Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-01-20

Exceed the Estimates.
For the Posi-
However much Mr. Willard NAV be
admired for bis winning persousi auai-
ltlee, 1t Is high time tina, ;h. &c = spapers
OF the great Northwest, in justice to
tneir section, should deny and rebuke
the false assumptions and assertions AZ
to the causes for the loss of his fortune,
or the larger part of il. by which the
press OF the whole country has for q
long time been flooded. appareltiy by
the direct, adroit manipulation of air.
Willard himself or his saperserv,ceabIe
friends, 10 TIL manifest inj1ry, not only
Of the companies Of which ne was until
lately president, but Of The country IN
which they operate. Here 10 sample
In an interview publIshed in the New
York Tribune Of January 4th Mr.. Hor-
ace White, treasurer II three of the
Oregon" companies. and the next
friend Of Mr.. Willard, is reported al
saying
The trouble vas that be was two
years ahead of the time. He calculated
upon traffic on the Northern Pacific
which is bound to come 10 it in time,
but which did not come a. soon be ex-
pected. Jay Cooke was twelve years
ahead OF his time and he was brOks n.
1t has been the same way with Mr.. Vii
lard, except that he was only two years
in advance"
Mr.. White is an intelligent man and
knew that these remarks were not trne,
that they were intended to convey i'm
prsssions the reverse of the facts, and
he furthermore knew that the record az
ma 10 up officially by Mr.. Willard himself
datly cOntradicted his statements.
A pamphlet issued by the Northern
Paoiio Railroad Company, entitled,
Memoranda Northern Pacific Railroad
Company" dated May /, 1882, contains
the following
/" Estimated earnings lSS2-3 and 1885,
by the extension of the road into
MORtana the freight and passenger
earnings will increase very largely, aud
the estimate o. gross earnings for the
fiscal year ending June 81, 1888, is &c.
10000.
" For the fiscal year ending June 30,
1884, assuming that through connection
HW be made BY July. 1883, the estimated
gross earnings are placed at $l4. 7s5, ,OOO."
The annual report of the company,
dated September 20, 1888, for the year
ending June 30. 1888. states the actual
gross earnings at 1856, 1926, or $l.-
3h5. .459 Is moro than the estimate.
1t requires y man of more than Or
dinary nerve to stand q crushing disap-
pOintDent like that! As the stecks
commenced to tumble shortly after the
accounts for that year were made ap it
is presumed this bitter disappointment
was tho cause. The through line was
opened September 8, 1883. nearly two
and half months after the beginning
of the fiscal year, but take the earnings
from September LIST TO December 3lst
as reported by the company, viz,
-, 7Sl ,;SS3 and il gives a monthly aver
age Of *l,195, 1893. or at the rate of
81 4,343, $40 per yeSr-a very trifling de
crease from the estimated earnings for
the first year after completion. Taking
the two years together the gross earn
inRs will be nearly 81 ,0O0, 600 more than
Sstimat ted.
But take Mr.. Cakes statement of the
earnings for the first six months of the
fiscal year July lat to December 3lst
81. .63S, ,9s3, and his estimate for the re-
naming ak x7.05O.O00. and the result
is $13.6SS, ,963.
Ii il apparent that had the road been
completed AZ assured the earnings for
tho current fiscal year would turn out
quite up to or even beyond the esti-
mate. They may as it ia. In the Ian
guage Of Colonel Ingersoll, ut wont
do" Some other cause than disap-
pointed expectations of traffic must be-
assigned for these disasters. Why not
he honest and acknowledge that he tried
to make gigantic deal in Wall street
and rot heaten at the game.
Neither Ia il true that he was horne
down by the great weight Of these COM
panies. 1t Is nearer the truth to say
that they we're borne dowa by him. y
conclusive proof of which is that when
he resigned the Presidencies of the y.
Il. Il N. and u. I. he owed large sums
without security to both companies,
ons Of the grossest imrroprieties-to
call il by no harder name--of which an
officer Of corporation can be guilty.
One OF the most potent agencies in
retarding the growth aud development
Of the Northern Pacific country in the
years Of depression following the col
lapse OF Jay Cooke Il Co. was the ridicule
heaped on the great banana belt" 1t
made the railroad enterprise and the
country IL was intended to serve n
laughing stock, thereby iniuring the
credit Of the one and preventing emf
grafton and capital from coming to the
other. That same cry of rdcule has
again been raised and permitting Mr..
Willard. unch allsnged, to pose rs mar
tyr 70 his great efforts for the too early
of this region, and make
il = ssapeeoat on which to load all his
faults and mistakes. or worse, directly
encourages and gives countenance to
this damaging cry. Il.