, 1883-10-13
villard's Confidence.

The following article from the PioHee
Press is timely As showing ,he conhdenc'
Mr. Willard displayed during the recen
break in his stocks, aud gives reasons
therefor:
s.The serene indifference Mr.. Willard
hows TO theattacks on the stocks bearing
his name in the language Of Wall stree!
has done not little toward buttressing
public faith 10 the Northern Pacific The
careful examination made b. New York
authority of high stsnding-points out
with great clearness the reasons why Mr..
Willard may have confidence in his sys-
TENS Of traffic. The strongest Of them
the Oregon Railway and Navigation com
pany-wss his own conception, carried To
5 successful issue under his own personal
direction. OF the several lines navigating
Puget sound. the Coiumbis, Willamette
and Snake rivers and the Pacific ocean,
Mr.. Willard oryanizsi traffic company
that pays good dividends without uu3Ue
strain upon the shipping interests that
patronize it This company has raised
money when necessary by selling rev
stock, thus avoiding debt, ard pursuing
the safer course of letting III neS partners
IN the business. This Is 4 s;tuatlon
which enables the company - defy tie
alarrnists and h.mmarers Of the steok mar
ket. The case with the Northern Pacific
is not 60 invulnerabie, but there Is moth,
ing in the condition OF its finances to
build the faintest panic upon the net
earnings of the road III its uncompictei
stage last year were SI,000,GO0 With
the through traffic Of Washington and
Oregon added, ne. earnings the coming
year are expected TO BE- nesrly reb.ed-
Sales Of lands last Year were enough -
pay interest on the bonded dehL Tie
master stroke OF NJ. Wizards financial
genius was the Oregon Transcontinental
company, which "a simply a credit con
cern, similar to the Credit MCb,!Ier-.n3,
like it. rs thoroughly misunderstood by
the country Al large as i. could wei De.
The TranscontineGt,I holds tie control
!;ng proportion of stock IN the Oregon
Railway and Navigation company and The
Northern Pacific, and has q lease of this
Oregon and Callfurnis railroad IL has
nothing to DO with the practical operation
OF the Navigation Company OF the North
ern Pacific Il IS The proper agentOf Mr
Wizard 10 attend 10 the finances of the
subordinate compaDies- Its function Is
that of OF trustee company. responsible
for the financial health and strength Of
the whole system. 1t is apparent that II
the Northern Pacific is to bebroken down
the Transcontinental is the citadel that
must first be sto,med. As .lcng as MIR.
Willard and the stockholders OF the lat
ter company-who are known 70 be more
or less identical with the members of the
famous blind pool which enabled MIR.
Willard to obtain control of the Northern
Paciic-can maintain supremacy an that
company, they can snap their fingers at
thestock market Thscontrolling stock OF
the Navigation company and of the North
ern Pacific ia not in the market, to be at
fected by It's fluctuations. IL IS locked
up in the vaults Of corporation that Is
not stock speculator.
As the systen becomes moIe thorough
ly understood, people will be struck with
admiration at Mr.. Wizards ingenious and
thorough going precaution against just
such vicissiludes as those of The past two
months In Wall street He has not only
brought two great traffic systems TO com
pletiou and is successfully buIidirg
third, bu1 he has provided the delicate
machinery by which ali may be operated
as parts Of greater system, without fric-
tion. and with the utmost nicely Of re'a-
tions. The plan is ono which iIas its in
trinsic, as well as the e1trinsic advanta-
ges enjoyed over Wall street. The sepa-
rate systems can De operated With better
results than if in one system. The du-
ties Of the executive Of a railroad are oi
the twofold kind necessary 10 maintaIning
financial cred:: and operating traffic sy:-
TEN. BY separating the financial from
the operating functions Of the executive,
he has been able 10 place at the response
ble hesd 81 the Navigation company and
the Northern Pacific men who are best
fitted for the places, and at the aalna time
perfectly uuembarassci by concern for
the reputation Of their capital and bonds
IN the stock market. The fact that there
is such skilIful and finely wrought or
ganizstion controlling The destiny Of the
Northern Pacific ought Of i.seli to defend
it from the transparent e:for;s Of the last
'ew weeks to traducs Its capabilities and
endanger its life The marvellous natural
resources Of the country tributary TO the
road; the possession Of a land grant larger
than any ever enjoyed by any road: the
unshrinking, machine-like fAi-h of a gym
dicate of stockholders perfectly insulated
from the shocks Of the stock market; and
the force of the centrifugal organization
which has no equal in the history Of rail
roads, together with the firm and p.ccise-
iy confident guidance of Mr.. Willard, are
enough to answer once and forever the
question whether the Northern Pacific
and its combining systems are ,ecure to
the present management.