Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1883-10-17
CAUSE OF THE ATTACKS ON WILLARD
STOCKS.
A New York correspondent of the st.
Paul Pioneer Press thus explains it:

A New York correspondent Of the st.
Paul Pioneer Press thus explains it:
The last raid on Northern Pacifics
was the result of the annual report of
the operations of the company during
the year, together with its present finan-
cial condition. To say the least, the
exhibit was unfavorable. Unexpected
"a tbs fact was, even to the opposition,
they speedily laid mold of the point fur
nished by the road and used It AZ
weapon. The comparatively short du-
ration of the raid, however, sngRerts
what some more reflective minds had
already thought of. The fact is, MIR.
Willard has made new departure in
the matter of railroad reports. 1t is
WE'LL known that the strict financial
status of such roads as the Denver &
Rio Grande, the Wabash, the Louisville
d Nashville, the Erie and others Is not
all that the stockholders could wish Ito
draw it mildly, yet who ever read re-
port from any Of the companies indi-
Gated which in any sense advertised
their weak points! The fact is that
railway book keeping has advanced
sufficiently to sntitle it to rank rs fine
art. Nowhere do the Wabash railways
reports speak Of that roads having bor-
r0wed the money to pay its dividend a
year ago, yet this fact Is as notorious as
il il reprehensiblc. The departure
marked by Mr., Wizards last report
consists in his having told Just what are
the weaknesses as we'll as the strong
points in the financial status of the
continental Companies. Did you ever
nj hn Har
of a newly completed railroad which
had the candor to admit that the ex-
penses had exceeded the engineers es-
inmates by about $S.000,000? dare say
not. Few, il any, ever have. The North.
ern Pacific document, however, does
not this, but furnishes the basis for an
estimate that some 10000, 600 will be
required at once with which to put the
road in complete running order. Mr..
Wizards plain, blunt way of telling the
exact truth about the matter WAS so
rare an exhibition on "the street," that
for few days it failed to produce what
must be its ultimate effect-a renewed
confidence in the complete integrity and
capacity of the man who took hold of
the rudiments of belt line across the
continent, brought the ends together
and buckled them. The Inconsistency
Of the bear movement against the Viii
lard stocks could not be better illustrat-
cd than by the events of the past week.
Prior to that time it was alleged from
the house tops and the back alleys that
the Oregon and Transc0ntinental WAS
selling its Northern Pacific treasury
stock to raise money; and on this state
ment alone we're prices depressed. The
Northern Pacific report appeared and
showed that 1,600 miles OF new road
through a new country had COST y, ,000,-
600 more than WAS expected, and that
some $1,000, 600 would, in all likeli-
hood, haye to be borrowed to put on the
finishing touches. Forthwith we hear
no more about sales of treasury stock.
The bears hug these new facts, and by
growing hoarselv, II told You 30, Yin
utter indifference to the roads wealth
Of lands-succeed in dragging prices
down again. suppose Mr.. Willard re-
marked to himself, "Such is life. and
went on about his business. That Is
his way. This attack on his property
ID not to be compared to the load which
be has already voluntarily shouldered
and carried successfully. The worst Of
the bear writer's here is he of "The FL
nancial World" article in the Sunday
Times. To judge from appearances, he
has voiced the sentiments Of the most
rabid bears in the street. No ones as
sertions concerning the unfavorable
condition Of Northern Pacific stocks
have been made 80 confidently. and
twice have his allegations been honored
by denials from officials Of the road-
one from Mr.. Willard himself. Nov,
however, this writer eases up with the
remark that the Northern Pacific will,
OF course, pay well in time, and ssnten.
tiously adds: "But that is matter OF
years."