New-York tribune., 1884-01-03
RAILWAY INTERESTS.
OREGON AND TRANsCoNTNENTAL.
THE RECENT REPORT FINALr-A long MEETING OF
THE EXECUTIVE COMMITTEE.

THE RECENT REPORT FINAIr-A long MEETING OF
THE EXECUTIVE COMMITTEE.
The report of the subcommittee appointed
TO investigate the condition Of the Oregon and Tanscon-
tnental Company, which published ON Tuesday
morning. was the chief subject OF discussion in Wall
Street yesterday BY some it was regarded as favorable
10 the COMPANY although the absence OF details was re
gretted by all Russell Sage, among others, declared that
Il was much more favorable to the company than the
street had any right expect from recent developments
Generally il considered unsatisfactory that carly
in the day was reported that the committee was to re-
its work Immediately for the purpose OF presenting
the affairs Of the company more in detail The rumor
was wholly untrue. The report made by the su-com-
mlttce Monday night a final, not n preliminary
report and when It was submitted 10 the Executive Com
mttee the subcommittee was discharged
II sad the street that the bonded debt or the
company should have been stated In the report together
with list Of the securities placed in trust collateral
10 IT, As these securities are bonds Of branch lines
leased by the Northern Pacific, 900 mile, their
value fully known. The auxiliary roads have not
completed and the the bonds them Is IN
known. other contingent abilities Of the company
omitted it said and the nature OF the item OF
debt called bills payable not given In detail
Another omission TO which attention called was the
failure state what part OF the stocks and bonds held
by the company was actually in the cOmpanys posses
sion and what other part pledged to secure loans
for what it concealed rather than for what made plain
An officer Of the company who had anayzed the report
declared the other hand that the property OF the
company actually intact According to his analysis,
the securities held by the company were WORTH
at the prices current in June 0OO353 and with the
other assets amounted to Sli5O7999. Deductlng the
debt the net then equal to about SS3 share
for oregon and TranscOntnenta stock, which was the
amount paid by subscribers. At the prices on Monday
he made the OF the assets $2Sl35,273 and tie net
assets equal 70 nearly l3 share FOR the stock In con-
cIsion he said II goes without saving that the future
OF the Oregon and Trau-cOntncntal Company depends
altogether upon the value ot Its holdings In nthet words
upon the earnings ot Jhe NorIhtm AIM is,'o'i "Nu
The Executive Committee held long meeting yGstrr-
dav but at its adjournment was stated by NlcPreSi-
dent Thomas IN behalf OF President Endicot that no
business OF public interest had been done II was 7ad
aftcrS ard b one Of the persons present that the
uttee had taken steps toward putting the affairs of the
coupduy on solid basis by the reduction or expenses
and the outstanding OF resources. The committee viii
UTnbabIv meet again to-day Artemas H. Holmc, was
present at the meeting, presumably III the interest ol M
Willard whose counsel he ~ at TIE close 0i the me- uuS
he refused 10 speak OF what had been done there or OF Mt
Wizards relations to the company. In regard 10 the
published statement that hr had 7dl thdi the company
might begin proceedings against the former president T.
+ Fabbri. one IF the subcommittee published the
In fIi. mornings issue Of The World under the head
ing The Willard sink Hole appears what purport7 to
be an interview with me. In answer TO 5le Question
whether o. and T. Committee proposed to proceed
against Mr. Willard To recover the moneys arising nom
state what will done. but It il not improbable that
action Will DE taken mo" utalre 10 say IIil ue
interview in question has no foundation whatever be
yOul the fact that the evening OF December 81 when
coming from the o. and 7. meeting with MI EOlson
wa, approached by reporter, who asked me whether
mad heard Of q rumOr that had been circulating on the
street u the effect that proceedings were 10 be com
mcuccI against Mr.. Willard To this promptly replied
that had not heard anything ol the KIND nave not
seen any reporter has the subject been 80 ush
a. limited at In my presence by anybody. laya OI this
opportunity that. while very grave mistakes nave
been made by Mr.. Willard have yet to discover any
would reflect avOranly on the Integrity OF
his actions or the honesty OF his motives In the manage
ment OF the properties I'm his charge.
At the olEcc o. the Northern Pacific Railroad Company,
tbe chief interest In the selection OF successor %
President Willard. who viii be chosen probably at the
meeting OF the directors this week There were no IN
dic1tius As the result although IL l. understood that
there are several aSpirant, for the Office.
Mr. Wizards condition was not materially changed
ve.terdav slept little Tuesday night and was ~uier
Ing from loss o. In addition 10 his ,ceple-- -uess,
the rainy weather had uutayOraJe influence Oh hun