Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-04-23
THE OREGON EMPLOYMENT COW.
PANH.
Its Coal Lands, Debts. Decline. dc.
New York Sun. April Is.

New York Sun, April 10.
The stock of the Oregon Improvement
Company sold at ga share yesterday.
On Saturday it sold at $50, and the last
previous sale, two or three days before.
WAS at $40. at abo1t which figure II has
ruled for several weeks. The first mort
gage bonds of the company declined
Yesterday ) per cent. to 10. From Bos-
ton. where the stock IS more generally
dealt in, II was reported that she stock
sold at ~ yesterday. Ayear ago, shortly
after the stock was listed on ths Stock
Exchange, 1t sold a. 9I5z. A div
dend was paid Oh the stock last sep
| tember, but the one due IN March last
| was passed.
The company IL one of the auxiliary
| Companies formed By Mr.. Henry Willard
| IN connection With the Northern Paclnc
enterprise. Its oblest was To develop
| numbered and agricultural! lands. operate
the Pacific coast steamship lines, ana
principally to mine and snip coai. II
| was capitalized with 4 bonded debt .!
f5,OO0.Op0 and an equal amount OF
stock, the latter being gwen as a DO
nus with the bonds. The stock "as
afterward increased to $7,UO,uc, max
ing the total amount of capt. .liZatiOn
fl2 10000.
in its last published annual report
and IN Its application 20 the Stock TX
change for the listing Of Its securities,
both signed by Artemas II. Holmes,
VICE President, the company enumsr-
ates among 1t properties OUU acres OF
coal lands on the Green River. - miles
southeast of Seattle, Washington Terri
tory. For several days ruMors have
! hi . h a.
lacking III the title of the company 10
these coal lands. which II has claimed
as the most valuable one Of Its proper
ties. These lands are along the line OF
the Cascade branch Of the Northern Pa
clrfc railroad. and are incladed in 1t,
land grant.
The facts, As far As learned, are that
after Mr.. Wizards retirement from th'
management of the Northern Pacific
and allied enterprises, some Of the Ill
rectors Of the railroad company begai
AN investigation to tiud out how th'
Oregon improvement Company had &C
CURED these lands. They found tina
the lands had not been transferred, Al
WAS generally supposed. A director o
the railroad company. III speaking OF thu
matter, SAID:
7" There Ii unimpeachable authorlt,
for the assertion that the statement tina
the Oregon improvement Company ha
1900 acres of coal land III the Greer
| River fields has no foundation IN fact
aud that It owns no coal lands east o
New Tacoma, at WIlkeson station. Fh'
facts are that the improvement tompa
ny, through number OF agents, secured
1t WAS supposed, some tlve Or SIX sections
of coal lands III the Green River dis
irict from the Government. The alter
nate districts belong to the Northern
Pacific. As long "a Mr.. Willard exer
cIsed controlling inhaence III the man
agernent of the Northern Pacific it Wa
supposed that all Of the coal lands d
that company IN Washington IerrItor,
| would be turned over or sold at u mod
crate price to the Improvement Coinpa
ny. Upon this suppostion, II seems, tn
Woe President Of that company, III hl
annual report assumed that his comp l
ny owned 5000 acres of land undertake
with coal. Only recently dId the liz
provement Company make formal appli
cation for these lands, and the NorthofI
Pacific directors declined to sell any o
them"
1t IL said that the resolution reiectin,
the Application was very emphatlcail
worried. A resident expert, WHO Wa
employed by the Northern Pacific PEG
pie Ia examine into the land matter
reported III Il the BELIEF prevailed TIA
! the five or SIX sections Ieferr, d to Wer
obtained from the Government through
the Northern Pacific. and that the Ii
ties are doubtful and will he contest;
at the Land Office. The same eXper
writes that the company has suspeudc'
work on Its partially completed Goa
ROAD and discharged all its laborers, {,
whom II owes about $4,000. What
ever payments II makes to them are II
time checks" stamped "absolutel,
not transferable" They are. therefore
useless, this writer says, to the laborers
who have swarmed into Seattle and ar
, hviug III tents aud rookerles about I'll
town. Many of them, he says, are Cha
namen, and all are fit objects OF charity
The company has "a floating debt, b.
says, of ! 10000, and requires 5000
To complete It's road and a like amour
To equip II.
A banker conversant with the affair
of the Northern Pacific ahld yesttrdl
that MIR. Willard ~ one time beid abou
100000 par vAlno of the stock, an,
turned 1t over to DreXe., Morgan * ca
to secure some obligation.