The Republican. [volume] (Oakland, Md.) 1877-current, 1883-09-15
OUR WASHINGTON LETTER.
From our Regular Correspondence

importance in more respects than
one. and the prominence of its presi.
dent. who has just driven the golden
spike in the presence of number of
distinguished guests, suggests some
reflections concerning his remarkable
career. A few years ago this young
man was a Washington correspon-
dent here on Newspaper Row, but
to-day he is at the head of great en-
terprises and with ten or fifteen mil
lions of dollars. His history is more
wonderful than any romance. Mr..
Willard is German. He came
to America about thirty years ago
landing in New York. He had a
| fine education before leaving home,
and when he arrived here he intelli-
gently looked about him to determine
what he should do for a living. He
began life in America as reporter
on the New York Stats Zeit,t1eg, and
at the same time commenced to study
the English language. In three
years he had so far mastered it that
he could write it readily and accurate
ly. He continued his newspaper
work until 1867, and while serving
as one of the special. correspondents
of the New York Times in this ely,
and afterwards as clerk in the balk-
ing house of Jay Cooke & Co. he
made the acquaintance of the lesting
German banking houses in New
York and also became familia with
the affairs of the Oregon Steamship
Company.
This company became embarrassed
about the time of the panic of 1873.
The stockholders were largely Ger
man bankers whom Mr.. Willard al
ready knew, and they wre so dis
gusted with this affair ard the Jay
Cooke failure and its Consequent re-
suits, that they had 10 faith in
any scheme concerning the Pacific
coast. Willard saw his chance. He
knew what the resources of that re-
gion were, and believed the enter
prise might be re-eshblished on a
firmer and surer basis than ever. A
meeting of the directors of the Oregon
Steamship Company was called. 1t
was very gloomy one. The presi-
dent of the company announced its
failure, and said that in his opinion
the easiest way out of it was to stand
the losses and let it die. Just then
Willard, who was present in the
background, rose and said he had a
proposition to make to the directors.
His proposition was that he should
be put in charge and allowed to work
the corporation out of its difficulties.
He would not ask them for any mon
ey, but he wanted them to give him
one year. If at the end of that time
he had not succeeded in holding his
own the company could go into liq.
uidation. He then read short
precis setting forth his views. He
was well-knOwn to two of the per-
sons largely interested. and they
agreed to help him. The result was
that the liquidation was postponed.
and Willard was put in control of the
company by its creditors. Here
comes an incident in Mr.. Wizards
life which has been greatly criticised
by his enemies. They allege that he
concealed the real condition of the
Oregon company from it's owners,
who put him in charge. and thus in
duced them to sell out to him for a
very small sum. Certain it is, how
ever, that in 1868 he formed syndi-
cate which bought the stock at very
low rate, and he got it all for about
100000. which the concern had earn
ed while he was in charge.
In 1875 Mr.. Willard began to exam.
inc into the Northern Pacific. He
already knew more about it than any
man in its direction. 1t had an enor-
nous land grant that ran through
the great wheat belt of Dakota.
which was becoming more and more
valuable. His examination made
him determineds to buy the stock,
franchise. and all. At that time it
had very little value, and was worth
from eight to ten cents, and at these
figures Willard and his associates
bought not less than $4,000 shares,
and five years ago, when the annual
meeting occurred, to the amazement
of the old owners Mr.. Willard recon-
structed the direction of the company,
electing himself president in place of
Frederick G. Billings, of Vermont,
Mr.. Wizards energy since his cleo.
ton has been untiring, He has sold
nearly 1000, 900 worth of land, and
has two-thirds of the grant yet I'M
touched. 1t is estimated that this
land grant alone is worth $100, 00O,-
900. That which has been sold has
l