The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1926-12-31

Territory, and from Kalama on the Column
bia river to Tacoma on Puget Sound, a
total of about 600 miles.
The Panic of SeVenty-Three
Construction was forced to a temporary
conclusion at these points because of the
great financial panic Of 1873 which pros
trated the house Of Jay Cooke q Co., and
stopped the sale of bonds. This rendered
the Northern Pacific insolvent and it was
thrown into bankruptcy. Then, with the
assent Of the bOndhOlders, they -reOrganized
the company free from debt by converting
the outstanding bonds into preferred stock.
In 1915 a reorganization was perfected
with Charles B. Wright as president. In
1879 Mr.. Wright for reasons of health, re-
signed and was succeeded by Frederick Bill
lings latter whom the city of Billings, Mon
tana was named). By this time the COM
pany had regained it's credit and work
was started on the extensions eastward and
westward. This made possible success
full negotiations with a syndicate of New
York bankers.
Henry Willard
1t was in 1881 that Henry Willard, who
had previously become interested in rail-
road projects in Kansas and Oregon,
representing large financial interests,
gained control of the line. Willard became
president of the road and his friend and
associate, Thomas +. Oakes was elected
vice president.
Mr.. Willard was a German by birth who
came to this country at the age of eighteen,
and who won considerable reputation as
a newspaper correspondent during ana al
ter the Civil war.
Under Willard and Cakes, work On both
ends of the Northern Pacific was prose
cuted with great vigOr during the years
1881, 1882 and 1888, until the ends of the
"Steel rails" advancing aStWard ana west
ward, met near the summit Of the Rocky
mountains in western Montana Territory,
Effort Made TO Get Subsidy from State
Efforts to push the work of construction
of this road through Montana were not
without effort on the part of the promoters
to force subsidies from the Montana Terri
tOrial legislature. In 1878, the promoters OF
the railroad had managed to complete theiI
line as far as Bismarck, and Mr.. Wizard
and his associates who were extending the
line east and west made an effort to secure
from the territory of Montana $3,OO0,OOO in
consideration of the extension of the lin
across this territory. The plan was vel
exploited by the railroad people, but il
never found favor with the people of Mon
taua, and Wizards request was never Seri
OuSly considered.
Some of the troubles these railroad:
brought upOn themselves were due not 81
much to the lack of coveted subsidies, buI
rather to the arrant misconduct OF those
who were in the construction rings. The
Northern Pacific was operated for years
over long stretches of lines in MOntaD;
which were hOpelessly distant from thu
states center of traffic and tonnage. Tia
the road ultimately went into bankruptc!
was not strange; rather the wonder tina
it was able so long to keep its chin above
the waters of disaster.
As for the state government, it had M
obligations and was not even remotely re
lated to the fortunes, good or i'll, Of thu
railroads treasury. There was a good
sized controversy of public moment, how
ever, that was kept up for a long time. 1
involved the states title to the minera
domain. During several years this was
rather lively issue. Ultimately it reache,
the supreme court at Washington. TIL
state won and thenceforth there were n
~quarrels over railroads in Montana.
Driving the Golden Spike
The last rail of the Northern Pacific rail
road was LAID with impressive ceremOnie
on the afternoon of September s, 1885
There is, perhaps, no event in the ANIMAL
of Montana over which so much and s
bitter dispute has arisen than this drivin
of the golden spike at Gold Creek, NJ. z
Some contemporary writer's aver that tn