Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1882-06-13
ylLLARD's PROJECTS.
COW SOON HE HOPES 70 COMPLETE THE
NORTHERN PACIFIC.

President Henry Willard. of the
Northern Pacific Railroad, was in this
city Yesterday. and G. b. Wright, fol-
merly enc Of the board OF directors, and
now one of the largest stockholders in
the Northern Pacific, invited number
of the Philadelphia stockholders to
meet him ut tho Union League Club
House. President Willard, who is about
undertaking trip over the limo OF the
road, gave very interesting account OF
the progress that had been made, and
read extracts from recent reports OF the
engineers. He said that the line would
be open within fifteen months from now
from the Lakes to the Pacific, no matter
what happened. Referring. to the de-
tailed reports, he told Of the activity
with which work was being prosecuted
along the line and the rapidity VITA
which excavation was going on In the
Bozeman Tunnel by means OF a shaft
and labor at both ends.
IAN interesting feature Of our work, "
said Mr.. Willard, has been the effect OF
the Chinese Immigration Bill. We have
suffered for want Of labor. We had only
1900 men at work when We wanted
twice as many, and such was the de-
nand that the price Of Chinese labor
had goas up forty per cent. within ak
months. When 1t was evident the Chi
ness bill would pass the six companies
fastened to bring out as many China
men as they could. At one time We had
only 1900 men at work, Of which 4OO
were Americans, and ordered that all
the force which We had at work for the
Oregon Railway and Navigation Com
pany should be transferred to the
Northern Pacific. Soon the influx Of
Cinnamon began to be felt and We now
have 1900 men to work, and the Chief
Engineer tslegraphs me that he has Or
derod 1000 more to be put on at once.
We are pushing the line as fast as We
can, and assure you. gentlemen, that
no matter what happens, we shall finish
it within fifteen months"
Now" continued tho speaker, who
evidently had the full sympathy of his
audience. 81 want to say word about
one thing which has been brought n,
more than once-that is
the blind pool That means the Ore
gon and Transcontiuental COmpany-a
company which means to see the North
ern Pacific through, whether the syndi-
cate who have taken our first mortgage
bonds care to take the rest or not. That
company represents full paid mp CAPT
tai Of $25, 100000 in cash, and it has
that amount of available assets, and il
ia BY far the largest holder of the stock
Of he Northern Pacific road, and looks
for its profit to the success of tho North
arm Pacific road.
that ~ nrnat pas1r~nl no,,
depend upon its trunk limo without feed
ers. The great mistake of the Northern
Pacific was when it let 60 of the Oregon
Company and lost the CON
troll of the st. Paul and Pacific. 1t is
true that the Company was poor and
could not retain its ownership but if
that had been possible it would now
have been earning ten millions year.
The Union Pacific has steadily dsvel-
oped tho territory tributary to il until
tho traffic which is strictly local brings
it 80 per cent. Of it's earnings. The
Northern Pacific has not been able thus
to develop the territory which right
fully belongs to it, aud it has been COM
PEELED to cit idly by while the St. Paul,
Minneapolis and Manitoba has been
paralleling it and putting out spurs to
drain territory rightfully belonging to
tho Northern Pacific.
The Oregon and Transcontinental
had too large an interest in the
Northern Pacific to permit the COM
pany thus to DO hampered. For
this reason = contract was entered
into by the Boards Of the two COM
paniee, by which it was agreed that the
Oregon and Transoontinental should
furnish the funds necessary to build
the branch lines, which ought to pene-
trats the Northern Pacific territory.
Your directors felt that they had no
right to take your sarnipgs for any other
purpose than to complete your main
line. Therefore they entered into the
agreement, which will be mora fully ex-
planned in this circular, which you will
receive in few days. Here President
Willard read from the proof sheets Of a
circular which 10 soon to DO issued. Tho
Oregon and Transcontinsntal Comp any
propose 70 furnish the money 70 build
such branch hnes-and only such-as
may be recommended by tho engineer
ing department Of the Northern Pacific
Railroad. The Railroad Company is to
operate these lines, and after they have
been two years in operation is to guar
antsc their bonds to the amount Of $l4OO
. mile, which i equivalent to the inter
est on t2o, Geo q mile and q sinking fund
Of ono per cont. The Oregon and Trans
continental u 70 pay the interest for the
first two years and the Northern Pacific
will ultimately become the owner Of the
lines In fee simple. To raise the funds
for tho construction Of these lines the
Oregon and Trans continental will offer
In forty year ok per csnt. gold bonds at
ninety and viii pledQs not only lis own
ssssts but The trAfho guarantee Of the
Northern Pacific.
Mr.. Willard spoke At some length upon
the importance Of these branch lines a.
. means Of making their land grant
valuable, and was greeted With hearty
applause whom he concluded. A few
minutes were spent in social converse
ton and in making him acquainted
with the esntlemen present. and the
conference adjourned. = Phiiale,pAa
Prom Nav orth