[563] R. R. Gaz. 15:716, 1883. For attempted explanation of this deficit, see Villard’s statement to the stockholders in 1884, just after his retirement from the presidency.
[564] Memoirs, p. 315.
[565] Villard was back in control by 1887 with the backing of German capital.
[566] In 1886 the Oregon Railway & Navigation was obtaining 28 cents per 100 pounds for its haul of 213 miles from Wallula Junction to Portland, leaving to the Northern Pacific 28 cents for its haul of 1699 miles from St. Paul to Wallula. R. R. Gaz. 18:681, 1886, Report of Vice-President and General Manager Oakes.
[567] For the negotiations between the Union Pacific, the Oregon Railway & Navigation, and the Northern Pacific from 1885 to 1889, see the financial papers of that time and the reports of the railroads concerned.
[568] In 1890 it was reorganized as the North American Company.
[569] Annual Report, 1888, p. 8; Chron. 44:752, 1887; Ibid. 44:782, 1887.
[570] The preponderance of west-bound freight prior to 1888 forced the Northern Pacific to carry grain east-bound at very low rates in order to fill its empty cars. See Daniel Buchanan vs. the Northern Pacific Railroad Company, 5 I. C. C. Rep. 7.
[571] For immigrant traffic into the Northwest see Ry. Rev. 28:163, 1888.
[572] The capital stock of the Cœur d’Alene Company was $1,000,000, and there were $360,000 in 6 per cent guaranteed bonds outstanding. Ry. Rev. 28:551, 1888.