Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-09-01
The ViIIdrd Control.

In but little more than two years since
Mr.. Willard and his associates obtained
control of the Northern Pacific property,
they have completed four divisions of the
main line of road, aggregating 1893 miles,
of which they found less than 200 miles
graded. They have perfected the connec-
ton of their road with st. Paul by acquir-
ing the equivalent of over one hundred
miles of road. They have built and pur-
chased several important branches in Min
nesota and Dakota. They have connected
the main line with Lake Superior by sec
ond track (the beginning of the Wisconsin
division), and have acquired valuable
and extensive terminal grounds
at Superior and St. Paul.
They have given their company first
class credit in the leading financial mar
kets and they have interested in its con-
struction and in their large plans for i'm
provement and extension of the property
the solid investors of this country, Eng
land and central Europe.
The public history of the operations of
Mr.. Willard and his associates, in coLnec-
ton with the Northern Pacific railway, is
so familiar to our readers that only brief
statement of leading points need be made.
They began with Mr.. Wizards call upon
his friends for the famous "blind pool"-
that they should entrust to him for invest
ment without explanation, a sum of sew
eral millions OF dollars. The response was
in tenders of twice the sum asked. With
this sufficient control was obtained of the
Oregon Railway & Navigation company
and the Northern Pacific Railway company
to enable the Willard party las it may be
called for convenience to unite the inter
ests and fortunes of those two companies.
Then an auxiliary company (the Oregon
& TranscontinentaD was formed with a
paid-up capital of $30,000,000 to maintain
control of the united companies, to advance
money on construction account and to
perfect their system by the construction
and purchase of branch lines. The bonds
of the Northern Pacific company for con-
struction of the main line, have been
favorably negotiated and the work of
building the road has been pushed as
fast as men ane money could pushit.
At the close of the company's fiscal year
of 1882, under date of September 21st
President Willard in his annual report
wrote:
''The management can now point to the
fact that it has finished two hundred and
seventy five miles of road, graded one
hundred and fifty miles additional, bought
and paid for sufficient rails for the entire
gap between the two ends of the main
line, and made, besides, the current dis
bursements for motive power, rolling
stock, the Bismarck bridge, the great
Bozeman and Helena tunnels, and other
heavier portions of the work, Without de-
hUering O. single bond to the syndicate from
December last till September 9th" This
was accomplished by the aid of the aux
Hilary company, which has advanced mon
ey as required for construction and is re-
imbursed on completion of track and &C.
ceptance by the government, when the
bonds of the company issue to the syndi-
cate which subscribed for them, and which |
syndicate has had no delay in placing
them with conservative investors.
Since about the date of the Presidents
report of last year 485 miles of track has
been laid on the main line, completing
the connection between the eastern and
western divisions and giving the company
a through railway line from Lake Superior
and the head of navigation of the Missis-
sippi river to Pacific tide water on the CO.
lumbia river.