, 1874-01-08
Puget Sound 9ispatell.

RAILROAD MOVEMENTS In recent in
terviews with men well informed in
railroad matters, we are confirmed in
oul previous opinion that the location
Of the terminus of the N. P Railroad at
Tacoma was not intended by the Direc-
tors of the Company to be permanent;
their own observation and the confden-
tial reports of their own accredited ex-
ports, condemned that location as the
most unsuitable for commercial city
Of any point suggested for thatpurpose
upon Puget Sound. The location was
not selected by Ainsworth and Rice, as
vas officially announced TO the public,
but was determined upon, for specific
and temporary purpose, months before
the appointment Of the locating COM
missioners. 1t was kite-fying e1ps-
dent to '-'raise the wind and save Jay
Cooke from bankruptcy, the plan and
details of which were perfected by Mr..
Cooke last winter and subsequently as
sented to by the Board as the only ap-
parent available means for his relief,
with the express understanding that
when that object was accomplished the
Company would be at liberty to extend
the road to more suitable sea port.
The plan was to organize joint stock
company with stock capital of three
millions dollars in town property. This
stock was to be put upon the market as
soon as the city plat could be made
after the public announcement of the
location of the tcfminus, which had
been SO long and anxiously waited for
by spectators, and from the sale of
| this stock Mr.. Cooke confidently calcu-
lated to realize not less than two mill
ions of dollars in time to meet the ma
turing obligations which finally swamp
I'd his house, and then this great specu-
lative terminal city would have been
abandoned to its fate by the Railroad
Company as Duluth has been and as
Olympia was after having received thu
plighted faith of the Company through
its recognized agents. This plan would
undoubtedly have succeeded had the
fraud not been promptly exposed by
the representations of persons .cegni
zant of the facts residing here.
That tho explosion of this questiona-
ble scheme for making a raise will
result IN public good as well as in great
advantage to the Railroad, is already
apparent. The sensational style of ad-
vertising the paoject pursued by Jay
Cooke, contributed no more to its credit
in financial circles than would like
characteristic ccommendationso of schemes
emanating from George Francis Train,
P. T. Barnum, or DR.. Hemboldt: but
rather gave to it, by external evidence,
the character of fancy speculation,
from which Jay Cookies personal repu-
tation could not redeem it. 1t passes
now under the financial control of men
of less speculative character and more
practical business capacity. The first
movement of the new management was
to disband the Land Ring which had
preyed like lsech hlpoa the vitals of
the Company from It's first organization.
The next is to throw off the organiza-
tions Of town-site spectators who were
using the Company to promote their
own private interests in utter disregard
of the interests of the public or the al
innate success of the road. This is the
secret Of the proposition made by Gen.
sCass to drop Tacoma and build the road
to Seattle.
The plan of operations for the inme-
diate future, as We understand it, is,
to first extend the road to Seattle in or
der to secure a permanent, safe and
convenient sea port; then to build the
road to Portland, by the way of Van
ccuver, there to connect with Oregon
Central Railroad, making continuous
line of nearly four hundred miles, with
Seattle for its shipping port. 1t is be
heyed by the most experienced trans
porters that freight can be carried by
this route and shipped 20 San Francisco
cheaper than by the Columbia river.
This project will be no obstacle, but
rather great help to the building of
the Seattle and Walla Walla Railroad,
by attracting capital and inducing in
vestments at this great commercial cen
tire.