The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1897-02-09
THE N. p. IN WALL STREET.
Light on Some of the TeIegraphic
Hints From New York

Bradstreets, In it's issue Of last week,
throws some hight ON the hints that
have been sent out from New York
for the last two weeks, about the friend
ly relations between the Great North
ern and the Northern Pacific under the
heading Northern Pacific Develop
ments, Bradstreet's says:
While the reorganization Of the Northern
Pacific railroad corporation was justly con-
sidered to be one Of the most difficult under
takings Of its kind it was accomplished, when
it once set foot, with comparative
ease and remarkable speed. This was owing,
no doubt to the strength Of the financial in
terests on both sides of the ocean which as
sumed this burden, and to the confidence
with which the security holders of the cor
poration and the general financial public
factors have had their influence even since
the actual work of reorganization had been
successfully carried out.
The past week has afforded further and
very significant evidence that the task had
been accomplished, not in merely perfunctory
manner, but with a thoroughness. a regard
for the past earning power Of the properties
involved in the transaction, and their future
capacity, which invites the confidence Of in
vestOrs in both Europe and America The
most significant development in this connec-
ton is the announcement that large block
OF the new Northern Pacific securities has been
sold to European syndicate. The details Of
this transaction are of a private character.
The newspapers have given figures in rela-
ton to the subject, but there is reason to be-
lieve that they are either overestimated or
else too low. The real facts, so far as it is
proper to state them at this time are that
the syndicate which guaranteed the carrying
out of the reorganization plan put out last
spring, and which, therefore, was under obli-
cation to assume the payment of assessments
upon portions of the common and preferred
stock, where such payment was lacking
acquired under the provisions Of its contract
considerable amounts Of the new company's
stock and other securities. According to the
public prints, q large If not the greater por-
ton of its holdings Of the new common and
preferred shares, as well as the priorlieD
bonds of the reorgonized Northern Pacific
company, had been acquired at a price which,
taking all circumstances into consideration, IS
relatively high. by foreign interest popu-
larly identified with the Deutsche Bank Of
Berlin. The Importance OF this transaction
cannot be measured by reference to the Nor
thern Pacific alone. It is regarded by Wall
street perhaps, with justice, as having g.
bearing upon the future relations of European
investors toward American securities which
can best be gauged by former experiences
covering periods when such interests were ac-
lively absorbing the better classes of our
railroad and industrial securities.
Another development in the same connec-
CATION property. The railroad line in question
was originally constructed with reference 10
the Northern Pacific. Owing to the force Of
circumstances is passed, under lease into the
possession Of the Union Pacific from which n
was separated on the latter's bankruptcy and
reoreanized Within the past year an indie
PSAUChN SOlCSAA. lie IaleSL news Is that n
terests connected with the Northern Pacific
and the Great Northern have acquired large
interest in the preferred shares of the new
Oregon Railway & Navigation company and
that in doing so they assume no attitude of
hostility toward the Union Pacific If current
accounts of the matter be correct 1t is the
intention of the interests moving in this
matter to insure a joint operation Of the
Oregon Navigation on behalf Of the three
great corporations just named, with view to
PreVentng the generalization Of rates in the
Pacific Northwest, and of having a Safeguard
against the recurrence of those unfavorable
features of railroad business in the same ter
rltory which have already worked such harm
to the companies serving that section Of the
country.