Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1884-01-10

Fcld ~ 70 IN the November toliG wipg, has
paid dividends regularly ever since, al d
lover aiuos sold p-lew par L. til the pas.
north Mr. Win ri u, u Turned his at
tsu'j..u ta SO l.a'tieru Pacific. He
W. "a ~. lot Iyself, bat IS tender
to mis- own linea, and, as long as he had
| control, Portland, aud not sew Tacoma,
would have been the terminus OF the line.
Unfortunately for Mr.. Wizard, an
| fortunately for those who trusted him 80
| implicitly, when be came to negotiate for
an alliance with the Northern Pacific he
was buying in dear market. He was
ready to oifer the assistance OF his friends
in extending their line through the
mountains, provided they would agree to
stop at Snake river and make no effort to
build lines in competition with those he
had acquired at such cost for the Oregon
Railway and Navigation company. Six
inpnths before they might gladly have
accepted his offer, but to HIS dismay he
found that President Billings had already
| partially closed With the syndicate for
thA' ~, 600, 000 viii Ii they needed, aud +,
| will Pilli4g 10 make q temporary agree
IN, OF with him. would make no contract
MT TO parallel Lis liucs and nave .heir
own road Though TO Portland and TO
| Puget sound.
Then !. WAS that Mr. Vills,d conceived
| his grestest entsrprise, 'Fhidh thuu phi
| him i'll n front ,Ank of the CREST rail
way mag lAtrs Gt the country, and which
| has since resulted in his Oowufsll. Ii
the Northern Pacific would not trade nor
sell the only way vSs 10 buy, snd he
asked iDr money. lie wanted SS,U0O, 600
ior purpose which he Ronld dt5olUse
latter. ile got the s., 600 ,0U0 in less than
"a bcura, aud people augrily demanded
tbat he should take twice ~ much, and,
VI I'm he declined, offered 20, 40 and even
~ per cent premiums tor allotments
With this fuud ne began the operation of
buying up the control Of corporation
with eighty millions OF oalital. He secured
il, and then proposed psaoe, but Mr..
Billings stili held out lie tua ly sold
tAe presidency ard Lis stock To Nj. Vii
lard, it is reported, at $50 share TOR
the common stock, and IL ia safe to say
that the great majority OF the $50, 900
shares Of stock which the Oregon Trans.
continental hOlds cost twice what they
sell for III the market to-day.
Ia the organization Of this pool may be
seen all the elements which have con-
spirsd to ruin Mir. Willard snd carry down
az many iato Tie slough of insolvency
viii Linn. Il 6 uan could get So, 900, 0u0
;uT tbs a.Sipg w!thout telling what he
wanted it ivt would he not think that
tnsre vas uo eut 10 his resources, and
would us stop uut'l he had tiIzd them IL
the esd IT, O,ssun Trans yntiusntal
vas Tue bals.r Tor the Northern Pacific,
AID IL pushed the road through, regard
Less Ui cost or chance of repayment. Mr.
Wizards faith in himself was af
firm ~ the faith OF Lila lriends in him
and their money Aoged willingly and
beautifully Into all his enterprises. Wher
attacks were msde upon his stOoks hit
friends rallied to their support, and, al
tbey Lad fought for share in the pool
they tushsd for the stocks OF the corpora
ton which grew ont OF it,
But there came Al end to their re
sources. The company had not only ex
hsu5te3 lis aaests, but stretched its creai
10y tile hbvraity with which it had loaned
its tuuds 10 the Northern Pacific anC
the reckleasness with which il spread on
IN eysry direction. There was not onl,
the Northern Pacific built, but branch Z
were pat under contract by the hundre,
miles, million hushel elevator, a million
dollar terminal station end q grand hots
projectsi AT Portlald, and ,hs or4go,
X California puzzled along the mul
paths Gt the coast range Of MOUNTAINS ia
ahead Of the population The compal,
lad TO cay "glye," give" and TIER,
was NO more TO give Tue eager friend
Of Mr. Willard found no ons to share tb
burden Of their shares with them, no on
who thought their stocks worth as muol
Is they. They could carry them N
Logger without help, and help they coui,
not get. The liquidation began, and ia
is7 M Willard dR5 peThaps a tenth lei
of the fortune Of one year ago.
H. az. tlis his friends have little blam
for him personaiiy. tie is the heavies
! snherer and none of them for tnomen
thiuks that thev have been ga ,riiieed I
save him, ~ that hc has taken penn
, THAT riEhtiully belongs to either a COZ
+ pors,iuu or au Individual. Ia will b
q dismissed with the bri,f remark, I'll
wsa ahead of his time, and he has paid til
penalty or bis confidence" Whether a
d, no bs will ever appear again in N0rther
n Pacific no one can tell, but the brain tina
~ carried cut such an enterprise will n,
:, be content long To rect quiet.