Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-01-25
re pos1.ImrEllIcEMcER PUB. co.
ssstfle. June 10 1888.
-, vxsg swAsrGs TmAs se.
The following was an editorial In the
- Yosk Xrn Of Jan. 18th:

Tho following was an editorial In the
No York Ssn Of Jan. 18th:
~Eetiuates Of the cost Of great works
a pablio improvements always fall
sSest Of the figure actually reached.
vhen N. Willard was approaching the
sonuletion Of his great enterprise he
Scnrd that II had gone far beyond he
Gbers margin allowed by engineers
~ railroad experts.
~ situation was ono Of great en-
hesssssment to Mr.. Willard. personally
IN otherwise, particularly ~ in the
sssIv uart' Of the summer the urgent
sesd Of ready money began to be op.
1.-Two. He did not feel that he could
q 70 his directors and associates, at
~ rate formally and officially, and lay
~ faoes before them. 70 do 20 would
Nv beea haz ardous in the extreme,
hoo6use il would have led to defectiOns
amonQ the more selfish of them, aud
beesuse any steps that might have been
lakan in their corporate capacity to
faiee more money would have defeated
III Of Villard's projects which were at
iendsnt upon the Ompletion OF the
md under conditions Of greater or less
eeiak
n. Willard, full of courage, oon6-
deat In his own personal resources and
n the ability and energy which had
enabled him to sustain his whsle fol-
lowing end all his dependencies against
tto general current Of financial affairs
during the year, determined to borrow
~ money privately, using the securi-
w. Of the company - collateral.
ae went ~ certain able and brilliant
eoutlemen who, from y prosperous as
Gont With the market few years ago,
lad later cleverly translated themselves
- IN even more prosperous decline.
md he laid the matter before them.
The property, he avsrred, was all right,
q they very we'll knew. Had they
thought or known otherwise, they
would, in their capacity AZ bears. have
speedily assmiled Il and added it 70 one
or two wrecks about them, to which
they were able TO point with pride. de
knew they had made great deal Oi
money, and that little opportunity fol
pr0fitable employ ment Of 1t was just
hen TO be disoerned and would t1ey
n him have matter Of five millions
q %, In order that he might feel at
go 70 20 out West with his friends
and excursionists and complete aud
pen the road When be came back
matters would be very easy indeed, and
heuould be happy 10 recipr0cate IN any
ny. A. to the security, why, there
Ssss no better judges Of its value than
themselves.
The able and brilliant gentlemen put
their heads together and agreed with
alacrity 10 Let him have the money. The
o1ooks and things we're handed over to
lhsn and looked up in their safe, aud
Ny nv Mr.. Willard safely and COM
foftably of to the West with his friends,
lssisting ON their own part any inclina-
ecu 70 join the party they might have
lbls.
NJ. Willard had not been very long
eoas when there was apparent q very
singular discrepancy between the Osten-
dbis huoyancy OF his enterprise and the
faellity With which any speculative de-
1and for stock in them could bs salts.
Ia.
The able and brilliant gentlemen,
moving what they had in their safe,
I'D that ~ long AZ Willard WAS away
aAd Il remained where it was, il was
peaesioally impossible that the market
seould be sustained-even by the boom
which Mr.. Willard was % successfully
eondoctinR ct the same time-these able
nd brilliant gentlemen, these bosom
hlends In the hour Of need. began u
faAd on the Willard stocks. They knew
eney were secure they had the power
Nd they used il.
Alter Willard came home he redeemed
% pledges with his own and his wife's
Iees1ne. His immense wealth, bis
eeendid home. all the accumulations Of
aearseS Of wonderful success
MING vas swept away.
kxeept his good name.