The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-07
TIE WILLARD COLLAPSE.
A General Feeling that He Has Wronged
NobOdy-What the Big Operators Say.

Collated from New York Specials.
Mr. Horace White, of the Oregon & Transcon-
tnental company, one of Mr.. Wizards trustees
in the assignment of his property, and an editor
of the Evening Post, says in that paper this
ievening; '"The sudden and complete reverse of
public opinion regarding Mr.. Henry Willard. con
iBequent upon the discovery that Of all losers by
the reaction in Oregon and Northern Pacific
shares he has been by far the heaviest loser, and
that his loss has been made total, or nearly so,
by his endeavors to save others from loss who
had invested in those securities by reason of
their faith in him, is one of the most noteworthy
features of a troubled time in the world of
finance.
''Here is man who has handled nearly or
quite 500, coo, 600 Of other peoples money within
the space of four years. Much of this put
into his hands without other security than his
personal receipt Fortunes made in the
earlier enterprises which he planned and the
two Oregon companies which he first took IN
charge-the Railway & Navigation company and
the Improvement company-are still earning
handsome dividends, and are on a sound founda-
ton.
'The Transcontinental company which came
later, was caught in the financial gale which be
gan to blow about the time that President Gar
field was killed, and which has carried down so
many promising enterprises since that date.
When people began to lose money suspicion was
naturally cast upon Mr.. Willard, and the
losses became heavier, the storm of detraction
became louder and fercer, until the man against
whom its force was directed fell.
''Then it was found that he had wronged no
man or company; that he had helped others along
as he could, and that when he could do no more,
he had retired andhanded his property over to his
creditors, as the same might appear. The Times,
which was conspicuous among his assalantS,
rightly esteems Mr.. Wizards career shining
contrast to what usually goes on among mag
mates in Wall street and the hallway world"
81 don't know anything as to Mr.. Wizards
failure, said Mr.. William II. Vanderbilt to-
night, in answer to a reporter Il never was
thrown into contact with him. and in fact do
not know him at all personally. Was his fail
ure surprise to mel Well no; I cannot ex
actly say that it was. Since the failure have
read of good many things about it which have
surprised me more than did the crash itself For
instance-well, this having thrust upon him
millions of dollars of other peoples money for
investment seems to me very curious affair
Have people ever come to you sir asked Mr..
Vanderbilt of the reporter, with an air of
skeptical inquiry, land thrust money in your
hands and insisted that you invest it, Did you
ever hear of anybody coming to me" continued
Mr.. Vanderbilt, with a still greater air of
skeptcism land putting hundreds of thou
sands of dollars in my hands to inves
for theml" Mr.. Vanderbilt paused a moment
and then resumed: mo; l don't know anything
about the Northern Pacific l never owned
dollars interest in it in my life / don't suppose
it will be greatly affected by what has happened
much in these big enterprises"
do you believe that Mr.. Wizards friends will
rally about him and assist him to make a new
startF Mr. Vanderbilt was asked
BAH" was the reply. 'You don't find much
of that kind of friendship nowadays Men will
say: He was a mighty nice fellow, or Tn awful
ly sorry for him, or It's too bad All this don't
cost anything; but when you ask, How much
are you sorry for himP and call people to put
their hands down into their p0ckets-that's a
different thing He might be helped to start in
. small way, but what would it be for a man like
Willard, who has been accustomed to manipulate
millions, to handle few thousands He would
not do it. The game would be too
small He could have no interest in the work
There are some men you can't keep down. They
are bound to spring. p again anyhow. But these
that kind of thing"
What do you think of the prospects of the
Northern Paciicl"
1T was built prematurely The country
through which it passes won't be in a condition
to maintain a road like the Northern Pacific for
some years to come 1t will be good property
say ten years from now"
II heartily indorse that letter. said Mr. Rufus
Hatch when the text of Mr.. Wizards resigna-
ton was read to him. 81 indorse and approve
every word of it. have just had a talk with
Mr.. Rolston, president of the farmers Loan and
Trust Company and from what he tells me and
from what know of my own
knowledge indorse that letter
think what Mr.. Willard says is true,
ana am confident he never did diShonOrable
act in his life But when people lose money
they're likely to growl. think it possible that
DIR. Willard may have deceived himself as to the
immediate prospects of his road, but | am con
fdent that it bear all the liabilities to which
it is subject l think its future will vindcate
not only Mr.. Willard, but even Jay Cooke. l
speak from my own observations made when /
was out West last summer Mr.. Willard has
been unfortunate perhaps but the situation is
nothing like what it is made out to be by pack
of wolves who are bounding him on. pack of
wolves, / say, matter who they are"
What do you think of the general marketl"
Mr.. Hatch was asked.
81 think prices have touched bottom in stocks
There may be little sitting out yet, or a very
small drop, but we arc pretty much at the bot
tom now, believe in everything at the present
prices except grain"
Mr.. Russell Sage said: II am very sorry for
Mr.. Willard, indeed have always looked upon
him a thoroughly honest man"
Concerning the company, how do you regard
his retirement"
II really haven't considered the matter 1
have so little interest in it, l think Mr. Willard
has been too generous-too ready to help out his
friends. Perhaps too, he has been little too
sanguine as to the immediate future of his prop
erty-expected that great things would be accom-
plished sooner than was possible"
What about the property as a propertyP
''Oh, it is fine Ii is bound to astonnish the
people. 1t will go ahead and astonish us all. 1t
will justify Mr.. Willard fully in the future l
think wise man will hold on to all he can get
and | am willing to be put on record on that
head
Winter in Texas.
Letter from Lagarto Live Oak county, Dec