VILLARD, HENRY

born April 10, 1835, Speyer, Bavaria died Nov. 12, 1900, Dobbs Ferry, N.Y., U.S. original name Ferdinand Heinrich Gustav Hilgard U.S. journalist and financier, who became one of the major United States railroad and electric utility promoters. Villard emigrated to the U.S. in 1853 and was employed by German-American newspapers and later by leading American dailies. He reported (1858) the LincolnDouglas debates for eastern newspapers and the Pikes Peak gold rush (1859) for the Cincinnati Daily Commercial. During the Civil War he was a war correspondent, first for The New York Herald and then for the New York Tribune. In 1881 he purchased The Nation and the New York Evening Post. As an agent for German bondholders, Villard became involved in railway organization. In 1875 he helped reorganize the Oregon and California Railroad and the Oregon Steamship Company and the following year became president of both companies. He organized the Oregon Railway and Navigation Company in 1879 and built a railroad along the Columbia River from Portland, Ore., to Wallula, Wash. In 1881 he secured control of the Northern Pacific, of which he became president. Its transcontinental line was completed under his management, but the costs so far exceeded the estimate that financial pressures forced him to resign from the presidency in 1884. He later recouped his losses, and from 1888 to 1893 he served as chairman of the board of directors of the same company. He bought the Edison Lamp Company, Newark, N.J., and the Edison Machine Works, Schenectady, N.Y., and formed them into the Edison General Electric Company in 1889, serving as president until its reorganization in 1893 as the General Electric Company.