The Daily Astorian. [volume] (Astoria, Or.) 1876-1883, 1882-04-28
The Famous Blind Pool

The Willard syndicatp nr blind !
pool roceived its seventh and closiog !
nstailnent of subscriptions ycst7r-
day This syndicate was long Que Of
the perplexities Of Wall street No
was ever made which |
WAS better able to guard its plans aud
Its secrets were known TO
none except Heniy Willard. The pool
vas indeed 'rlini one S. lar as
the market was concerned. though as
tute operators wsrs convinced occa-
zionsliy that certain movements were
traceable 10 Mr.. Willard. and in the
interest, presumably, of his syndicate.
Bct from such uncertain conciu4iUns
only was there anything To be Known.
With the closing of the subscriptions
yesterday, however, it becomes possi-
Ole to make public the inside history
of the pool Early III tho winter OF
lS80-Sl Mr.. Willard. as President
aud founder Df the Oregon Railway
and Navigation Company, conceived
that the interests Oi that company
ana oI the Northern Pacific would be
promoted by establish 9 All identity
Of the controlling ownership OI both,
and that this might be accom-
plished by forming new company to
acquire control by purchase OF
the stock oi each II the necessary
nesna could be obtained. His plan
also contemplated the construction oi
a system Of branch lines subsidiary to
the taain lnIes 10 develop the busi-
ness OF the adjacent country. Such a
project, If course, required secrecy,
for ii 1t were known that anybody con
lempla;ed buying up 50 barge an
amonnt 81 any particular stock ia
open market the prices would nave
gone UP beyond reach. He I,herefore
went 10 welk quietly with has own
means AMI credit ia The months VI
December, 1880, and January 1881,
and took large lines uf the desired
stocks uut nf the market. Ha, ing
reached u point where snccesa seemed
reasonably certain, he called upon his
friends, by L private circular to fur
ni-h him IS. 800. 900, bur did mol dis
c!pSe the ilse he intended u make cf
this .um. Tiia circular waI sRnt to
aDme fifty peispus. Ab"ut Snethird
ia number Of these !,ersons Subscribed
for the full anrnnt before the circular
reached The uthrrs. There was ii
rush Of subscribers and some had ~
be cut down IL give the others a
chance. and the subscription rose 10
) per cent. preminm before the sub
scribers knem what use WAS made n
their money. The subscriptions were
paid in three installments, running
from February 10 10 April 2, 1881, d
portion of them falling due ,n very
tight money market, the subscribers
meanwhile, getting nothing bat Mr.. Vii
lard's personal receipt Tor the mcney
On the 24th uf June the subscriber
/ met, by Wizards invitation, at hi
office and received information as Il
the uae he had made Of The money
aud passed resolutions approving it II
all respects. Mr. Willard then cav
them tbs option "f joining him in
new subscription Tor the fnrther sun
of Sl2 900, 600, TO pay for addi,ions
amounts of Northern Pacific aud 0se
gon Railway aud Navigation stocl
purchased or contracted for By han
and this second subscription WAS ike
Wise'flled up within few days, m
payments extending from. July |
, 1881, to April /, 1882 The pay
ments Were all made with re.aarkabl
regularity, notwithstanding the de
precision hich came over the stne
market during the second half of las
year. The new company was organ
lied Immediately after the meeting {
June gath, under the Gar-e Of the Ore
gon and Transo0ntiRentai Company
The opposition at first shown BY SOM
OF the Northern Pacific st0c&holdel
: to the proposed union If interests hs
disappeared, and these, as we'll as sue
stockholders who were neutral or il
different in. the beginning, are no
, working in entire harmony with NJ
!, J., Willard The construction oi the pr,
! posed branch lines to the y Northern p
. ci6e and the Oregon Railway and Ma
igation Company has been vigorous
, prosecuted, about POO miles harir
been already conn leted and lar:
amount os work laid ont for the pre-
ent and succeeding years.
--------------
e Mr.. J. f. Warren, Of Knapp