Montana oil and mining journal. [volume] (Great Falls, Mont.) 1931-1953, 1936-12-12

\ 80 percent Of the bonds had been con-
4 verted into preferred stock, and the
! corporation, thus reorganized, was in
! possession Of $50 miles Of roadway,
completed and equipped, with an al
ready earned land grant Of 10000, 900
acres and the right to earn. by the
completion Of the line, 10000, 900 acres
more.
Progress Of the company was rapid
after that, although there were times
when money was hard to get and when
preferred stock of the corporation
brought only rs or 30 cents on the
dollar. 1t was not until the close of
1878 that financial measures were de-
viSed for the construction of the di-
vision west Of the Missouri river.
Push TO Coast Begins
At that time Mr.. Billings again ap-
peared on the scene as the savior of
the company, the success of which was
still a matter of doubt. At his recon-
mendation and largely through his eff
forts, bonds were placed to the amount
of s., 5000 secured by a mortgage on
the section between the Missouri and
Yellowstone rivers, together with its
share of the land grant at the rate of
$4,000 acres for each mile Of completed
road. Thus at length the line was
pushed westward from the Missouri /
After Mr.. Billings was made preSi- |
dent of the road in 1879, came the most I!
active period in the history of its con- Z
struction. At his advice the directors /
decided to resume work on the Pa (
cific coast end Of the line from the I
juncture Of the Snake and Columbia 4
rivers east to the Lake Pend d'Oreille.
AS in the case of the Missouri river eX-
tension, bonds were issued, secured by
a mortgage on the road and land grant,
in this instance at the rate of $4,000
a mile. In the following year, while
work on the Missouri and Pacific coast
divisions was still in progress, con-
Struction was begun westward from the
Yellowstone and preparations made for
along the entire line.
In 1880, through the banking house
Of Winslow, Lanier & Co., of New York,
D general mortgage was executed for
$40, 900, 900, issued in bonds bearing in
,erest at percent and redeemable in
1921. The issue was taken by a syn
iicate at prices ranging slightly above
20 and with a bonus Of percent in
preferred stock. When, in 1881, con-
.rol Of the road passed into the hands
If Henry Willard and associates, Bill
ings resigned as president.
Generous TO Namesake City
Billings was named after him by the
Toup of Northern Pacific officials who
aid out the city and who had been 4.
associated with him in the building J
md management of the road. Mr.. Bill :
ings' connection with the city did not :
'egin until after its founding, but he |;
ater had much to do with its upbuild- /
1g and made generous donations to
S welfare. Almost before the town
ad emerged from the tent stage, he i
ave money for the building Of Con- =
regational church, although he him :
Elf was a Presbyterian. He also gave 4
loney towards the erection of the :
rst school building The Parmly Bill /;
ngs Memorial library was later given 4
, the city. In all, the gifts of the Bill y
ngs family to the city Of Billings total 7,
| the neighborhood of $125, 900. =
Frederick Billings was born at Royal Ii
N, VT, Sept. 81, 1928. When he was !,
years old his parents, with their \
lmily of IL children, moved to Wood s
ock VT, which has remained the Biz a
ngS home since that time. Frederick =
filings was graduated from the Uni n
.rsity Of Vermont in 1874, then studied q
W in the office Of o. P. Chandler Of 4
Ioodstock, and was admitted to the
" In 1848. For two years he was M
VII and military attache TO Gov. Hor- X
e Eaton of Vermont oi
In the fall of 1848, Billings joined the N
sh to California where gold had been IA
in 1847. He landed In Cali nj
rnia In the spring of 1849, after a N
ip around Cape Horn, but he had no n
)tion Of engaging In mining He was OF
lawyer, and he opened law offices in "
In Francisco. After practicing for a b.
me alone he formed a partnership 81
It'll Archibald @. Peachy, under the b
nm name Of Billings g. Peachy. 81
Influential Lawyer hi
From the first Mr.. Billings ranked Fl
remost among the members Of the M
" in the new metropolis He avoided hi