New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-21
NORTHERN PACIFIC FALLS.
4 SHARP DECLINE IN THE STOCK.
EXPLANATIONS FROM BOTH SIDES ~ i"'
r YpIXG CCNTR,vEEsY-A STATEMENT

(
, hi. fr,cna. might have rested scrcncly with their
p,ol undl turlri AID with no suspicion o. u"""'''
vifaomt having deprived IT," fr"Pu"nt'i' "r VIZ" ~"
e caas, Tor excitement and material 10Y "'iM' =,
c?n Pacific preferred s'pca was MIN "h NV .
fine amount changing hands on the stock tAchansr
Yesterday The transactions amounted 10 '''
shares. Common stock Of tire amount oi "'''D
shares wa, traded in. Northern Pacihc n'i'ir''
had closed at Il IL on saturday. Iha' ""H u,''''
the publication Of the report of inc 81 '"''''''
committee. II opened weak yesi'rdHy m""inS "'
IL H. and loo shares changed lmnd' Ut "'''
price. \ drop Ct one half Il point took pace o','''
another trad. wa made and ii continued |" drop
until if reached ~. It rallied by fractions ana al
noon stood a. Then down ii went again Dn' ho'
50 far recovered little and closed nj ~ - "e'
los. Of 1 points. Tho common stock went uHo"eh
the same ooursc II closed on saturday ~ - "a
and opened yesterday AT -. II Narich Da'h anu
forth on each side Of That figure all day now up
and now down. The highest price was - IT. ana
m. lowest ii3A. II closed at l., net loss Of
"a from saturday
The pl,c. Of the Northern Pacific crowd on the
floor of the Exchange being clos" 10 IN" He'"ihS
and the New England. mixed them mp III u'l'r
/ confusiou and II WIS only with the greatest all
HcuIiy that the dealers in any one OF the STOCKS
could be- learned. Vt the opening there was large
selling Of Northern Pacific preferred on orders from
London and Philadelphia. Leopold ana Wen cach
sold 1000 share. Othcr brokers VINO SOFA con-
sdctullr were sterling. Combs. 3tcIhD're'T "H"
/ Livingston. The general belief was that tn" bear
movement was The direct result Of IL" screening
r.nor of the Stockholders committee, though some
/ argued that the downward movement thus caused
gained additional force from sympathy WIN h'"ui"-'
The contrary argument that other stocks h'Id u''
own during all the panic however, was hol ""ho"'
force.
President Oakes was met at his Ollie" yesterday
He contented himself with sending out s'a''m'h.
Ia all the stockholders not act Ola the report 81
the investigating committee until they had receive"
a statement OF ia. reasons for offering III 'h'S ""
t. the stockholders the company'N holdings % '''
II. Paul and Northern Pacific stock, when ac"oh
the committee sharply criticised aud uhtl 'he '''''
Mite, should have had an opportunity 10 expos
| the mistake, I'm facts and figures which h. said
they Lad made.
Henry Willard, however. when eccn By lHpuh'
reporter. said " have 10 doubt that the d'''n
ia the stock Is due to the committees report
! know no o.hcr reason for it, ihe properly -
good ana | think the stock will rally all night from
the shock. / have at present no statement 70 mako
H. answer to the committee. That VII be leil Tor
The directors to consider and answer In du" 'lsoh'
1t took the committee three month, 20 pr'pire IL
report and criticism. We are thlnS. entitled 20
a H'tlr lime Ia which To- answer H."
Ht.ytOn I've. ~ %" stockholders committee
said: 1t I. Si'c natural that the report should
have dcprc.,,d prices slightly. though no 10 the
extent that they have fallen to-day. think 'A'Fr
mr. other cause, for that The report wa 50 pre-
pared "a, NJ 70 dcprc,s the stock any mofr man
wa, unavoidable. II fully state, and emphasizes
the great value Of The property. think Tia" took
la, i.lra on u ,,mpathy with Realms IN measure
IT,. report Il Reading imana cement and th" n"cct
.iiy II q rcc'ls,-. coming 70 tho Gind Of Northern
ia,inc TO Ahoidcr just ~ b" s'"'' ihr account
Il 10" mi-manng cement Of Ai, own road, would cause
him 10 feel much more .hatv than hc othrr"l''
would feel. Il Va, double blow which tended t.
a, II rail- lie
rcpor. under other Circumstances would not have
acted that WAY. ! want 10 SAY that IN n, criti ism,
tAc committee WIS actut'cd by 10 unfrrndiy feeling
G., re officers directors OF tho company. Per
.lnaiiy | ia" most cordial terms with Mr..
Willard aud Mr. luil and others Of the company.
W. lad 10 Intention Of doing ans thing 10 bear The
sttcA.7
Henry Ccw, another member Of The committee,
held ,.mar Views. lie Thought tlat The report had
lcrn Ia the nntar Of sii4At shock which had been
taken advantage OF ~ the bear, in "a" plneky
condition Of tls market. Tie vicw that Northern
IA, lie suffered omcN Aat Ia sympathy VITA Il ain;
wa, STRENGTHENED hS the .cpor that th"r, wis con
1dc.abl, ll.itu D. n Northern Pacific pc crrci On
some Philadelphia account, which had been impair
by heavy lose, In Reading.
y prominent stakeholder In No.thern Pacific sad
Ans holder Of Northern Pacific who sold out to-day
must have done Ia the fear that tn present mln
as'mcnt criticised by The committee wa, likely to
continue ia power and 20 on mlsnauAs lng thlnc,.
IN no other view would he be- likely to ,ol. for the
committee encourages hm IA The belief tia, his Ir p
cr'y good a,.lt undoubtedly 49,
The Northern Pacific dlitc ois have decided u i,,u
full statement answering IN detail all ia, criticisms
of tie cOmmit'e" and giving explanation, II tier
courc. II will take several days 10 prepare #.
The following reply made yesterday on behalf
~ The Wisconsin, Central Railroad by Edwin II. Abbot,
president. - the report 81 M"--r-. Crws Ives aud
Cooke, the stO knod"r,' committee:
Sow York February 20 1903.
T. T. oahcs E'l. President Northern Pacific Railroad
Company, New York city.
Dear ,lr: / nave Just Rad tie report. so.callcd.
.s-u'd by the sterkno!d"r,' Committee Yesterday.
The authorship IS luly disguised. It, tone ana ,tye
who wa, formerly on the Northern Pacific Board and
bnIc Ms DO Goa at io &Snn c.nl " %' and %
iris belief explain. his inability 10 ag,thing good
in Wi."on-n Central past, present ana future. lhr
Old Hpvcrb tolls us who are ic hlind'-i 81 ia" blind
and III, rpori con i"on-y ill-' ate, the run "i
he Wovcrb. Ills emission 81 important i'ri' IN tIr"
.cport /, remarkable" ~ II, distortion al truth.
1t: lie is 10 discover that the Wl,cJut-n Zen
trail Haili"rd- covered by the hf'" 10 me Northern
Pacific Railroad Company. dated April -. isDo;
,lowod for the wear ending June goth. 7r2 T7,3l3!i
,aItirc, 10 Ia" mil" On main llnr mileage "i ,Vf'3',
and That other railroad Going ont 81 81 ram pr
coming into Chi ago from The North. West or south.
west earn, nearly a. lars" an amount Nv wa" w., ~
comparison. the earnings Of e. rod shown b.loW
have been figured Oh main Enr mileage anu 't~id
as follows:
" traS, ara ,o''''"''''. sG5y. 90
'"' ,'o ,, n"'''"'' anu 1918 s.
" ,r,c, '''''' '' t,oo- 81
cir rS burlington ana quincy. per mile OF ...
uain track ..-....-.-.- 49, IL
Chicaeo Rock Island and Pacific per mile 80 49,
~ main track ..-..... ..-.---.-. 3D. 80
Chc1eo. Burlington and Northern. per mile o oo
- main track ................. ...-.,. '''"' ="
80 n,,l,. -, main ,r,ch ,. j0t 60
fI,c"., ,TI Atm p.r mile of main tsarh 5000 33
Nlwaml cc Iaar shore aud Western, per mile -
~ nn,n Track - 4,0G7 II
,mrH .......... 4,3lO O.
Wisconsin Central LINES. per mile Il main
ed: lie noglocs to Stat" that III" Wisconsin Cen
fral Railroads have inCfta~cd their earnings lio.'
per cent since ir-6 without any substantial Increase
main line mileage. The following fable gives the
figures and T. Is 10 be noted that tho Northern Iacho
A ia inf Ourratlpu until loo and that