Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1881-03-26

2.155: Abram Coburn, 2,976; VIM. Shaw
4O2l: Richard D. Rue, 2,522; T. A. Garfield,
1859; VIM. Window, 2,146; Jesse Hoyt, 2,1y;;
j. Wells, of Winslow, Lanier q Co., and
John c. Bulett, of Decolmayn & Co., directors
of the Northern Pacific, have sent written
protest to President Billings against the issue
Of 18O, 600 shares of stock, claiming it was not
rirhtful, having been accomplished without
knowledge Of the directors, neither OF them
having been informed of the proposed action:
It is declared in the interest Of the Willard
syndicate that the issue had for its sole object
the embarrassment of Willard, the opposition
believing that the $4,000, 900 block
recently purchased was bought on
margin, and it was their idea that the issue of
a large volume of stock would so lower, the
market that the bonds would call in their
loans, which if not paid, would at once rem.
der necessary the sale of the stock, thus
affecting the utter decentralization of the Viii
lard pool. The announcement OF the stock
exchange of the granting the Injunction, had
the effect of depressing Northern Pacific COM
pany's stock from ~, at which figure 1t open
ed, to 37X. Preferred opened at at SIX, and
dropped to 66.
SIN FRANCISCO, March 26.-Henry Willard,
of the Oregon Navigation & Railroad company,
gon, about Northern Pacific railroad matters,
which says: Gall you have said regarding
our obtaining control OF the Northern Pacific
is substantially true. A fund of $12, ,o00, 600
was made up in January, of which the "blind
pool contributed S1,000.000, the remaining
s11 100000 being provided BY loans
to the pool With s1o,oOO,o00 Of
this money we secured ,contro! OF
$27, 100000 of common and preferred
stock, thus making an absolute majority. In
order to conciliate existing interests I went to
President Billings, told him frankly what had
done, and invited him and his friends to come
into the combination, or sell QUITO me at their
own prices. He declined to do either. There
upon gave him to understand would have
to make up an absolute majority against him.
He expressed anxiety to come to harmonious
understanding with our interest, saying that
among other things we ought to have tmme-
diate representation on the board. At request
of some of the directors prepared and printed
statement of our views as to what the rela.
tions of the two companies should be. This
statement was submitted to the Northern Pa
cifc board last Thursday. and special COM
mittee was appointed to consider and make
recommendation upon the relations OF
the two companies Friday last, however,
after adjournment of the full board meeting
and departure of most of the out OF town
m embers, Billings called the remaining mem.
bers of the executive board secretly together
and prevailed on them to pass resolution di-
recting the immediate issue Of over 81 SOC, ,00O
of stock still in the hands of the company, the
object being of course to maintain Billings
and friends in power. No notice
of the proposed issue was given
to the other directors, three of whom
have already denounced this proceeding Of
ficially as an outrage, which fact am author
lied to publish. Billings appropriated to him.
self 1900 shares, and his confederates many
thousands of shares EACH"