Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1881-04-01
LATE EASTERN NEWS.
THE NORTHERN PACIFIC.


receive the newly issued stock mum.
bcrcu from 800 to 900, and that the
stock was pretty we'll distributed
among them. |, was also said that
nothing was known by the manage
ment of the amount of stock secured
by the Willard pool. A gentleman
connected with the company said
that the proposition to distribute the
residue of the company stock has
repeatedly been discussed in the
board of directors and that the mat.
ter was left unfinished in the hands
of the executive committee. The
only reason for the distribution of
the stock was clamor by owners.
he could not tell how the measure
would affect the schemes of the Vii
lard pool The cause of the forma-
ton of that organization was obvious
to any one who knew the character
of the route of n. p. II. II. and Ore
Son Railway ~ Navigation Company.
The seaport of the latter company
was Portland, Oregon. The bar at
the mouth of the Columbia river was
very difficult of passage and severe
storms were frequent off coast, is
that it was not uncommon for vas
sells to be weather-bounl near that
point two weeks at time, There
were many bars, shoals, ETC., be-
tween the mouth of the river and
Portland, rendering navigation ex-
tremely difficult. On the other
hand, there was perfectly plain sail
ing, with a deep channel, to Tacoma,
sea port, and western terminus of
tho n. p. road on Puget Sound.
There were % feet of water at low
tide off the Co.. s dock at that place.
and from there to the ocean there
was not q reef or shoal. In conse-
quence the cost of chartering first
class vessels to go from this city to
Portland was ST, 600 more than to
60 from this city to Tacoma. Then
the line of the n. p. road from AIMS
worth, at the mouth of Snake river,
to Tacoma, would be 1875 miles short
er than the route around through
Portland. 1t followed from these
facts that railroads and steamboat
lines Of the 0. II. & n. Go. would be
injured by competition of the n. =.
II. Il. to Tacoma, and it was to pre-
vent this completion that the Willard
pool was formed. Before that, Viii
lard had tried unsuccessfully to in
duce the Northern Pacific railroad to
enter into some plan Of consolida-
ton and of delay of work on the
road beyond Ainswovth. Some gen.
tleman remarked that if the Willard
party had not secured control of the
n. Z. before the new distribution of
stock, the increase of the marketable
shares would be likely to aid them
in attaining their object. If, how
ever, they had practic; lily secured q
controlling interest the new issue
might tend to loosen their hold.
Yesterday the market opened at ~
and it was now at alt. Preferred
opening at G7 and fell one point
lower, closing with light advance.
All manner of rumoi were rife in
Wall street as to the cause leading
to the issuing of stock, and many
operators believed that it was the
first move of the Billings people
against the Willard people. The
Secretary of the n. p. II. Il. in
speaking to n Times reporter upon
this doubt declared that such an
idea is altogether wrong. | cannot
understand, he said, how issuing of
stock can be supposed to be an at
tack on the Willard syndicate, mas
much as the stock is put in open
market, the pool having as fair an
opportunity to purchase us anybody
else.
Action of che Board in Relation TO the
Willard Suit.
New York. March 2O.-The North
ern Pacific Directors held their first
meeting yesterday since the 1S0, 900
shares were issued. Wizards move
ment was discussed. There appeared
entire unanimity among the directors
as to the necessity of freely indors-
ing the action of the Executive COM
mittee, and a resolution SO announce
ing was presented. John G. Bull
lit, n lawyer and one of the syndi-
cate Directors, opposed it's adoption,
calling attention to the preliminary
INDUCTION secured from Judge Spier
by Willard. lie said that formal in
dorsement of the issuance of stock,
pending injunction, would render
the directors liable for contempt of
court. Built then offered the fol-
lowing substitute, which was unani-
mously adopted:
R'solred, That the suit of Henry
Willard against the n. =. II. r. Co.,
its directors rnd others for an injunc-
ton, be vigorously defended by all
legal means.
Counsel were given special instluc-
ton in accordance herewith. In
discussiong the legality of the action
of TIE Executive committee in issuing
the stock, the following extract from
the bylaws of the company, setting