The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1881-06-03
HENRY WILLARD.
Sketch Of the Man who Captured the N. p. r. r.
Company.
~. y. Cor. Weekly Times.)


called yesterday at the offices Of the Ore
gon Railway and Navigation Company OF
Nassau street, where Mr.. Willard presdes
The treasurer Of the company is Mr.. Horace
White, formerly the editor Of the Chicago
Tribune. The two have been together be
fore, during the war, as newspaper cores
pondents. Mr.. Willard apparently does moi
seclude himself. lie has three or four room:
not over-well furnished, the floors covered
with white canvass-like material, generally
In state of dirt left by the feet of employees
and visitors. In little room al high desk
stands or sits Mr.. White. In another little
room sits the great financier, except when he
Is moving about, talking TO his clerks or some
Of his associates. lie is big man, over six
feet high, and must weigh over two hundred
pounds-a man that carries with him the
impression of great force and power. lie has
big, round head, covered thinly with dark
hair, which curls slightly at the ends, and all
open, pleasant face, on which there 10 10
hair, except short, gray moustache. His
voice Is soft and pleasant and he smiles IS
though he enjoyed life TO the full. Those
who know him will say that he does-that
he gets all the keen enjoyment possible out
Of his prosperous work and great wealth.
Mr.. White kindly gave me the main Incl
Speyer, the capital of Rhensh Bavaria, in the
year 1885. His father was Judge Of the Su-
preme Court of Bavaria. After going to
heidelberg University Mr.. Willard csme 10
this country when he was twenty-one years
old. lie went to the Pixies Peak region with
the first party Of emlgrants who went there
In search Of gold aud went into Journalism,
working on various newspapers. After re-
naming at Pixies Peak for year or two he
became an army correspondent at the out
break of the war. lie was a member Of
firm having a news bureau at Washington
and representing the New York Tribune,
Cincinnati Commercial, Boston Advertiser,
and the Chicago Tribune. The firm was COM
posed Of Mr.Villard, Horace White and Adams
5. Hill. Mr.. Wizards duties were with the
army, and, in that capacity, he was with
Grant In the west and afterwards with Rose
Grams and Burnside on the Potomac. He
was present at the battles Of Fredericksburg,
the Wilderness and Spottsylvania Court
House. Let Mr.. White tell the rest of the
story In his own words:
"After the close of the war Mr.. Willard
went 10 Germany and remained year.
When he returned he married the daughter
OF William Lloyd Garrison and went back
TO Germany, where he stayed two years.
During this period he formed connections
with certain banking houses at Frankfort,
which gave him the command Of considera-
BILE capital, and, having the confidence of
those houses, he was invited by them TO take
charge of their interests In Oregon, where
they had invested some $10,OO0,OO0 in the
bonds Of railway aud steamship enterprises
by Ben. Holiday. Holiday
eventually failed, and the Oregon properties
went into the hands of the bondholders rep
by Mr.. Willard. While managing
heir interests the Kansas Pacific Railway |
became bankrupt, and as the majority of the |
bonds were likewise held In Germany Mr.. |
Villard was solicited to take the solicitorship /
"a position which he continued to occupy to |
he great satisfaction of the bondholders I'M
II the road was able to resume the payment
u Its interest obligations, After the receiv-
srship was closed Mr.. Willard conceived the
dea of raising money in New York to pay
III the foreign indebtedness Of the Oregon
steamship Company, which operated a line
{ iron steamers between Portland and San
francisco. So great was the confidence of
capitalists In New York, with whom he had
cen associated in the Kansas Pacific, the
honey TO pay the foreign creditors of the
company was raised In few days.
new Oregon Steamship Company was then
'rmed and new steamers we've added. Mr..
illard visited Oregon, where he was brought
contact with the principal owners of the
regon Steam Navigation Company. This
as In 1879. The majority of this stock had
cen at one time owned by Jay Cooke II Co.
'hen that firm met with misfortune the
ock was distributed TO the creditors along
ith other assets of the estate, and had been
,sdually bought In by Portland capitalists.
he original capital was So, 000,O00, OF which
over $4,000,000 was owned in '
srtland. Mr.. Willard conceived the idea of
lying this stock and uniting the steamship
'mpany and the Oregon Steam Navigation
ompany into one corporation. A price was
reed upon for the stock. Mr.. Willard re-
rhed to New York in June, 1879, raised
e money for the purchase In very short
me and placed 1t to the credit of the Oregon
vners In the Park Bank. The present Or
on Railway and Navigation Company was
en- organized under the laws of Oregon, ,
insisting Of the properties of the two old
eamship companies and railroad COM :
my, which had about thirty miles of rails !,
inning from Wallula to Walla Walla. The
ccess OF the new company was very re-
arkable. Its earnings were large and its
,ck was soon quoted above par. The stock
Is 81, 900 and Its bonds like amount.
nee then the stock has been increased to t
2, 900 200, the additional 5000, 900 being 2
Id for In cash and expended In building a n
lway along the Columbia river In order TO
old the uncertain and difficult navigation q
d TO meet the demands OF increasing bust
IS.
|" The Oregon Railway and Navigation I
mpany having occupied the Columbia b
er by railway, nearly completed, Mr.. Viii "
ID sought TO make q contract with the a
'rther Pacific Company which should n
Did building parallel lines In that valley n
ERE one road was adequate to do all the {
siness. The Northern Pacific, after sew r,
i times changing Its line, had finally set
d upon double line. Negotiations with
J Northern Pacific having proved fruitless,
/. Willard conceived the idea of buying
itrolling interest In the road by purchases q
stock In open market. In pursuance Of
. idea he called for q subscription of S. W
900 on his friends and coadjutors i'm his q
vious enterprises, and so great was their 4
lhdence In him that the money was sub o.
ibed within very short space Of time, the pi
'scribers getting nothing In return but Mr.. III
lard's personal receipt, which did not even Ell
icate the purpose for which the money D.
5 wanted--a feat perhaps absolutely with St
parallel In this country. II Mr.. Willard m
re the dishonest man he Is represented to Vi
ne certainly could never have accomplish al
this, Another wonderful thing about this d
'ration was that II was conducted with sh
h secrecy that ten or twelve millions Of
rthern Pacific was bought In without SEN
~ affecting the market. 1t is not known
much the blind pool acquired, but 1t 49,
ertaln that the Northern Pacific became CT
y much alarmed, and as q means of de-
Sc suddenly issued the $ls,000,0 900 COM IN
II stock which II was alleged belonged to ra
old proprietary interests, but which was ye
d subject TO an agreement which provided en-
It should be issued emily IS the road was CO
u In twenty-five mile sections. Mr.. VII gil
Immediately attacked this issue of stock oh
= suit for an injunction, which IL now tn
ding. The decision has been delayed by tn
'on OF stipulation between the parties ba
ding compromise, which has been sug- pc
ed by the Northern Pacific.n IL