The National tribune., 1883-12-27

travagant policy, to grade the road and lay tho
track up the Yellowstone Valley and across the
mountains in mid-winter. TO person goiag
over the road now it looks. for hundreds Of
miles, as though it would be very easily and
cheaply built That would have been the ease
were it not for the fact that this work was all
done when the ground was frozen and hard a.
granite, and across the plains and clay-beds,
where there was no rock to contend with, the
excavation had TO be done by the most expen-
sive process of blasting. BE went ahead, how
ever with great confidence until last June,
when he foresaw that his money would ran out
before he had his road finished and equipped
-
In the meantime, az soon a. the control Of
the Northern Pacific had been acquired by tho
Willard party, the mission Of the Blind Pool
seemed to be at an end. = was TOO powerful
a syndicate, however, not 10 90 usefa. in the
hands OF a shrewd manipalat0r ike Willard
In order to make some future use Of ID
the Oregon Irans-continental was organized,
which IS nothing more nor less thsn the old
Blind Pool-5lmply money syndicate with
cut property or security for It's paper beyond
the personal wealth Of its subscribers. The
Bind POol-or Oregon Trans-continenfal, Is 10
has since been ealied-had nothing to do Re
was decided 70 utilize is capital by the con-
struction Of the lateral lines Of the Northern
Pacific The coapaHy itself was dcharred from
baiiding them by its charter, and an arrange
ment was entered into between the Northern
Pacific Company and the Oregon Traus-e0ati-
mental Company, by the terms Of which the
latter was to simply build the feeders of this
main trunk and lease them to the other COM
pany, and the Northern Pacific was to furnish
the rolling stock and pay rental 70 the Oregon
Trans-c0ntiuental which sho1ld equal the inter-
est on the bonds issued and provide a shaking
fund for their redemption az maturity. The
lateral lines therefore, really belonged to and
were controlled by the Northern Pacific. AS the
other company had laid the track solely in their
interest, they madea big profit in construction,
and in addition TO this they were al interested
IN the Northern Pacific.
-
p" This work had been safely engineered by
the Oregon Trans-cOntinental when Mr. Wiz
lard discovered, last June. that his cash would
not hold cut, and he proposed 70 the Blind
Pool, or Oregon Trans-c0ntiGental Company,
that they should quietly carry for him the ad-
ditional debt Of the Northern Pacific. He
knew that it would create suspicion on ths
part OF the public if it were known that they
were not going 20 have money enough 70 finish
the road, because it had already been bonded
at the rate OF $4,000 per mile. 1t is believed
that he was led TO expect that the o. I. people
would simply advance what money be needed
TO carry the debt without making the matter
public. In this he was deceived. however, be-
eftNSc toO 1AAAAo lc<t4Ouo OF
MIN, the o. T. Company was induced to reject
the proposition, and it became necessary 20 an
nounce that the necessity for a second mort
gage bond was a fact, although up 20 within
few days he streanOusly denied that the COM
pany was in need Of funds or that a second
bond had been thought Of"
80
The truth seems to be that Mr.. Yiilard
attempted to carry out gigantic scheme which
he started from practically nothing, such as a
beyond the management of any living man.
There is no wonder, therefore. that. after all
the difficulties be has overcome. he has finally
been obliged to retire from the head OF the
Oregon Trans-eontineutal or RIind Pool and
the Oregon Railway and Navigation Company.
His friends think, however he viii be able 20
hold on to his connection with the Northern
Pacific Company. Just how much be is worth
IS not known, bat he probably has accumulated
not less than from fifteen to twenty-five million
dollars within the last i've years by his enter
prises.