Windsor, and he said: "Well,
Clews came SO close to million that he
gave the difference between a million
and his profits to his clerks as Christmas
presents. Woerishoefer & 90. made as
much as Mr.. Travers out of the stocks, and
have their eyes on Clews, watching to see
the next move of the Wall Street oracle.
Ithas been aprevalentrumo on the street
for some months that many judicial per-
sonages lost money when the star OF the
Northern Pacific sank. Judge Law
renee, it is said, lost a neat little sum
through his relatives in the stock ex-
change. Judge Westbrook, it is also
said, has dropped money on Wall Street,
and Judge Donohue, the oracle of the
supreme court chambers, it is alleged,
has lost and won money in various spec
ulations. Judge Haight, it is said,
does not think that Wall Street is the
little fairy-land painted by the imagina-
tive c1ier in the stock exchange. The
impression is gaining ground that Mr..
Willard has suffered as much as his as
sociates and following, il not more, by
the collapse of tbe enterprises of which
he was the head. Persons who profess
knowledge of the facts say that he re-
tires from the companies with which he
has been identified much poorer than
when he went into them.
WILLARD DEFENDED.
2. B. Fabri is out with the following
card:
in this mornings issue of the New York
World Under the heading "The Willard Sink
Hole" appears what purports to be an inter-
view with me: In answer to a question whether
the Oregon Transcontinental committee pro-
posed to proceed against Willard to
recover monies arising from stock sales,
l am made to state that "I can
not at present say what will be done, but
it is not improbable that some action will be
taken." now desire to say that the interview
has no foundation whatever, beyond the fact
that on December 31st, when coming from
the Oregon -Trnscontinenta meeting with Ro!-
ston, was approached by reporter who asked
mo whether had heard the rumor circulated
in the street to the effect that proceedings
would be commenced against Willard. To this
promptly replied that had not heard any
thing of the kind. have not ..seen;, any
body. l avail myself of this opportunity
TO say that while very grave mis-
takes :. have been made by Willard. l
have hay, yet to discover ANYTHING which would re
fleet unfavorably on the integrity Of his ac-
tions, or the honesty of his motives in the
management of the properties under his
charge. Rumors have been current in Wall
street for some days, rejecting on Willard,
which seemed to have no solid foundation. II
was said that he had sold out his friends ana
accumulated millionsfor himself during the raid
on the stocks. This is probably the basis of
the story about the suit. An intimate friend of
Willard denied these charges Indignantly He
said Willard was agenious in planning ont en-
terprises, but that he lacked prac-
teal experience in details; hence, when
the bears made a raid on the
market he was not prepared to cope with
the opposition and was slaughtered in his
tracks. He stood up stoutly and honorably,
but was sacrificed. This statement was sub,
mitted to prominent financier, himself q loser
IN the Northern Pacific, and WAS declared to be
OF an old trouble. Several times in his career
he has been prostrated with nervous exhaus-
ton and insomnia.
Rural Ideas of City Philanthropy.