these threatening consequences. He formed the boldest resolution of his whole business career. It was nothing less than the acquisition of a sufficient amount of Northern Pacific shares to influence the direction of Northern Pacific affairs, to which stock interest should be permanently joined the large majority of Oregon Railway & Navigation stock held by himself and his followers, so as to insure lasting harmony between the two corporations.
In pursuance of this object, he conceived the plan of forming a new company which should purchase and hold a controlling interest in the Northern Pacific as well as in the Oregon Railway & Navigation. Foreseeing that a regular supply of capital would be needed for years for the development, by branch lines and otherwise, of the enormous stretches of wild country tributary to the two companies, he enlarged the scheme so as to make the new corporation also a financiering company for the two others. He had gained enough experience in Wall Street by this time to know that, if his intention to form such a company for such a purpose became public, he would never be able to secure his main object the purchase at reasonable figures in the open market of the large amount of the two stocks he needed. He therefore determined to begin by buying as secretly as possible all that his private means and credit permitted. Only a few of his most intimate friends were aware of his operations. Having gone as far as he could on his own account, he decided, in February, 1881, to call on his supporters generally for further funds in such a manner as not to disclose the object he sought to accomplish. With his absolute faith in the soundness of his project, he felt justified in taking large responsibilities, and did not hesitate to make the boldest possible appeal to personal confidence by asking his followers to intrust their money to him without being told what use he intended to make of it. Accordingly, he issued a confidential circular to about fifty persons, informing them that they were desired to subscribe towards a fund of $8,000,000, to
