The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1890-12-12
Speaks of the Fine Condition
OF the Northern Pacific.
CONSTRUCTION WORK GOES ON.
Inability to Furnish Cars to Move
Washington Crops.
IL - Claimed That Gould Does Not Own
Single Share of Northern Pacific
Stock-Pacific Mail Steamers From
Puget Sound to China and Japan.

ST. PAUL, Dec. u.-tSpeoiall ll-Uenry Willard,
Chairman OF the Northern Pacific directory. ae-
companied by ID. 5. Wegg, Of the wisconsin
central, and ii. keyeSmau, a Berlin capitalist
interested In the application of electricity TO
the transmission of power arrived ut St Paul
today. To u PosT-lNTELLI6EgcER correspondent
Willard said
''of the present railroad situation can saw
but little. ! arrived in New York a week ago
Sunday. and since then my time has been SO
taken up have not had opportunity to discuss
the situation with any one. Certainly the time
has arrived when some such action as under
stand is proposed by the largest stockholders OF
some OF the principal roads, should be Jointly
taken. In fact, the time was ripe for this
three years age The Northern Pacific is not
particularly interested in this movement, but
the Wisconsin Central is, aud of course | am
anxious that some action should be taken which
Will insure the permanent restoration of rates
and peace and harmony among the warning
roads. The financial crisis from which the
country now is suffering was not unexpected by
me can hardly say anticipated it, but three
years ago, upon my suggestion and through me.
the Northern Pacific disposed of bonds to the
amount of SQ00oUj0 largely TO the stockholders,
which put into the treasury of the company up-
wards OF Sls,e0oo00. This large amount of
money of course places the Northern Pacific in
way or another by The present unfortunate CON-
biDation of circumstances.
There will be change whatever in the
policy OF cur company. Our construction work
VIII be carried out just as outlined some time
ago. For all the work then projected we have
contracted, and have money sufficient to meet
all the obligations which these contracts may
require. We have TO construction work In view
in Minnesota or Dakota, but have considerable
under way in Montana and Washington. This
VIII be pushed along. In fact, have just ascer-
tanned that only n day or two ago we paid out
large sums for the purchase Of stees TO be used
on this work. The report that the Northern Pa
cife or myself was affected b. the failure of the
New ork banking house OF Decker, Howell &
Co. is erroneous. The Northern Pacific was in
no way interested in the house, and was
neither silent partner or stakeholder. I am,
might say, one of the concerns largest credit
ors. My relations with the Northern Pacific
have undergone no change whatever l am still
chairman OF the board, and expect to continue
as such.
"The fact that Mcssrs. Rockefeller have In
creased their holdings in the company in no way
affects my relations with it, for they are my
friends, and we have always worked i'll perfect
harmony. do not believe that Gould holds
single share of Northern Pacific, but do know
that my German friends have purchased heavily
during the recent great depression in the price
o: the stock. The physical condition OF the
Northern Pacific, far as can learn, is all that
can be asked. Its financial condition is assur-
edly perfect. Not only has il sufficient money
in cash to carry out all projects the directors
have in contemplation, but the company is do
ing an exceedingly fattering business Re-
turns from the operotion OF the read
could hardly be more feasible You can
see for yourself that this is so from the hand
some increase shown each week in the earnings,
as published in the daily papers. The increase
has, believe, averaged very close to n round
100000 per week for some time past. What bet
ter returns could be asked for?
"Our inability to supply the demand upon us
for rolling stock is the only thing we have had
occasion to complain of. We are remedying this
as fast as possible. So far this year we have ex-
pended over &c. 900 for new rolling stock, ard
are gradually meeting the demands made upon
us. So general was the demand that at one time
we could have used daily from GOO to 600 more
cars than were at our command. At one time,
am informed by General Manager Mellen, we
could not handle more than - per cent. of the
business offered to us. The great trouble was
upon the Coast. The yield of Washington crops
was so great that we were practically powerless
in the matter. The result was indignation
meetings were held everywhere, and the North
ern Pacific denounced on all sides We have
since, however, shown the people of Washing
ton that we had done everything in our power,
and they now appreciate that fact. Notwith-
standing the expenditure Of S6,0Uu,0U0 Tor new
rolling stock. we are still unable to meet the
demands made upon U.S. So far as can learn,
we are even now compelled to refuse % per cent.
OF the business rendered With business rush
ing upon us in this way, and sufficient money in
the treasury TO meet all immediate obligations,
how can we complain of damage by the present
unhealthy condition OF the money market.
..Ies. am of the opinion that the Pacific
Mail will soon put on line OF boats between
Tacoma and Japan and China. AT least that is
the conclusion enc would naturally reach from
the knowledge of the fact that Gould has re-
turned TO power in the Pacific Mail. | know
nothing official about this matter. The nego-
tiations were in progress at the time Gould, jr.
retired from the presidency Of the Pacific Mail,
and were conducted by Oskes. / have had no
talk with Could on the subject. All | know of
the matter is that opposition TO the successful
termination of such negotiations occasioncd a
change in the Pacific Mail directory, and now
that George Gould is again president. presume
the negotiations will be rc-0pened and the result
will be the establishment of such a line OF boats
as will work in connection with the Northern
Pacific.
There is nothing 10 be said regarding the
North American Company. Its statement, pub
lished a short time ago, shows everything that is
of interest to the public. The fact that
cever appointed for the Oregon Improve
mcnt Company in no way affects the Northern
Pacific They are two distinct organizations
with very little interest in common