, 1881-03-27
The Oregon Navigation Company the
. Creature Of the Northern
Pacific Road.
The Friends OF Willard Confident Of Bis
Ability to Pull Through.
The Western Outlet Of Jersey Central as
at Present Determined Upon.
Re-estahlshment of Tho "Chitago Rates" at tho
Iaasas city Heahng Yesterday.
NORTHERN PACIFIC.

Special Dlpatth 10 1ns CHICAGO Trtbuns.
PHILADELPHIA, March 28.-The Oregon Steam
Navigation Company, which Is now trying to
swallow the Northern Pacific, was before tho
panic creature Of the Northern Pacific. 1twas
bought by the Railroad Company when the
scheme was first broached. It fairly jumped
into prosperity, and 1t became one OF tho pow
erful corporations of the Pacific Coast, With
line OF railroad, feet Of steamers, aud re-
muucrative business The Company came into
possession Of Jay Cooke l. TO. for advances made
by the Northern Pacific In 1878 Jay Cooke
Il Co. failed, and their Etock in the Oregon
Steam Navigation Company was divided among
the creditors. At this time the stock was very
valuable, but tho depression that became gen.
cral throughout the country affected tho Com
pany. and the stock fell. Several shrewd men
saw thas the property Of the Company YVES very
valuable, and they determined to get control OF
It at low cost. 4 sort OF syndicate was formed
in which Henry Willard, S. Y Reed, J. c. Aims
worth, W. H. Starbuck, OF New York, and 9TH
ers, were the moving spirits. 1t is
charged that q systemutio effort was made
to depress the stock and frighteu
holders into selling. However this may be, at
he,enl of two Or three years the stock WIS IN
possession of the syndicate at prices ranging
from s. to 6s5 per share, and Mir. Willard be-
came President OF the Company. The stock, as
Ing In New York on behalf Of the injured stock
holders, was mostly purchased By Ainsworth and
Roed Willard standing in the background. As
soon ns the control Ut the stock wis secure
Mr. Willard aud his friends formed
new company called the Oregon Railway
g. Navigation Company, of which Willard was
made President. and an end was out to the ex-
istcuce Of tho old Oregon Steam Navigation
Company. 10 do this it was necessary to make
an appratsement Of the property 9f the Com
pany Ihs wns ade py
OF S2,50J,0D. Meunllme they had turned over
their stock purchases Of the Oregon Steam Navi-
cation Company to the ofegoa Hallway q Navi- ,
6 heid about s47oo,ooo In securities which
they turned over to the new Company
ference represented the clear profit Of Mr..
Willard and mis- friends In the transaction. for
they had NO sooner formed the new COMPANY
than they issued 81, ooo,u0 iii stock and S6U0,o
Ooo In bonds; against the capitalof t5,un'ooo
stock in the old Oregon Steam NaviRa sion COM
pauy and concern called the Oregon Steam-
also show that tho stockholders OF the latter
Company VINO refused To- to sen a,,c cut % received .i
but about 20 =; se9ts az Sn the ht aof ,sr under the
worth, and Hced got par for the full anount Of
stock which they held. The stockholders nat,
urally rebeiled against this, but they were told
the books OF the Oregon Steam Navigation Oona-
pany show that tue earnings of the CON pany at
1 tine + went gut Of ga were cn as
more The securities or Dir, Wizards new CON-
pany were placed on the New York market, and
they rose rapidly in value. Last week
tho .P1rxs made the exclusive announcemeut
thar the Company had authorized the issue Of
$3.0D,0o0 more OF stock. 50 tiiat Mr Willard and
his friends have Increased to $1S.05J.0o0 the cap
ital Ut tho origtnal company, which amounted
to but $5fO00. .0yJ. The apparent success Of Mr.
Willard in this great scheme has made him Que
of the n.ost noted spcca!ntors of the day. Ao
has the reputation Of making all bis friends
rich, and they furnish him money bndty
whenever be asks It. In the late venture ia
Northern PACING it is said ne sent word
to his friends that he wanted $S000,003 cash. out
he refused positively to say what he intended to
do with the money. In three days he bud checks
for sly, 600 ,NJ. and he Immediately set out TO
buy tho controlling interest in the Northern Pa~
eitic. Its capital stock Of flo0, 0,NO,oU had no
terrors for him, and II he Is now temporarily
harrassed Id the gigantic ENTERPRISE his conii-
Dental friends do not believe that no will fail.
The actual owners OF the Northern Pacific Rail-
road nro, however, Of an entirely different
opinion. Y