The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1883-12-20
ASTORIA, OREGON:
vILLARD's DOWNFALL.

IEOn NeN 10TH come NarleU
notes OF comment concerning Vii
lsrd's abdicatioh, all voiced in the
same key. One stakeholder said:
There has long been great dissatis-
faction over the condition of affairs
OF all the Willard companies. Since
the extent OF the indebtedness of the
Oregon Transcontinental company
has been developed, this feeling has
increased, and it was determined that
some change must be made at once.
Was his policy ever so sagacious the
suspicion which has become attached
10 his actions renders him like unto
Jonah, who must be thrown over
boad or the ship viii sink. For the
present, but only nominally, Fred
erick Billings has resigned from the
Oregon and Transcontinental direc-
tory, and will take charge OF the
Northern Pacific railroad again. He
abandoned one to save the other. His
stock was sold last week, and was
among the long stock then unloaded.
BE was disgusted with the way the
blind pool was conducted, and
disagreed with his colleagues on mat
ters OF sentiment as well. Willard is
probably millionaire, but not more,
When he loses the Northern Pacific
presidency his revenues viii be de-
creased all of $4,000 year. His two
big houses viii be too large for him
then. There is a large mortgage on
the place now"
The opinion in Wall street is that
the change is the best thing which
could occur for the company inter
ests, and Billings, being the first
president, has better knowledge of
this system of roads than any other
man living. He Is several times a
millionaire, and the public has conf
dence in him. His policy viii be a
conservative one, and he will favor
retrenchment. The change can't be
for the worse in any event" said q
prominent operator.
John b. Hilliard, z well-known
broker, is reported as saying: ''It is
such a position as Vanderbilt was
placed in when he resigned the presi-
dency of the New York Central.
When an officer sees that the stock
of his company is booming and the
stockholders are making money, it is
for his interest 10 remain in the com
pany, perhaps when these stocks
begin to decline and only one officer
is making any money out of the con-
cern, there Is naturally dissatisfac-
tiOn. President Willard Is trying TO
do just what Vanderbilt did. Should
Willard also resign the presidency OF
the Northern Pacific said the
broker, ''he viii still be worth S10,-
100000, while many OF tha men who
have been clamoring FOR his retire
ment from active control Of the road
he built, will be compelled TO begin
life anew. The great trouble with
Willard is his total indifference TO
what men about town say or thing.
He is cold in his nature and loves
money. He started out in life to be-
come a millionaire, and be has
amassed so much wealth that he is in
a position 10 laugh at and defy his
enemies
The Tribune quotes his secretary
as saying that Billings left the board
from motives of delicacy, and because
of the intimate relations between the
company and the Northern Pacific
railroad. 1t is probable that there
will arise intricate questions between
the two companies, and Willard does
not consider it proper that he should
vote on both sides of them. Il am
sure that his personal interest in both
companies is just as large as il ever
has been, and his resignation is not at
all an intimidation. He has closed
ont his interest in the stocks of both
companies"
The Tribune says the changes
would indicate in some particulars
that there were difficulties of which
the public had not been advised, and
yet the event proved that the time
when there seemed to be no bottom
was, as usual, the precise time for
short Spectators to be most wary.
The Times says: There has been
some sharp criticism of Wizards pol
icy uttered by men whose financial
interests have suffered greatly from
the decline in Northern Pacific secur.
tiles. Some OF the heaviest stock
and bondholders of the road it is
reported, have regarded with grow.
ing discomfort the decentralization OF
their securities. Complaint has beer
made that Willard has shown no dis.
position or capacity to stay the down.
ward tendency of these stocks and
bonds.
The Commercial Market Repoyte1
says: A prominent operator, acquaint.
ed with the inside history of the Vii
lard properties, declares that Willard
was given unprecedented control Of
all his financial transactions, and the
board OF directors were not fully
aware of the actual condition of af
fairs until the depreciation of theil
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