Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1881-06-10

diplomatic correspondence is likely
to ensue.
Terms of the Compromise.
PHILADELPHIA, May 27.-Ths true
story of how MIR. Henry Willard OBJ
tanned control of the Northern Pa
cificraiir DAD, and no " his suit against
the company came to be abandoned,
was told to-day by a gentleman who
is familiar with the inside history of
the secret negotiations, the finale of
which so surprised the railroad
world. Captain Ainsworth, an old
Pacific coastman. was the mutual
friend who was chosen to pour SWEET
words into the ear of President Bill.
lings. He made long ago q direct
offer of $50 for that 9entleman's
common stock and $50 for preferred,
in all some s., 900, 900. Mr.. Billings
spurned the offer, and insisted that
there could be no compromise until
all the lawsuits were withdrawn.
He was sincere, and his action dis
armed his friends who owned q ma
jority of the stock of the road. Then
Willard began to use little diplo-
macy and gradually Billings began
to weaken. He was surely under a
great temptation, aud Mr.. Willard
proved an arch tsmpter. Mr.. Bill
ings owned $50, 200 shares of stock
that he had paid 81 50 for, seven
years ago. He was offered $50 cash
for it. 1t was also suggested to him
that he was killing himself by hard
work, and that it was time that he
should retire from business and
make provisions for the disposal of
his estate. This argument was po-
tent one, for Mr.. Billings is suffering
from Bright's disease, and his health
is very precarious. Carl Schruz alec
used his power of persuasion on Sir.
Billings, at the last gentleman, whis-
pering: He would never consent"
to his friends, consented. A plan
of compromise was secretly drawn
up and agreed upon. It involved o
fair arrangement for both sides and
an entire and complete dessrtion by
Mr.. Billings OF his friends. The
points of the agreement which were
signed by Mr.. Willard for himself
and associates, confirmed by the
board, were:
First The recognition of Mr..
Willard by admitting two of his
friends to the Directory.
Second-The building of the Cas-
cade division as soon as the surveys
were completed.
Third-That Willard should cast
his vote and proxies at the Septem-
Der election for q majority Of tho
present board of directors.
Fourth-Thst the road from Taco.
ma to Portland, which is already
completed to Kalama, should be fin
ished as soon as possible.
Fiftb-That the suits should be
Withdrawn by Mr.. Willard, and no
further obstacles be placed to the
issue of the $50, 900 shares of new
stock.
Sixth-That Mr.. Billings transfer
to Mr.. Willard $4,000, 900 Of stock at
$50.
1t is generally said that there is q
private agreement between Mr.. Bill
lings and Mr.. Willard by which the
former will retire from the Presiden-
cy of tho road before June Is, and
it is thought Mr.. Willard will sue
coed him. The compromise and sale
of Mr.. Billings stock gives Mr.. Vii
lard undisputed control of the road.
It will be seen that MIR. Billings sells
Mr.. Wizards 5000, 900, which cost
him $75 900. To get the rest, which
was necessary to give Mr.. Willard
control, Mr.. Billings bought ST.
000, 900 of stock in the market and
took two friends into the secret, who
furnished the other $4,000, 900, Ell
Their out of their holdings or by pur-
chases in the market. When the
board met, 10 one knew of the ar
rangement Of the proposed COM
promise, aud when it was announced,
Mr.. Billings excused his action on
the score of ill health. The actual
sense of the board in tho agreement
was not taken. Mr.. Willard had con-
troll Of tho road, and there was moth
ing to do but to agree to what was
inevitable, 20 there was no opposi.
ton to it.