Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1883-04-10

n slsiAR6 fxrKRsiEWE1 II SAN
E9AyC1sCo.
SAS FkAxcnco, Apsil Henry Vii
Lard and party arrived by special train
finn the oast this afternoon. after hay-
mo made q remarkable run and IN sew
eral instances beating the time made by
Jarrett & Primers lightning express
Owing to fatigue incident 70 the rapid
transit, coupled with indisposition, VII
IA I'd declined IN interview, bat directed
his private secretary, C. A. Spodcrd. 10
answer questions that miekt Be pot to
him. In conversation with the Oysgos-
Sss's eugSeapondent a. 10 tbs probable
course 10 Be followed by the Oregon
Transcoutinental Company, he stated
that in pursuance Of the objects at its
ofnanfxation. namely, 70 aid IN the con-
Hruction Of tie main line of the North
eru Pacific and other systems Of lines
tributary to thelatter road, il has been
nerotiatiuQ for some time with the Ore
Qun and California Railroad with refer-
ence 70 . contract for the construction
Of the remaining portion of the main
line to q junction with the Central Pa
clio near the boundary Of California,
and oecondly for q lease of the entire
OREGON and California system. which
will consist Of about 500 miles OF main
line and branches Of standard gauge
road. The negotiations resulted in an
aoreement between the two companies,
according to which the Oregon Trans
continental Company shall complete
and equip tho remaining LES miles of
the southern extension, and receive
therefor $500. coo in first mortgage
binds, Issued at the rate of $4,000 per
month. and S. SOC, 900 secured by second
mortgage bonds
The Oregon Transoontinental Com
pany viii lease tho Oregon and Cali
fornia system for 500 years, perpetually
paying rental Of, first, the amount Of
the fixed charges. being interest on the
first and second mortgage bonds; Sec
ond, $4,000 per year to maintain the
organization Of the Oregon and Cali
fornia Company; and third, $4,000
per annum for three and one half years,
70 b distributed az dividends 1t tho
rate Of 215 per cent. per annurn On The
preferred stock at the Oregon aud Cali
fornia Company, and foarthly, to pay
from and after July l, 1886, to the
lesser, S per cent. OF the gross earnings,
with a guarantee that this per-
centace shall 30 sufficient to paw
the fixed charges, aud $20oO a
year for the maintenance of the organ-
ization, and minimum Of per cent.
dividends on the preferred stock. Both
the construction contract aud its lease
will be very pr0ftnsie arrangement
for the Oregon Transcontinenta Com
pany, as il u known that it already
holds = controlling interest in the Nor
| Da~ 40 4 :
aud Navigation Company. He also
stated that the perpetual leasa of the
Oregon aud California Compile its
control Of the entire vast railroad sys-
teua, represented BY the main line of
the Northern Pacific and its yarions
branches built ard 70 be built, in Min
nesota, Dakota, Montana, Oregon and
Washington Territory, ~ we'll as every
other existing railroad in Oregon and
Warrington Territory.
Tie Oregon and California main line,
on completion of the southern extern
sion, will extend from Portland to the
California boundary, and form, with
the Central Pacific lines in the Sacra-
me INTO valley, and the lines of the North.
ern Pacific, west and north of Portland,
continuous line from San Francisco
to Puget Sound, representing 4 total
length of nearly one thousand miles.
The line would then be one of
the best passenger lines in the
country, and will control the
entire transportation business be-
tween San Frarcisco and Oregon,
Washington Territory and British Co
lumbia, nov carried by the steamships
Of the Oregon Railway Il Navigation
company, the Oregon Improvement
company, and the Pacific Coast Steam.
ship company. This passenger traffic
already amounts to about 10000 pas
seneeFs, north and south, year, and is
increasing at the rate Of 30 par cent. Der
annun. The Northern Pacific has al
ready paid a script dividend OF 9 psr
cent. interest Of the IL. L per cent. ON all
preferred stock, which was in full of the
claims Of the preferred stockholders M
TO July 1at, 1852. As to any further
dividends which might be paid, or
whether any was contemplated, he was
unAbl9 to say. Tho road wall BE- conn.,
pleted the 1st Of August, and viii bo
ready for business in September.
A meeting Of the Oregon aud Trans
continental will be held in Portland at
an early date for the purpose OF per-
feoting the details Of the northern lines.
IN answer to question AZ to whether
Willard oontemplates Purchasing the
South Pacific Coast Railroad, he said
be vas not prepared to state. Whether
any return freight would be shipped
from Oregon eastward, via the Oregon
Short line. be WAS unable to state; ike
Wise - 70 the effect on Portland Of the
completion OF The Northern Pacific
Railroad to Kalama.
Speaking IN relation 70 the extension
OF the line to Astoria, he said he could
not enter into . discuszion Of that sub-
ject.
The party CONSISTS Of Henry Willard.
o. A. 0nn6ord, General James b. FRY,
Dr.. l. weber and W. r. Mead. After
spsnding : few day. in this city they
leave Tor Portland.