Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1884-01-05

my Own observation made when I was out
vest last summer. Mr.. Willard has been
unfortunate, perhaps, bnt the situation is
nothing like What it IS made out TO be by
a pack of wolves who are bounding him
on. A pack of wolves, 7 say, no matter
who they are"
"What Go Jon think Of the general mar
ket?" Mr.. Hatch was asked.
II think prices have touched bottom in
stock. There may be little sifting out
yet, or sery email drop, but wa ara pret-
ty much 1.-THE bottom now. 1 believe in
eyerythi g at the present prices excapt
grain"
NR. RUSSELL SAGE,
81 am very sorry for Mr.. Willard .odeed.
I have always looked upon him as tnor-
oughly honest man."
'As regards the company, how do you
regard his retirement"
81 really haven't considered the matter.
have so little interest in it. I think Mr.
Willard has been too generous, too ready
to help out his friends. Perhaps, too. ne
has been a little too congenial as to tho
immediate future of his property expect
ed that great things would be accomplish
ed sooner than was possible"
f'What about the property a5 a prop
erty?" "Oh, it is fne; it is bound to
astonish the people. 1t will go ahead and
astonish us oil. It will Justify Mr. Vii
lard fully in the future. L think wise
man will hold on TO slI he can get and I
am willing to be put on record on that
head"
IWestsrn Associated Press.
New YoRK, Jan.4-The annual meeting
of the board of directors of the Northern
Pacific railroad is being held in the Office
of the company. Present: Fred Z. Bill
ings, A. Fl. Barney, John Wells, R. @.
Ralston, Robert Norris, Thos. T. Oakes, J.
P Morgan, August Belmont, J. L. Stack
pole, Benjamin Cheney, John @. BRllitt
and Henry e. Johnston. The presidents,
Henry Willard, resignation has been pre-
sented, but the action of the directors
will not be made known until
the meeting adjourns. At noon
the directors took recess Of half an hour.
1t is stated that thus far only routine
business has been transacted.
The following letter from Henry Willard
was read.
To the Board of Directors Of the North
ern Pacific Railroad company: horeby
offer my resignation as president of your
board. 1 feel constrained to take this step
for two reasons. One is, l am suffering
from nervous prostration, which renders
me- no longer capable of properly dis
charging my official duties, and my
physicians advise absolute abstention
from ell active employment, as condi-
tion to the recovery of my health. The
other reason is that in my own opinion,
no less tha1 in that of my personal and
business friends, the interests of tbs COM
pany call for the severance OF my oon-
nection with it, It is sad reflection that
such should be the unjust result of years
of severe labor, and consuming anxiety
which have spent in my endeavor to
serve the company conscientiously, and to
the best Of my ability. But my feel
ings shall Rot stand in the way
Of the welfare Of tho stockholders. am
consoled by an abiding confidence, that
the future will completely vindicate all
have done. I may, as soou as health per-
mits nae, ask the privilege of submitting
TO you q summary of my administration
OF the company's affairs. Allow me to
express to you, in conclusion, my sincere
thanks for he cordial support and appre-
ciative sympathy which you have ut all
times extended me.
Signed 81. WILLARD.
The resignation was accepted.
vILLARD's ASSIGNMENT.
New YORK, Jan. 4.-Hsnry Willard made
an assign nmsnt to day for tae benefit Of his
creditors, to VIM, Endicott ef Boston and
Horace White of New York. He transfers
to them his property aad mansion on
Madison avenue, with instructions to dis
pose of them either by public OF private
sale, and apply the proceeds, first to the
payment Of the interest OF mortgage OF
100000 upon the property. Secondly
to carry out every existing contract for the
com mpletion of the eoifce. Provision is
also made for the payment Of any indebt-
sdnsss of Willard TO the Oregon railway
and Navigation company. The instru
ment furth r recites; that the residence,
after She entire indebtedness is disposed Of
shall be turned over TO his wife, Mrs. Fan
ny Garrieon Willard.
The real property included by MIR. Vii
lard Ia The assignment is the block bound
ed by Fiftieth and Fifty frat streets and
Madison and Fourth avenues, including
The mansion recently erected upon the
Madison avenue front. The property is
said to be worth $1,000,000. The property
that Willard recently conveyed 10 hie legal
advisors is expressly excluded from the
conveyanc to the assignees. The other
real property possessed By Willard is a
HANDSOME SUMNER RESIDENCE
at Dobbs Ferry, on the Hudson, which is
worth about S25O,O0O. The extent of his
indebtedness 10 the Oregon Railway and
Navigation company is not ascertained
nor could any information be obtained as
to the other liabilities. It is said he is still
the owner of large interests in railroad
and other companies, and that his wife
holds government bonds to the amount OF
S500,000. No accurate statements OF the
assets, however, is obtaipable tonight and
Willard is still too ii to receive visitors.
THE REPORT OF THE COMMITTEE.
Messrs. Morgan, Billings, Cheney, Bull
lett, Harris and Belmont were appointed
committee to consider what action
should he taken by the board owing 60 the
retirement of the president Wizards resig
nation as dirsctor was laid on the table.
III