Omaha daily bee., 1884-01-07

country was startled by the sudden col
lapse of Jay Cooke, whose colossal for
tune, acquired as a fiscal agent of the gov
eminent in the sale of bonds, was swept
away almost in a single day. The fail
ure of Jay Cooke precipitated the great
panic of 1873, and became especially
memorable for the wreck and ruin it
wrought among thousands of the leading
business houses in America. The reef
upon which Jay Cookies craft was
wrecked was the Northern Pacific. That
great fnancier had overloaded himself in
his effort to carry that great enterprise to
completion, and he went down with all
he had accumulated in a lifetime of sue
cessful banking. just before the crash
Jay Cooke had built a palatial villa at
Ogontz, on one of the Put-in-Bay islands
in Lake Erie. Upon this magnificent
monumental pile he had lavished mil
lions in classic marble and polished gran
lite, in works of art, statuary and paint
ing and costly tapestry. Its hospitable
portals had no sooner opened than they
were closed by the sheriff. Jay Cooke
went forth from his palace a ruined man.
A decade had hardly passed when the
country once more was shocked by a
great financial wreck upon the very reef
upon which Jay Cooke was stranded.
The Northern Pacific project had been
taken up where Jay Cooke had left it,
and in the face of great obstacles it was
finally brought to completion by the ex.
ertions of another financier who enlisted
European capital in the enterprise. I'm.
like Jay Cooke, this man was not q
banker who had grown wealthy by the
approved methods of banking. Henry
Willard had sprung up almost like a
mushroom among the great Wall street
millionaires. Beginning life as a student
in a German university, he had drifted
across the Atlantic and after mastering
the English language entered the aren't
of journalism. During the war he did
active and hazardous duty as war CORES
pendent of the New York, Chicago anc
Cincinnati dailies. From 1868 to 1870
he was secretary Of the American Socia.
Science association. Four years later We
find him again on the other side o.
the Atlantic, called there by the
German owners of American railway SO
curities, who had written to him to in
vestigate the condition of certain west
ern roads which had defaulted in theil
interest following the failure of Jay
Cooke. He returned to America as thei
trusted representative to, begin his ia
nous career as a railroad man. Within
a few years he managed to become re
ceiver of the Kansas Pacific, and presi
dent of the Oregon & California RAILROAD
and Of the Oregon steamship company
Less than five years ago he organized tn
Oregon 81 Navigation railway company
which was the first move toward tn,
union of the wheat and pasture country
east Of the Cascade mountains, with tn,
Northern Pacific system. Three year
ago Willard formed what was known OF
Wall street as the "Blind Pool" Abou
sixty millions of money were placed in hi
hands by leading bankers without secur
ity, save his personal receipt, and with
out definite knowledge as to his pur
poses. With this capital and his own
he quietly bought a controlling interes
in the Northern Pacific stock, and wa
soon afterwards chosen president of tn
company.
Last summer, when the golden spik
| was driven on the Northern Pacific, Her
ry Willard was ranked among the grea
men of the country. Not only di
America do him honor but Europe ser
representatives of her nobility and he
leading newspapers all the way across tn
| Atlantic and across the continent to tax
part in the ovation to Wizards geniu
and ~princely generosity.
Like Jay Cooke, Willard built a palac
while at the zenith Of his glory, an
lavished millions in embellishing it wit
works Of art. The palatial villa hat
however, not been quite completed whe
the crash came that made Willard
wreck. Last Thursday Willard made q
assignment for the benefit of his oredi
ors. To them he transferred his pro
erty and mansion, with instructions
dispose of them at public or private sal
His resignation as president of the 0
egon 81 Navigation railway company ar
the Northern Pacific railroad had prece,
ed the final collapse only a few days, al
the mighty railway king is now dethro,
cd, although by no means penniless. II
wife still owns five millions %ingovernmei
bonds, which will probably be enough
keep the wolf from poor Wizards doc
There are not perhaps in all financi
!, history more striking examples of fall,
| greatness than Jay Cooke and Hen
Willard.
Dr.. MoGILLIcUDDy, agent OF the r
Cloud Indians, has written q long lett
to the secretary of the interior wi