Helena weekly herald. [volume] (Helena, Mont.) 1867-1900, 1883-09-13

as feeder for their Oregon properties. The
grandeur of the purpose was not yet under
stood. Alarmed at the situation, we'll did
Billings write Willard, why put pistol to
the breast of the Northern Pacific at Aims
worth or Wallula and say, thus far and no
farther?"
AS a measure Of safety the directory de-
termined to issue $1S 100000 of old stock, to
the original parties in interest, in order still
to retain their supremacy. There was
originally S10O,0O0,OOO of capital stock. In
the reorganization it was agreed to classify it
as follows S51 100000 preferred stock to the
bondholders, and $49,OOO,OOO common. OF
this common, $19,OOO,O00 was yet unissued.
1881, in the Supreme Court of New York
city, to restrain the issue of this 100000.
He alleged that the common stock repre-
sented nothing, that nothing had ever been
paid for it: that the preferred stock was all
that was legitimate. Intense interest
gathered about the contest. In the midst of
it Mr.. Billings, who was the largest stock
holder in the old regime, seems to have
parted wi h majority of his stock. The
suits were withdrawn, and the Willard COM
bination remained masters of the situation.
Mr. Billings resigned the Presidency, which
was held temporarily, by A. H. Barney,
bridging over the time till the annual cleo
tion, when Henry Willard was duly installed
President, Thomas F. Oakes Vice President,
and Herman Haupt general manager.
The Oregon & Transcontinental Company
was now the principal owner of the stock
of all the lines in Washington and Oregon,
and of the Northern Pacific besides. Of all
this combination, Henry Willard was the
head. The new policy was to be enunciated.
It soon become manifest that the Oregon &
Transcontinental Company was to be used
as powerful auxiliary in the completion of
the Northern Pacific. 1t at once gave the
latter project the strong support of its i'm
mense capital, and enabled it to push con-
struction without a moments halt. 1t fur
nished means to build branches, which the
Northern Pacific, under the charter had not
the power to do, and thus prevent the en-
roachment of rival lines. AS the controller
of the vast traffic of the comprehensive
system of railroad, ocean and river lines
already developed in Oregon and Washing
ton, it will now compel that aggregation of
business throughthe main artery the Northern
Pacific. In this wider view of the whole
matter, it will be seen that the Willard asso-
citation Of companies proves to be Of i'm
mense value to the nations northern high
way to the Pacific 1t has brought to it
immense support and unexampled progress.
From Lake Superior to Puget Sound the
hum of activity has prevailed. Lateral
branches, such as the National Park line,
the Palouse Branch, Fergus q Black Hills,
Little Falls & Dakota and Fargo & South
western have been constructed. Duluth has
conquered the predjuices against it and
grown with amazing rapidity. Brainerd,
Moorehead, Fargo and Bismarck have grown
with marvellous strides. New cities have
sprung into existence, such as Jamestown,
Mandan, Miles City, Billings, Glendive, Liv-
ingston, Bozeman Spokane Falls, Aims
worth, Portland, Seattle and Tacoma, and
other cities on the Pacific slope have doubled
their population. The lumber trade, fish
cries and mining interests have doubled in q
single year under the incentive of this Ma
tional highway Population along the open
ing lines has increased an average of $50
per cent. The volume Of emigration in
numbers and character has been marvel,
and the absorption of land has been on the
same extraordinary scale The creation Of this
empire which is progressing under the spur
of the completion of the Northern Pacific is
without parallel in the history of the
world. At last we stand in the presence of
the completion of this colossal enterprise. 1t is
greater than the finishing of a pyramid, or
any of the seven wonders of the world which
excited the admiration Of antiquity. The
dream of Carver of Whitney, of Cook, is an
accomplished fact. To Willard belongs the
honor of completing this imperial work, and
with it his name will be forever associated.