The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-01-05
lie Is HOnOred by a Vote of Complimentary
Resolutions, and Granted $1O,0OOa
Year for His Services.
The Ruined Magnate Makes an Assign
ment Of His Property.
How His Vast Fortune Was Swept Away in
PrOpping the Stocks and Protect
ing Trust Investments.
MIR. WILLARD RETIRES.
He Resigns the Presidency of the Northern
Pacific and Is Voted $4,000 a Year.

He Resigns the Presidency of the Northern
Pacific and Is Voted $4,000 a Year.
New YORK, Jan 4-The annual meeting of
the board of directors of the Northern Pacific
railroad was held in the Office of the company to-
day There were present Frederick Billings,
Ashbell H. Barney, John w. Ellis, Roswell G..
Ralston, Robert Norris Thomas F. Oakes J.
Pierrepont Morgan, August Belmont, j. L. Stack
pole, Benjamin Cheney, John G. Bulltt and
Henry E. Johnston The following letter from
Mr. Willard was read:
ITO the Board of Directors of the Northern Pacific
Railroad
II hereby offer my resignation as president of
your board. feel constrained to take this step
fer two reasons. One is, l am suffering from
nervous prostration, which renders me no longer
capable of properly discharging my official duties,
and my physicians advise absolute Austen
ton from all active employment as
condition of recovery of my health.
The other reason is, that in my
own opinion, no less than in that of my personal
and business friends, the interests of the
pany call for a severance of my connection with
it 1t is a sad reflection that such should be the
unjust result of years of severe labor and CON
sulning anxiety which have spent in my en-
destvors to serve the company conscientiously
and to the best of my ability but my feelings
shall not stand in the way of the welfare of the
stockholders I am consoled by an abiding con
all have DONE l may, as soon as my health
permits, ask the privilege of submitting to you a
summary of my administration of the company's
affairs. Allow me to express to you in conciu
81 q, my sincere thanks for the cordial support
and appreciative sympathy you have at all times
extended me- II. VuLARD.n
The resignation was accepted. Messrs Nor
gan, Billings, Cheney, Bullitt, Harris and Bel
mont were appointed committee to consider
what action should be taken by the board owing
to the retirement of Mr.. Willard as president
Mr.. Wizards resignation as director was laid
on the table. The committee was author
lied to call special meeting for the election of
a president. The directors adopted resolutions
ceasplimentary to Mr.. Willard, and voted him
$l0,O year for his services during the time
that he was president of the company
The finance committee reported that the
amount of money still remaining from the pro
ceeds of the $1S 200, 900 second mortgage bonds
and other cash assets specially applicable to the
liquidation of the indebtedness, embraced in the
circuarto the preferred stockholders on Oct II
last amount to $5, 1881 while the obligations
against the same, together with the balance of
the amount required for construction and equip
ment amounts to "a, ,015935 showing a surplus
of 81, 156, l57. In addition to this the company
BILE to the payment of interest in its
general first mortgage bonds, due on the 1st of
July next, amounting to 81, 200, 600.
Wce-president Oaks, who has made an inspec-
tion of the road by daylight makes lengthy re
port of the physical condition of the property
and its future prospects. He states that with
the exception of 100 miles of road last completed.
west of Helena the road bed and track was
found in frst-class order. The hundred miles
referred to be will require to be bal
lasted with gravel to put it in proper
condition for economical operation This
can be done with an expenditure of IS, 900, which
has been provided for in the estimate of oper-
ating expenses He estimates that the cost of
putting the equipment in frstclass order will be
$421, ,274.
A statement of the earnings and expenses
was also submitted. The gross earnings
from June 80 to Dec 81 1888
inclusive December being estimated are given
at S. 63S $685. operating expenses, including
rentals, taxes, and betterment to Oct. 81 1883,
$4, 427, $780, leaving surplus of 1921 ,293; es-
timated earnings for the balance of the fiscal
year. 81, O50, 900, and operating expenses includ-
ing rentals, taxes, and betterments So 923, OOO
leaving surplus of So 127, 900, which, added to
the So, 2l1, 293 remaining from the operations of
the first six months, would give total surplus
for the year ending June 30, 1884 of So, 33S, ,293
Interest charges for the entire fiscal year are
estimated at 49, S82, 34l, leaving net surplus of
81, ,455, 952 The report also gives detailed in
formation of the condition of the country tribu-
tary to the road