The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1881-05-15
Willard and the NOthern Pa.
effic.

New York, 13.-ITibune: The contro
Of the Northern Pacific Railroad by
the Willard combination 10 appearance
is accomplished. An agreement ha:
been made by which Willard buys thu
Northern Pacific stock OF President Bill
lings, amounting to about IS. 900, 600 snC
consents to the discontinuance Of suit!
against the company to snnul its recent
issue of SIS, 000,O0e in stock. On thS
other hand Willard is to have q majority
the agreement was signed or not yester-
day, was not made public, but high
authority said there was no doubt il
would be carried out If it was satisfactory
to both parties to the contract. Presi-
dent Billings and Mr.. Willard were not
seen yesterday, but both men were in the
city. An officer Of the Oregon Railway
and Navigation Company said, he could
not furnish details of the agreement, but
it gave control Of the Northern Pacific
to the combination. Referring to the
recent issue Of common stock, and
suits brought to set it aside, he ssid,
the agreement leaves wholly unsettled
the question Of the legality of that
issue; the new stock will have take
care of itself. The present suits are
TO be discontinued, but, Of course, no
guarantee is given that the question may
not come before the courts on the suit Of
other stockholders. All we do is sim
ply to say we will withdraw our suits.
AS to the new stock, it remains exactly
as before the suits we're begun. What the
Stock Exchange may do, or what the
public may do with the new stock, is for
them to decide. think the new board
will take 10 action about it. As to this
new board, Willard will have all the
seats he asks for, but am not at liberty
to specify the number. 1t is in proper
ton, certainly, with Willard control of
the stock; he agrees to buy President
Billings stock, or rather, the most Of it.
New York, l4.-In regard to the re-
port that an agreement had been made
by which Willard, president of the Ore
gon Railway and Navigation Company,
had bought the stock of the Northern
Pacific Railway, owned by President
Billings, valued al S8,0O0,000 and con-
sents to a discontinuence Of the suits
brought against the company TO annul
the issue ofstock, the Pos! furnishes the
following statement:
A reporter Of the Evening Post visited
the office Of Ike Oregon Railroad and
Navigation Company and asked Presi-
dent Willard il there was any truth in the
story printed this morning. Willard re-
piled: While it is true that negotiations
have been progressing between the two
sides, with view to q mutually satisfac-
tory arrangement, no agreement has yet
been reached The published version of
the details of the proposed agreement is
incorrect in the most essential particulars,
No officer Of Oregon Railroad and
Navigation Company, except myself,
has been cognizant of the details OF
negotiations. deem it due 10 President
Billings to state that there has been no
desire on my part to bring about his re-
tirement, or that Of the majority of the
present board Of directors; on the con-
trary, have offered to Billings the sup
port of the stock represent, as deem it
Of vital Importance that one, so long and
so identified with the enterprises, should
add that in the present as in former nego-
tistions, Billings has acted with the ut
most loyalty, both to the interests Of the
Northern Pacific Railroad Company and
to those who have been associated with
him so long in its management. He has
always subordinated his personal inter-
ests to the protection of what he con-
sidered to be the interests Of the COM
pRuy, and he has steadily insisted that in
any agreement between the two parties,
the Grst consideration should be the
policy that would assure him the best
prosperity of the company, before even
considering personal questions.