Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1881-06-03
OLYMPIA, WASHINGTON TER.
FRIDAY ENEN'G, JUNE 3, 1851
The New Railroad Nam cement

The New Railroad Man cement
A correspondent Of the St. Paul
Pioneer P,c<S, under date Of May
2o,h, says that Mr.. Billings did not
act in good faith with the directors
of the Northern Pacific RAILROAD Co..
in making the transfer to Willard.
He says: The basis of agreement was
that he should sell 10000 shares of
common stock of the Northern Pa
cific company to Willard atfifty cents,
the ruling market price at the time
being forty-three cents. Between
the date of the agreement and the
last meeting of the Board of Direct
ors Mr.. Billings bought 10, 900 shares
of the stock transferred to Willard.
Rulings contributed CT 600 shares
OF his own holdings, and 5000 shares
from the holdings of his treasurer
(Belknap), and then to make up the
remainder, amounting to $4,000
shares, instead Of giving any of the
directors and old stand bys uf the
enterprise chance to market their
stock at SO cents, he obtained the
needed stock of VIM. Shaw, a rich
gentleman of Pittsburg, and another
wealthy outsider living at Phila-
delphia named Henry Houston. No
director of the company, except two,
had any knowledge of this bargain
with Willard to supply him with
stock, or any conception that Mr..
Billings had sold out the corporation
till at the meeting of the Board sub
sequently. Then indignation was
expressed by all the members OF the
loard, except one who had been
sort of agent Of Billings in he trans
action. Threats Of exposure and
denunciation were deep and loud
and an open outbreak against Bill
lings was barely avoided. 1t is gen.
orally believed that Mr.. Willard will
be President in the fall, when Mr..
Billings is expected to resign on the
plea of ill health.
If any body can express an un-
BIASED opinion of the effects and
ultimate results of the transfer, it is
to be presumed that those who have
no Immediate interest in the advance
ment of rival points on the Pacific
Coast can do so. This correspond
ent says that although the settlement
with Mr.. Willard particularly obi
gates him to construct the Cascade
division branch to Tacoma as fast as
the remainder of the road is built,
he does not believe it will be found
possible to do SO in the next twenty
five years. The intentions, as ex-
pressed, are good enough, he admits,
but predicts that the obstacles to a
proper and thorough survey will be
found insurmountable, and the work
necessarily delayed.
In this connection, be says, it be-
comes important as we'll as material
to say that it is in the cards to con-
solidate with the Union Pacific and
Milwaukee and St. Paul railroad on
the east, and the Oregon Railway
and Navigation Company and the
Oregon and California railroad on
the west, and also to have a great
trans-continental trunk line, with
two eastern termini at Chicago and
Montreal, the branches working at
St. Paul and with two western ter
mini on the Pacific at Tacoma (now
that the line from Tacoma to Port
land is to be fnished) and San Fran
cisco.
The same correspondent in al
luding to Mr.. Cakes, who is to be
made Vice President ofthe Northern
Pacific, says that he went into the
Kansas Pacific in 1873 to represent
Gen. Fremont and friends as freight
agent from 1870 to 1876 and was
then elected Vice President. He
there made Wizards acquaintance
and was made General Superintend-
ent and became Vice President and
General Manager of the Oregon Rail-
road and Navigation Company year
ago, since which time he has built
200 miles from Dalles to Walla
Walla, and has now $500 men work
ing on the road to Portland. He
will be an active constructor of the
Northern Pacific. He is now in New
York and says the road to Tacoma
will ultimately be built, and that the
Northern Pacific will now be pushed
as rapidly as any road was ever built
in this country. He will come west
soon and take command.
A New YORK dispatch of the Goth
ult. says that the sale Of the Revised
Testament, begun on that day, was
,or,a+b;u0 uunaralleled in the hiStO-