. Jay Cooke : financier of the Civil War . uld perfect their ar-rangements to abolish the company and merge its inter-ests with those of the Northern Pacific Land Depart-ment under the efficient direction of Frederick Bill-ings. The proposition was shortly made to the stockholdersand there was much antagonism to the plan by WilliamThaw and his friends in Pittsburg who had beenbrought into the pool by General Moorhead. They helda stormy meeting, refusing their proxies in favor ofthe change and stating that they had greatly relied uponthe profits to accrue to them from the land these
. Jay Cooke : financier of the Civil War . uld perfect their ar-rangements to abolish the company and merge its inter-ests with those of the Northern Pacific Land Depart-ment under the efficient direction of Frederick Bill-ings. The proposition was shortly made to the stockholdersand there was much antagonism to the plan by WilliamThaw and his friends in Pittsburg who had beenbrought into the pool by General Moorhead. They helda stormy meeting, refusing their proxies in favor ofthe change and stating that they had greatly relied uponthe profits to accrue to them from the land these privileges were now to be withdrawn they musttake a very different view of the investment. A num-ber of them came to Philadelphia to see Mr. Cooke andas Pittsburgs defection at this time could not be happilycontemplated the plan was changed at the last moment,and under new management and with a new understand-ing of its functions Mr. Canfields company was these changes counted for efficiency of administra- i To J. C, April FINANCIER OF THE CIVIL WAR 333 tion and seemed to be called for by experience, much ofit rather sore. The Northern Pacific Railroad by this time had cometo be an extensive property, and if all the expectationswhich had been formed for it in the first three years ofits history were not realized some results that must beaccounted very important, under all the circumstances,were attained. Duluth was striding forward and in thesummer of 1872 it was said that the city contained 2,500houses. They rented readily at $40 a month and nonewere to be had at that price. Schoenberger, the pro-prietor of the Duluth Iron Works, promised Mr. Cookethat they would go on like race horses. The peoplestill had many of the faults of new western scurrilous were the newspapers that the principalcitizens of the place were compelled to call a publicmeeting and prepare a memorial to the editors, inci-dentally threatening to withdraw their advertisements,i
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