New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-09-08

with him were Mcssrs. J. Edgar Thompson, OF the
Pennsylvania. Robert Burdcll, OF the Erie, W. IT,
Fargo of The New-York Central. W B. Ogden' OF
the Chicago and Northwestern. and G. w. Cass' Oh
the Pittsburg, Fort Wavne and Chicago. But no
progress toward actual construction was mauo
untIl Mr. Jay Cooke assumed financial dltrc'on'
obtained leg eslation authorizing the issue OF oohus'
and put the bonds on the American market ooip 9
prevented by the Franco German war from negou-
ating them in Europe. From the spring OF 1870 20
the spring OF 1872 he sold about S3O.OO0,OcO worm
OF bonds.
Meanwhile work was begun on the road in 1870
at Thompson Junction, twenty-three miles west Oh
Duluth. and also at Kaama on the Columbia River.
In 1871 the road was finished from Thompson
Junction to the Red River of the North and 1873
SAW IL extended to Bsma,ck, on the Missouri Rlrer,
whie By that time 1O5 miles bad been finished be-
tween the Columbia Rivsr and Puget Sound, and
the terminal city of Tacoma laid out.
Now came bankruptcy. The panic OF 1873 ce-
sroyed Mr.. Cookies banking house, and left tho rail-
road parayzsd with large floating debt, and
bonded debt OF $50. 100000 at $40 per cent IN
terest Earnings on the completed portions hardly
paid running expenses Few settlers moved into
tho country along Its line. In despair ffesideht
Smith resigned and was succeeded by Mr. Cass, ana
he W as IN turn succeeded by Mr. &. Is Wright, OF
MR.. BILLiNGsS WORK
Tn 1879 n reorRauization Of affairs was effected.
the boudholders accepted preferred stock IN lieu OF
their bonds tho road hurried through tho
bankruptcy court, and by 1879 1T had paid OH ltS
hosting debt and was earning some net prohts on
the compet ed portions. Credit for all TINS was
largely due to the Hon. Frederick Billings, oil |or-
mont who afterward became president OF the COM
pany.
A thirty mile road was built from Tacoma 70 the
Cascade Mountains coal beds Wheat culture was
begun IN the Red River Valley. and settlers 'cked
IN rapidly Work Was carried forward at both ends
OF the route. And in 1880 President Diliings
secured funds for filling the gap IN The track more
than 500 miles, across MoDtana-by loan oil
$40, ,oOo, ,OJO, negotiated by Winslow, Lanier Co.;
Drsxel. Morgan ~ Co., August belmont 4" Oo', vi
York, and J. S. Morgan Coz OF Loncon.
MIR. WILLARD Oh rAISs coSTRoI.
Soon after those negotiations Ia 1881. In iact'
controlling interest was purchased IN the road Dy
Mr. Henry Wizard who was largely Interested III
various transportation lines in the Northwest
! He obtained the needed capital, $S,0OO,O0O, by
means of what is known III Wall Street as a blind
pool THAT is tho money was contributed by cap
talists to be used by him as he saw mt, anu on no
| security except his personal receipt. In conse-
quence he was in September. 1881, elected prcsl-
| dent and his former associate III Western Iaioau
l management Mr. 7. +. Oakes, vice e-presdent.
Work went steadily on at both ends, ana at the
beginning of the present year only 300 miles oi
track remained to DO laid, on most of which line
the grading had been done. During tue summer
this gap was closed up, that to-day the last rail-
may ue laid and tho last spke-a golden one-pe
| driven home by Mr.. Willard with u sIlvor sledge-
hammer making the iron highway complete and
ready for travel from Dnluth TO Tacoma. distance
OF n lltIle more than $3.50 miles There are also
| G74 miles of branches mostly completed. GIVING
a grand total OF more than 2 ,654 miles oil road.