Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1883-11-11

pers, he having yesterday assumed the
duties of general manager. He said he
intended to spend more time in Sc. Paul
attending the duties be yesterday as
sumed. To the reporters queries as to
the changes made and rumored, be
answered AZ above stated. The com.
pany, he said, was now making the re-
ductions necessary upon the consolida-
tion of the two divisions Of tho road,
and the usual dischafRing on account of
the closing Of the company's shops for
the winter was also IN progress.
Wednesday 40 men we're let 60 at Bis
narck. OF these, 206 we're IN the car
shops, 81 in the machine shops and 80
in the foundry. Other reductions will
also be made as from time 70 time the
mems services can be dispensed with
wishous detriment TO the operation of
the road. In replies to other Questions,
Mr.. Cakes said:
The bear movement, in his opipien,
was, in the main, due 70 two causes |:
First, TO desire on the part Of specu-
lative holders of the Willard stocks to
realize profits on the final cQnsumma-
ton Of the construction Of the main
line Of the Northern Pacific railroad,
the eliminating feature Of 0r. villardt
three years' labor; second, the discov-
cry by the beam Of this selling move
msnt, which they were not alow -
profit by. The success Of the bears vas
such that Q general selling movement Of
all stocks on the list followed, which %
disturbed public confidence. Little or
no resistance yas made until q panic
became imminsnt, when the heavy rail-
road capit4lists took the matter in hand
and turned the market upward. ! do
not think there was any element Of per-
sonal hostility 10 Mr.. Willard in the
movement.
In regard to the second mortgage
bonds and the probable outcome of the
suits now pending against the company,
he said the company spprehendsd no
difficulty in sesuring the necessary
three fourths vote Of the preferred
stockholders authorizing the issue Of
these bopds, and that, in fast, 1t il al
ready secured. The suits now pending
against the company were instituted for
stock speculation purposes, and, having
failed to influence values, will not, in
my opinion, be pressed to decision.
Concerning the Transcontinental Asso-
citation, and the Northern Pacific's posi-
tion with reference to the special con-
tract system, Mr.. Oakes said this was a
question he preferred not to answer at
this time. The position of the company
will be determined bv the action Of the
Transcontinental Association, now in
session at Chicago, on certain points
he was not at liberty to discuss. No
work, he added, had as yet
been determined upon for next year.
HIS REAL MIND.
Ex-Manaeer Haupt was not as reti-
cent to a gentleman who called on him
shat his personal relations with the
liest, evinced anything but enthusiasm
been hampered terribly by the econom-
10 policy adopted recently, and could
not afford TO stay with a road, as its
manager. when the results were sure to
be unsatisfactory il not disastrous. The
road had been turned over to the oper-
atine department by the construction
at the earliest possible mo-
ment, SO that the land grant could be
secured, and the line, as whole, was IN
very bad shape. There wasn't any
done to speak Of, side tracks
were almost wholly wanting, the curves
we're 30 short and the cuts 50 narrow as
to be dangerous. The road in almost
all portions, Mr.. Haupt AYERS, 10 in such
bad shape that to run traiss
at any considerable rate of speed would
not be- thought of. Stations are few
and water tanks far between. In refer
ence to the discharge Of $50 men from
The Brainard shops, Mr.. Haupt saye
this will have the effect of making that
place a repair station merely. That all
work on new cars and engines there
must be stopped aud rolling stock sent
there for repairs will accumulate, SO
that in the spring mass Of useless cars
and locomotives will want repairs, and
the outcome will be moro expensive
than it would have been had the full
force been retained. Mr.. Haupt says
be was advised from New York, as soon
A the line was through to Portland,
that the construction account had been
closed. and any other repairs and CON-
must be paid for out OF the
surplus earnings OF the road, which, the
Ok manager says, do not exist. A num-
Der of Northern Pacific officials were
seen last night aud shown the above
statements Of Mr.. Haupt, but none of
them had anything to say in connection
rvsth u