Year: 1873

country. His faith In the enterprise Is 50 ardent
that 1t commands respect Indeed, so ably and WIN
such radiant conviction does he to prove the
wisdom Of the undertaking and its ultimate sue
cess that it is difficult to keep the listener from
being carried away by his enthusiasm. Fifteen
minutes talk with him will any one disposed
TO hasy Judgment that his rash investments in the
Northern Pacific were not occasioned by desire 10
add to his fortune by the chance OF lucky end to
wild speculation, but grew out OF a conviction that
the road offered legitimate and safe investment
for capital, and an ambition to connect his name
with the building Of great continental highway
Mr.. Cooke says that the apprehensions felt by the
holders of the Northern Pacific bonds unreason-
able and gronndless He has invested the fortunes
of his wife and other members of his family in
them, and by his advice his intimate personal
friends have bought them and he fully believes
that they will one day be as good Fiye-twenties
The substance of his argument mot giving his exact
language) is as follows:


The road has almost debt except what it owes the


firm OF Jay Cooke q Co.. beside its bonds 1t has issued
about to000OO OF bonds. These bonds arc hrst lien
upon 100000 Of acres OF land which the Company mas
already received patents for entitled TO for the
portion of the road built They are besides first


lien upon miles Of welbuilt road finished, equipped
and In operation. The road last year earled surplus
over running expenses and must do better this year.
The Eastern Division has western terminus at the
Missouri River and obtains the large aud rapidly IN
creasng traffic Of the Upper Missouri country Ii would
be O good line II extended no further. SO would the
Pacific Division which the Puget Sound region
with Portland, Oregon, aud the whole Columbia River
Valley The lands Of the Company excellent and the
climate along the line good. all statements to the con-
trary Notwithstanding Every dollar OF bonds can n
converted into than dollars worth Of land at the
option Of the holder


Mr. Cooke thinks the present railway company
will be able to carry the road and eventually to
complete it. He regards the proposition first made
to the bOndhOlders to convert their coupons up TO
January, 1875, into land-warrant bonds receivable
at par for lands at 2 per cent less than the regular
cash price, fair in the interest alike OF the
holders and the Company. He does not think the
building Of the road premature, and refers to the
proceedings of a meeting he'll In Philadelphia in
1916 to agitate the question of constructing road
from Lake Michigan to the Pacific, over the line Sc
lected by the Northern Pacific Company, as proof
that the project was old enough TO warrant an un-
deraking to carry it out.


There is very general sympathy with the members
of the bankrupt firm in this city, and accusations
are made against them of concealing any portions of
their property. They all ruined financially by
the failure. Jay Cooke loses estate belonging to
him individually that was once thought worth nearly
100000 Mr. Moorhead had 50 600 600 of property it
is said before he entered the firm, and is now, of
course penniless The other members also lose large
private fortunes. None of them can possibly
dollar from the wreck judging from present indica-
tions. They were miionaires IA few weeks ago ;
now they have capital but their experience and
business talents.