The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-02-14

Earnings since September, 1896.
are over Million and Quarter
-Ce-operatien With the Great
Northern Necessary.
Information relative 70 meeting the
competition made BY the 500 Ire n rs
war on rates was received IN TINS cry
Friday evening. In which Chairman Maose-
IL extends the list OF roads TO Include the
Oregon Railway & Navigation company
The chairman has issued 3 tariff 10 equal
ize the rates on shipments from the A.
iantic seaboard when destined 10 points
on the -. r. < y. The chairman says the
tariff is necessary. in Connectlon Win the
Union Pscific. when compared Win farms
available via -. Paul by the ADDITION OF
the proportional rates in effect via the
500. Great Western and Wisconsin Cen
trail. The conditions that required an
eFdaliza lion are said 10 be precisely the
anne as those which prevail AZ Montana
points. the rates from Minneapolis ana
So Paul being the same as from the MIS-
souri, river. Therefore. 10 enaoie lines Via
the latter crossings 70 compete on franc
from the frank siue territory 70 .. X. X y.
territory. il is deemed essential 10 eQuahze
the rates via Omaha and the crossings
south thereof. The rates from Chicago,
Mississippi river Missouri river and St
Paul and Minneapolis 10 points on the u
II. & y. are carried in joint farms with
the Great Northern, Northern faclnc ana
Union Pacific. hence the latter road mas
been authorized to publish from Chicago
points the same through rates as are oo-
tainable via st. Paul, by the addition or
the 40 per cent. scale west Of Sault Ste.
Marie The rates will also Include snip
ments from ST. Louis and common points.
The Great Northern AID Northern Pa
cific were authorized 10 work shipments
via Chicago 70 Montana points on the
same basis as is obtainable via st. Paul
and Minneapolis in connection with the
500 line, and also 10 issue through tariffs
BY the addition OF the 80 per cent. scale 10
their agreed rate from 81. Paul TO Mon
tana points and points on the .. X & y
ST Paul papers are saying that il looks
as II this was something OF a discrlmln-
alton against the ST. Paul and Minneapolis
jobber. Shipments from the East can be
routed 10 Montana via ST Paul on the 40
cent basis. but shipments via the same
route destined to St Paul are compelled
TO carry the old rate of 90 cents.
In reviewing railway matters in Wall
street Brsdstreet's last issue DISCUSSES the
relations between the Great Northern and
the Northern Pacific. and the effect on the
stock market of the joint occupancy with
& NAVIGATION trackage Under the head
of Northern Pacific developments. Brad
streets SAYS that while the reorganization
OF the Northern Pacific railroad corpora
ton was justly considered 10 be one OF
the most difficult undertakings OF its kind
II was accomplished. when it vas once set
on foot. with comparative ease and re
markahle speed. This was owing, no
doubt. 10 the strength Of the financial In
hot -. \ ~ he. nnE n
assumed this burden, and to the conf
dence which the security holders OF
the corporation ard the general financial
public reposed in their ability and good
faith. These factors have had thelr in
1uence even since the actual work OF re-
organization had been successfully carried
out
The past week has afforded further and
very significant evidence that the task had
been accomplished. not In merely perfume
tory manner. but with a tharoughness. a
regard for the past earning power OF the
properties involved in the transac lion, and
their future capacity, which invites the
confidence Of investors in both Europe and
America The most significant develop
ment in this connection Is the announce
mcnt that a large block of the new
Northern Pacific securities has been sold
20 a European syndicate. The details Of
this transaction are Of private character.
The newspapers have given figures in re-
latIon 10 the subject bat there Is reason
20 believe that they are either overesti-
mated or else too low. The real facts. so
far as Il IS proper to state them at this
time are that the syndicate which guar
auteed the carrying out OF the reorganiza-
ton plan put out last spring. and which,
therefore. was under obligation 10 assume
the payment Of assessments upon portions
Of the common and preferred stock. where
such payment was lacking. acquired I'M
der the provisions Of SIS contract consider
able amounts Of the new company's stock
and other securities According 70 tho pub
lie prints a large, Il not greater portion
Of It's holdings ~ the new common and pre-
ferred shares. as well as the pri0T-hcn
bonds Of the reorganized Northern Pacific
Company. had been acquired al a price
which taking all circums tances into con-
sideration is relatively high. by a foreign
interest popularity identified with the
Deutsche Bank az Berlin. The Importance
OF the transaction cannot DE measured by
reference 20 the Northern Pacific alone.
u IS regarded by Wall street. perhaps.
with Justice AS having a bearing upon the
future relations Of European investors to-
ward American securities. which can best
b. gagged hy former experiences covering
periods when such interests were actively
absorbing the better classes of our rail-
read and Industrial securities
Another development IN the same con-
rection relates to the oregon Railway &
Navigation property. Tho railroad line in
question was originally constructed with
reference TO the Northern Pacific. Owing
% the force % circumstance. n passed.
under lease into the possession q the Tn
ion PaCioe from wh1eh 10 was separated
on the latter's bankruptcy arf reorEan-
tied withi1 Tho past year as an independent
~o1ecru. The latest news IS that interests
connected with the Northern Pacific and
the Great Northern have acquired q large
interest iu the preferred shares 81 the rev
oregon Railway 4 Navigation Company.
end thar in doir@ SO they assume no IT.
tifl3e 81 hostility toward the Union Pa
ri"0. II current counts Of The matter be
correct So is The intention OF the interests
moving in this matter 90 insure fcirt
operation OF Tire Oregon Navigation on he-
hair az tAe three great corporations fuet
uFmad. vifn vjev 20 preventing the de-
moralizatioa cf rates in rhs Pacific NORTH
west, and ~ heving a safeguard against
the recurrence ~ those uufa vorab3e feat
1rfs ~ Railroad business iu the same ter
rito~v which hsvo already worked s'l>h
harm 90 the companies serving thai sec-
tin- 80 rne country
Hasto~ cor~esueuGeuce on the same s1b-
t@ct- astar revis wing the sale. remarks that
Fo far sE tire Northern PartHr is concern
e3 there 81 indeed need o. aorue 5eFrfte
arrs" genet 81. p the Great Northern FOR
since tire opening OF the Hscal wear sep
ter0eer 3 t>-~ rhe road has lost ie gross
earnings over n1e and a qua rTar millions.
This. g viH rs re~aEe1, ls the FIRST fiscal
year - the company. It henar September
: last. ans siG ed June p ISL The "a
g.