New-York tribune., 1884-01-05
THE NORTHERN PACIFIC.
RESIGNATION OF PRESIDENT WILLARD.
HIS PLACE NOT BILLED-THE COMPANY'S CONDITION
AND RrsINEss-MR. oAKEs's REPORT.

HIS PLACE NOT BILLED-THE CoMPANY's CONDITION
AND BUsINEss-MR. oAKEs's REPORT.
The directors of the Northern Pacific Railroad
Company held long meeting yesterday. The resignation
of Henry Willard president was accepted but his resg
nation as director laid the table His successor as
president was chosen, and, although the question
naturally came up there discussion over It, One
OF officers OF the company said, after tho meeting
that there seemed to be reluctance the part OF every
member of the Board to take any decided action MT
Wizards letter OF resignation In sealed envelope
which was opened by YceProsident Oakes In bis Official
capacity The resolutions aferward adopted were sad 10
have drafted by different members Of the Board but
the names Of the directors who presented them were not
made public The vote on them was unanimous Mr..
Willard who has received any pay as president OF
the company given annual salary Of $4,000 Tor
the time that he had served. The meeting was adjourned
subject to the CO OF the special committee appointed to
select new PRECEDENT.
MIR. vILLARD's LETTER OF RESIGNATION.
Mr.. Wizards letter OF resignation l. as follows
NEw-YoRK. January 1, 1884.
To he Board Of Directors Of ne Northern Paeidc Rail
hereby Offer my resignation president of the com
pany, and member OF your Board feel constrained
TO take this step for two reasons one Is, that am sur
ering from nervous prostratOn. which renders me no
longer capable Of properly dischargng my Official dntes
and my physicians advise absolute abstentat0n IRON
all active employment AZ condlton OF tue recovery OF
health The other reason Is that in my own opinion no
interests OF the company call lor severance oi my con
II is sad rejection that such should be the unjust
suit of the years OF labor and consuming anxiety
which have spent in my endeavor 10 serve the company
cOnscientiousy and the best of my ability. But my
feelings shall rot stand In the OF the welfare OF the
stockholders. l am consoed by an abiding confidence
that the future will completely vlndlcate all that have
done Imay, as soon az my health permits me- ASK the
privilege Of submitting to you summary OF my admin
10 you in conclusion ms thanks for the cordial
support and apprecatige sympathy you have 2t 9 times
| extended to me. H. WILLARD
RESOLUTIONS ADOPTED.
Tho following resolutions, after the letter had been
read, adopted:
Rcsolred, That the resignation OF Mr. Willard OF the
Office Of president OF this company be ana the same Is
Rs"SSJrrd Thai the resignation OF Mr. Willard as
| director of this company be laid upon the table.
RcSoired That a sp 'cia committee be appointed, con
ssting OF Messer', Morgan Billings ChGhe!, %bclon % ~
by the Board the retirement OF Mr. Willard also
what course to pursue In relation TO the seecuoh oi
Resoiecd That special meeting OF the Board be called
upon the report OF this committee whenever %
Rcsoirrd That the directors of the Northern Pacific
Railroad Company IN accepting the resignation OF Henry
Willard esq president beg 10 express 10 him their deep
sympathy Is his severe Illness their regret AT the CAUSES
which have brought about his ieslst'on, tA1 t
ton OF his great energy In pushing ON the G
successful completion Trunk Line ana theit SihCuo
hope that he will soon be restored to health anu Po'
penty. .,,o. ~. ,,,,,ra ,Iur
his presidency has voluntarily received no salary what
ever the treasurer be directed to pay him at the rate Vi
a
STATEMENT OF TIE FINANCE COMMITTEE.
The Finance Committee then reported that the amount
Of money stl remaining from the proceeds OF the Sls
second mortgage bonds and other cash assets
specifically applicable to the iquidlOn 0f the indebted
ues embraced IN circular to III" preferred stockhold
crs dated October II last, amounts to SJl7l09l TO-
while the obligations against the same. together with the
balance OF required for construction and equip
mcnt amounts to SLOl5,s3l OF, showing surplus OF
SlI56l57 o. In addition this company has Oh
hand in cash the special fud applicable to the payment OF
interest on its general first bonds, due ON the
lst OF July next, amounting to Sl,2OO.O0O.
REPORT OF VIC president OAKEs.
This report was made after the detailed report OF Vice
President Oakes had been considered synopsis OF MS
| report was furnished for publication IS follows:
Iheg TO submit result Of my recent tour OF nSpec
on the main limo and branches Ny Inspection OF
the road made entirely by daylight consuming IN a
nearly three weeks time WIN the exception OF me iog
miles Of road last completed west OF Helena tho roadhed
and track were found 70 rztclass order Tho 100 miles
referred to will require he baasted with gravel to put
II In proper condition for economical operation Ih- Eau
be done with an expenditure OF $4,000, which have
made provision for In the estimate OF operating expenses
! herewith furnished ,-,,,.., :,
also in dscas order with the exception of some OF the
older ngnc- and passenger and freight car me es'Imat
ed cost Of putting these I'm good order Is aS follows: Loco
uoIycs &l-7gll; passenger cars, TlO9,9OS: freight
cars SI33 i55; total, Sl2l,27t. These amounts are
also included IN my estimate OF expenses commencing M
with the lat OF March, although in the event or irahc
proving lighter than anticipated, small expenditure
will should say ouchaf or even ohcthrd oi
this sum. would keep Onr equipment IN suuCHIty gOOI
order the requirements OF the tralc Tor the next
| The earnings and expenses OF the main line and
branches from June 30 to December 81 1883, inclusive
| december being estmated), are as follows:
| Gross Earnings. -.....--..-. :s6C3S,9S3
Operating expenses including Teg,as}
| and taxes improvcu. it- aud hettei-i .
! Inrnts to october 81, lsSd.....-.-...> 4f2i'6oo