New-York tribune., 1883-12-18
RETIREMENT OF MR.. WILLARD
GIVING UP TWO OF HIS PREsIDENCIEs.

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MAINS PRESIDENT OF NORTHERN PACIFIC.
Henry Willard resigned the presidency of the
Oregon and Transcontnental and the Oregon Railway
and Navigation Companies yesterday. He still remains
president OF the Northern Pacific Railroad Company.
The announcement caused confusion in Wall Street
Early In the day there rumors Of some change IN
the management Of the Northern Pacific companies, but
they were not confirmed until the middle Of the after
noon. 1t was then stated officially that Mr. Willard had
retired from the two companies 1t said that Will
lam Endcot jr, OF Boston, would succeed him as pres
dent OF the Oregon and Tanscontnental Company and
T. Jefferson Coolidge OF Boston, president Of the Ore
gon Railway and Navigation Company. There were no
meetings OF tho directors OF these companies but 1t is
understood that the choice OF Mr. Wizards successors
made by mutual consent OF OF the large stock
holders or the companies Mr.. Willard said to TRIBUNE
reporters The published statement is correct because
wrote myself Mr. Endicott is unchng here, but he
says hat lie has nothing to say to newspaper reporters
The statement written by Mr.. Willard is as follows:
Impressed with the conviction that it would not be
proper lot him TO continue as president OF all the
panies whose management lie has heretofore directed
continental line Mr. Willard some weeks ago 1rgcnfIv
pressed MI EndcOt 10 accept the presidency OF the
oregon and TranscOnncntal Company. Mr.. EndicOtt
felt obliged tG decline and now accepts only at the
renewed request OF Mr. Willard and other members OF the
Board In connection with these changes syndicate has
been organized which has taken firm n part OF
bonds now owned by the oregon and Transcontncntal
of dollars This will relieve the Oregon and Transconi-
mental company OF the larger part Of the debts which
have OF late been so burdensome ana will enable the
company to resume sound financial position. report
OF the condition OF the company will DE made as soon
the committee appointed by the Board at Its last meeting
has been able 10 make proper examination, which will
time be positively asserted that the report will show
on hand an aggregate Of stocks fully equal to the amount
held at the time Of the annual rcpOrC In June last
CAUSE OF MR. vILLARDs ACTION.
Mr Willard understood to have resigned AZ drectorin
the Oregon and Transcontincnta Company His private
secretary said that he had left the Board motives Of
dccacy because OF the intimate relations between the
company and the Norhen Pacific Railroad II prob
able lac said that there will arise intricate questions
between the. two companies, and Mr.. Willard does not
consider Il proper that he should both sides OF
them. that his personal interest in the
pauic- Is just large 1t has been. His re-na-
ton T. not AT all utimaton that he has closed out his
interest In the stocks N the companies"
The o Mr.. Nllards retirement caused some cx-
u'cmcnt IN Wall Street. oregon and Transcontincntsl
stock from 324 TO 39's TO 39s; Northern Pacific
preferred from ioa. % 10 5-i and common from 81
TO 27i- Oregon Railway and Navigation, which usu-
ay f. quiet stock from lO2 10 llOi2 to 1922.
The recorded transactions In these stocks were much
larger than usual aud at times they attended with
ttc excitement The extraordinary adviu In con
sequence " the announcement well maintained TO
tho close Of business. Tho committee appointed to
anime the affairs ~ tho oregon and Trluscontucnta had
completed - work yesterday and II said that II
would bc several days before IT, report would DE made
public. President Rolstou ~ the Farmers Loan aud
Trust COMPANY accepted the invitation ~ the committee
10 unite in the Investigations II stated. but not By
the committee that the company had nearly $4,000 900
~ assets in cycr-s of an liabilities Nr Willard orgar-
lied blind pnol IN the spring 81 l-~l. to which
the leading bankers Of this city contributed money
10 was profc--rd for time that the purpose ~ the
pool VI. known only 10 Mr.. Willard The Oregon and
TrtnscontineniIl Company, which was Organized under
the law. Oregon Ia jane. l-Sl. the alLatOn
the blind pool" n had majority ot the stock Of the
Northern Pacific Railroad and, by the favor Of Mr. WI
II changed 10 once the management ot the Northern Pa
cinc Company. and Mr.. Willard succeeded Frederick
Billings president under whom the road had advanced
slowly. MI Billings and some others of the old dlrcc-
tor did not abandon the Boarl their tn
tefc-t the road Tho work OF construction pushed
hy the management and the line Was opened FOR
business la-t summer.
Tho cost ot thc road was considerably larger than it
had been estimated hy either MANAGEMENT bt the ore
ruu aud Tuiu-cputtcutal Company furnished the new
outlay II l- generally understood that n raised the
Cutr- In t- treasury. There have recently been Scrl
ON. dl-.cusiOu- among the directors ~ this company
well among those Of the Northern Pacific Company.
A FURRY ~ NEw-YORK CENTRAL.
There was a slight furry IN Nrw-Iork Central stock
Yesterday afternoon. About 1000 shares bought
under the rule but Of the brokers for whose
the stock bought protested that they had not
received The notice required by the rules ~ the stock EI
change The principal firms which made this objection
William Heath & Co., and John Eluodgood Co.
II Is said that Ia both the purchases made FOR them
President Hatch said last night that he had received no
formal protest from any but that while on the oOr
several brokers had said 10 him that they had not re-
cciycd proper notice The hulk OF the purchases were
made al the demand OF Kuhn. Loeb Co., and the pruc
pal members OF this firm said that the requisite notice
had been gwen Ia every case