New-York tribune., 1884-01-29
A RISE IN WILLARD STOCKS.
EFFECT OF THE sYNDICATEs PURCHASE.
FURTHER DETAILS OF THE TRASsAcTToN-MucH
STIR IN THE STREET.

FURTHER DETAILS OF THE TRANsACTIoN-MUCH
STIR IN THE STREET.
The announcement in The TRIBUNE OF the largo
sale of stocks by the Oregon and Iranscontinentai
Company, which controls the Northern faeiho
Railroad SYSTEM caused unusual stir in Wall Street
yesterday. The transactions in these stocks
amounted to nearly a third Of the whole business
in the Stock Exchange. While the general Market
showed no improvement in the early prices, the
Willard stocks on the contrary, opened materially
higher They hesitated for short time, but
then resumed their upward career. Oregon
Railway and Navigation stock, which
opened at 81, against S5si at the
close and 7si2 at the lowest point on Saturday,
quickly rose TO 119 cash and III regular. Ii closed
quiet at 99i2 with small sales at 92 and 80, sellers
sixty-da option. In the meantime, Northern Pa
cifc common advanced to % from 2l1, and the
preferred stock to 49l from 43ss on Saturday, and
Oregon and Transcontinental from 1884 TO %.
EXCITEMENT ATTENDING THE ADVANCE.
The excitement attending the advance was un-
usually great. After the time for the delivery OK
stocks there were purchases of Northern Pacihc
preferred under the rule" of about 2OOO shaies,
but after the first few purchases at difference OF
from Il to d per cent in price, there
was practically little difference between
cash and regular stock, aud for the
first time for many years stock bought " under the
Russell Sage said in regard TO the market: "We
were afraid the bears would not be able to get the
stock at all and lent them little; but the
movement will be continued tomorrow"
THE sYNDIcATE's PURCHASE.
The sale of treasury stock by the Oregon and
TranscontinentalC Company comprised 10000 shares,
but the syndicate also loaned the company 81 ,2OO,-
900 on the pledge of 10000 shares OF
Oregon Railway and Navigation stock at
sixty The loan was made for six months at SIX
per cent and on the condition that additional
margin would be called for. The prices at which the
20 900 shares were sold were announced at 70 for
Oregon Railway and Navigation, 36 for Northern
Pacific preferred and 16 for the common. The COM
pany realized from the sale $2,3100OO and from
the loan 81 200 900. This sum, with the available
assets in the company's treasury is suhclent 10
provide for all its liabilities for year. Ii is un-
derstood that the syndicate has agreed to hold the
stock as an investment for at least six mouths the
time of the loan.
The syndicate is composed OF eight members
Anthony j. Drexel, of Philadelphia. and friend
whose name is not mentioned; >. fierpone
Morgan. Jay Gould, Russell Sage, Cyrus
w. Field and Frank Work, New-York;
and T. Jefferson Coolidge, of Boston the successor
of Henry Willard as president of the Oregon Rail-
way and Navigation Company
CONTROL OF THE NORTHERN PACIFIC SYSTEM.
1t was question of great interest In wall
street yesterday whether the Oregon and Iranscon-
tnental Company had not virtually surrendered Its
control of the Northern Pacific system by the sale.
Horace White treasurer of the Oregon Railway and
Navigation Company, said that the question de-
pended entirely whether the lenders OF the
| IS OOO,O 900 loan negotiated recently would make
use of their privilege to buy the pledged stocks.
"If they should do So" Mr. White added 1.-The Ore
gon and Transcontinental Company would still nave
enough Oregon Railway and Navigation stock to
control this company but would not nave etber
| any use of that option Will be MADE, Oh course
| cannot say, although | imagine that the option
made the maximum prices Tor the STOCKS up 10 the
time when IT Will expire"
Mr. White remarked that he knew OF no purpose
| on the part of the Oregon and lIHnscontlneintai
Company to abandon It's control OF the Northern
Pacific system. The company was unarr snch con-
struction Obligations that it would be Impossible TO
Wee President Oakes. of the Northern Pacific
Railroad Company said that he knew nothing
about the details OF the TRANSACTION
MIR FIELD PLEASED WITH THE EFFECT on PRICES.
CYRUS w. Field refused positively to give any in
formation regarding the details of the syndcates
purchase He expressed himself however, as pleased
with the effect produced by the announcement.
" | don't know of any thing else that is hanging
over the stock Market" he said, except possibly
the West ShcFe matters aud am told that they are
in fair way of adjustment. | don't know any,
thing about the property, but believe 1t VIII come
ont without further trouble. Everybody nave
met to-day seems to be in cheerful mood it's
quite surprising. | am sorry that prices went up SO
fast to-day but it was natural that there should be
a sharp reaction. really believe that the tide IS
turning candidly, this has been the hrst time that
have felt confident that there was change III the
situation"
FACTS ABOUT THE PURCHASE.
person who is intimately acquainted with the
facts of the Syndicate's purchase said: The con-
tract has been signed. sealed and delivered, and l
believe that most of the stock has been paid for
The purchase is 10000 shares each of Northern
Pacific preferred and common, and 10000 shares or
Oregon Railway and Navigation stock; and be-
sides the Oregon and Transcontnental Company
gets all the money it needs at per cent. The loan
is time loan. The stock is tied up for long time;
what would be the benefit in buying it if 1t were to
be thrown upon the market at once The trans
action places the TranscOntlnental Company I'D q
good position again. There is agreement, rs part
of the SALE for amy change in the present 0rganza-
tons of the Northern Pacific and Its allied compa-
MES Ii natural that the interest should seek
a representation in the boards and It Is not lnproD-
able that in the OF little time there Will DO
some changes"
ROADS.