Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-12-19
WILLARD MUST GO.
Such is the Verdict Of the Stockholders
Of the Northern Pacific.
SO DAME RUMOR AsSEYERATEs.
But Mr.. Willard Denies the Self Ina
parchment aud Prspo ses to Stick.
THE REAsoxs FOR THE CHANGE.
atch Runners Conaeete with
the Road and Its Management.
Especi. al Telegram t. the Globe. |

Especial Telegram to the Globe
NEW YoRk, Dec. 19.-The rumor that
Mr.. Willard is to resign the presidency Of
the Northern Pacific has not been con-
firmed. Mr.. Willard will not be called
upon to resign the presidency of the
Northern Pacific company for some time
yet. Certain financial matters remain to
be settled before this is deem ed advisable.
Mr.. Billings, however, as chairman of the
executive committee of the board of di-
reetors. will be the virtual head of the
company. He will have the active support
of Messrs. A. 81. Barney, r. P. Cheney,
Charles B. Wright, of Philadelphia, VIM.
Stockpole, of Boston, and others who are
strongly opposed to the present nominal
president. Mr.. Billings ia the largest in
dividual holder of Northern Pacific securi-
ties, owning 15,00e shares of the common
stock and $4,000 Of the preferred, besides
100000 of the first mortgage bonds
and $26O, 900 of the new second mortgage
bonds. Mr.. Willard was not in his Office
at any time yesterday, but was
seen up town BY . reporter. He said: i,
"The management of the six large coma
panies of which have had control was
too much of load for me, and found it
impossible to give each the executive sars
required. Ny physician has cautioned me
to relieve myself of part of my burden
or might expect collapse at any. time
Hence L took my decisive step. That
was one of the most potent res
sons for my resigning the supreme
charge of the Oregon & Transsontinental
and the Oregon railway and Navigation
| companies. But there are other reasons
| and strong ones. The relations between
the Northern Pacific and the allied corpor-
atiens are such that I was placed in g po-
| sition to decide points at issue which it
was highly improper for me TO do, being
| interested on either side. There are some
| claims of the one and the other zpon
| which I ought not to pass in a dual
capacity. I shall not retire
from the presidency of the Northern Pa
cific railroad, and no suggestion of the
| kind has been made to me from any quar-
| ter, nor would entertain such a suggas-
| ton for moment. voted at the last an
nual election 1854, 100000 of stock directly
a hV~Y olnn
post until majority of the stockholders
shall decide otherwise"
Notwithstanding these positive declara-
tions, the conviction on Wall street is
that Mr.. Willard did not
resign from tbs two Oregon companies on
account OF sense of propriety or because
of failing health, and that as he was
forced from these organizations, SO it is
only q question of time when he will be
forced from the Northern Pacific. officials
and directors of the company are, of
course, very reticent, even those who are
| antagonistic to the Willard management,
but they let out enough yesterday to plain
ly indicate that there is a
determined movement in the
direction of retiring Mr.. Willard
and endeavoring to save the company.
Mr.. Willard said Mr. Henry CIews has lost
no money through his connection with the
Oregon Transcontinental company, but
everybody else has. Those who placed i'm.
plloit faith in him are the worst sufferers.
do not believe he had much interest in
the company. Now his new house shows
where part of the money has gone. The
whole concern is bubble.
Il am not capable" said President
Hatch, of the stock exchange, "of giving
my opinion of villiaras, resignation, or I
have rot followed the movements of hi.
stocks. know Mr.. Willard, however. and
have always considered him an honorable
man."
Another Wall street broker said: "It ia
simply ease of railroad wrecking on the
part of Mr.. Willard. You can't put il too
strong, and though for variety of reasons
ne WILL not retire probably for several
moaths yet, his withdrawal is only ques-
ton of time and is a matter settled. Ithas
not been mentioned in the board of diree-
tors, but there is very generally dissatis-
faction among tine older members of the
board.
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