The commercial. (Union City, Tenn.) 190?-193?, 1901-12-13

OF Henry Willard. The Oregon
and the Transcnntinental Compan,
had been organized TO control
railroad companies under the
Willard regime in the Northwest
Its principal assets were large
hlocks of the stock Of the Oregon
Railway and Navigation Company
and Of the Northern Paciiic rail.
road When The famous smash o.
the $4,000, 900 blind pool Of Mr.
i Willard came in 1888 the value Of
l0regou and Transcontinental com.
lpany fell away to nearly nothing.
Elijah Smith stepped in when Mr.,
Willard went abroad. Most Of the
10. & i. stockholders lived in Bos-
ton and they had a great opinion
of Elijah Smith as a reviyifier. The
company was at that time about
IS, ,000,0c0 in the hole and there
was no apparent help in sight.
Elijah Smith schemed and adjust
led and went to law and caImed
things down and the stock rose to
labout 35 in 1886 and stayed in that
neighborhood for several years.
Brayton Ives in Mr.. Villard'sab
sence tried to oust Elijah Smith,
but was beaten of.
Henry Willard came back from
Europe in 1886 and began to re.
stabIish his control over North
western affairs. Mr.. Smith
came in conflict with him more
than once. Mr.. Smith was in
sreasing in Importance all the
time. He became president Of the
Iowa Central Railroad and news
papers began to talk about him,
especially up about Boston, as the
greatest railroad genius Of the
age" He was counted a million
laire and a king Of inance.n In
1889 Mr. Willard was in position
to 60 out after hiin.
The control of the Oregon and
Transcontinental was necessary 10.
the plans Of Mr. Willard IN deveI-
opipg the Northern Pacific. The
10. & +. owned enough Northern
Pacific stock to embarrass Mr.. Vii
lard seriously In his movements
ii the Northwest. Mr.. Smith was
the president Of the Oregon Rail
way and Navigation Company and
did not want to have Mr.. Willard
own the proprietary company
over his head, There was a fight
for the control Of the Oregon and
Transcontinental in the street and
it developed d corner on May II,
1889, which was not unlike the re-
cent Northern Pacific corner.
Mr.. Smith had back Of him Mr..
Ames and others of the Union Pa
ciEc people, and James j. Hill,
who was then working out his
prellminaries 70 the Great North
ern consolidation and wanted to
get the 0. & 4. roads 10 Oregon
and Washington to save himself |
considerable construction at the
end Of the line. In the fight for
control Mr. Willard won
Elijah Smith, ID June, 1889, /
went out to the Pacific slope in a
special car to carry the battle into
the nominal home Of the compa-
MES for the possession Of which
the war was being waged. He
threatened to get from the Oregon
courts a decision that Mr.. Willard, i
as controller Of the proprietary I
could not vote its Ore
gon RaiIway and Navigation Com
pany stock. III such i decision
could have been obtained, Mr..
Wizards right to vote the North
ern Pacific stock under the same
ownership would have been made
questionable. He lodged the Is
sue and left the settlement Of the
Oregon Railway & Navigation
Company's troubles to Mr.. Smith
and those buck Of bin. i
The Union pacifc took lease
in perpetuity Of the Oregon Rail
way q Navigation Company and
Mr. Smiths brother. Prosper "
Smith, Of Boston, was made presi
dent Of it, while Mr.. Smith be-
came the president of The Oregon
Improvement Company Mr.
Smith, though on the surface Of
things, he seemed to divide the
uonurs with Nf. Willard, came ont
If the fight broken Ii body and
pocket. He was very quiet for
four or five years.
Elijah Smith was i'll his life