The Daily Astorian. [volume] (Astoria, Or.) 1876-1883, 1883-10-20
Thc 1ai1p &5tnrtan.
Northern Pacific Finances.

in the idea OF making IL
a sort of triumphal procession,
such as Roman conqueror de-
lighted in when returning with the
spoils Of a victorious campaign.
But it is doubtful whether the sue
cessful generalissimo of northern
railroad enterprise enjoyed the
reality ofthe affair so much as he
had its anticipation. Not to men,
ton the annoyances arising out OF
the incompatibility of some OF the
foreign guests, the pleasure of the
occasion for President Willard
must have been marred by what
was transpiring in New York. He
had hardly left the city before
Gould and other powerful speeula-
tors, who had evidently banded
together and were waiting their
opportunity, sprang out of covert
and fell with fury on the securities
of the Northern Pacific and Its
allied companies. 1t was a con-
certed plan to break down the
stocks of the new transcontinental
road just az the moment of its com,
pletion, and, if possible, to secure
controlling interest in the prop
erty. As soon as President Vii
lard could decently do so, he tore
himself away from his guests and
weut flying back to New York to
stay the mischief that was being
done and undo what had already
been accomplished. Either be-
cause Wizards presence restored
the needed confidence, or because
the bears had undertaken more
than they could accomplish, the
panic was stayed, and the control
of the Northern Pacific will appar-
emily remain just where it was be-
fore, viz: in the hands of Wizards
friends. But this did not end the
troubles Of the new railroad king.
A large floating debt had accumu-
lated, and more money was needed
to build depots and feeders and
branches. Consequently it was
found to be necessary to make an
other issue of bonds to the extent
of SlS,OOO,O00, and this being un-
expected to some Of the stock
holders, they set up chorus o
groans and Kisses to express thel
aisapprobation. From being tn
most popular railroad man in tn
country, Willard has passed int
another stage Of experience, an
has learned something of the bite
as well as the sweet of the life of
captain of industry.
There is, saws the. Ait0, a ger
eral lack of understanding of tn
organization and finances of til
corporations which are general
known by the name of the Nortl
ern Pacific, even on the part
those who have been readin
about them in the daily paper
And vet the constitution of tn
great corporate power is so uniql
that it is worthy of study as Il
most interesting example of mo
ern fnanciering. The gener
reader has only vague impressl'
that the combination is an int
cate one and that the various col
panies composing it are a go
deal like a wheel within whee
Yet it is no riddle and can be c
planned in a very few words. Ii
a triune combination, and its thr
great units are the Oregon RI
road and Navigation Compar
the Northern Pacific and the o
ron and Transcontinental. I
first named is a combination
ocean and river steamer lines Z
local railroads in Oregon ;
Washington Territory; and
Northern Pacific, as everybt
knows, is the company organi
10 build the great transcontineI
line from Duluth, Mimi, to Ts
ma, on Puget Sound. What, tt
is the Oregon and Transco
mental? 1t is the dominant
poration of all. 1t owns but
railroads and no steamboats, in
own right, and yet it controls
of the other great companies.