The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-01-05
RAILRoAD MATTERS.
Suit Against the Minnesota Construction
Company.


Company.
ST. PAUL, Jan. 4.-The county auditor yes
.etdey commenced proceedings against the
hlnnesesa- construction company to recover
PACK taxes since 1871 upon mortgages executed
by Edmund Rice, president, and L. Roardman
assistant secretary of the st. Paul and Chicago
railroad company, to Russell Sage and N. <.
CoWdry in trust, to secure the payment of
$3,000,000 with interest. The mortgage covers
about one million acres of land donated for the
construction OF a railroad fron st. Paul to
WInona, part OF which had not yet be en-
earned by the railway compay, which had con-
tracted with the Minnesota railroad constru ct
ion compsny for construction and equipment
OF the road. This Indebtedness in the form of
certificates is held by many persons
A Report Denied.
New YORK, Jan. 4.-The report circulated
this morning that Messrs. Endicott and Cool
ldge, who recently joined the Oregon NaViga-
ton and Oregon Transcontinental directors,
had succeeded in prevailing upon these eompa-
MES to abandon the construction of their line
to connection with the Union Pacific and o.
egon Short line. Officials of the Oregon Nava-
CATION company deny this and state that the
work has been discontinued owing to a heavy
snow and bad weather but in the spring the
road will be rapidly pushed to completion.
The Northern nPacifc-REr. Willard Resigns
flae Presidency of the Road.
The annual meeting Of the Directors of the
Northern Pacific Railroad was held today at
the offices OF the company inlthis city. There
were present Messrs. Frederick Billings, Ash
bel ID. Barney, John w. Ellis, Roswell G. Rol-
ston. Robert Norris, Thomas F. Cakes, j.
Pierpont Morgan, August Belmont, j. L.
Stackpole, BENZ. p Cheney, John G. Buillitt
and Henry E. Johnston. The meeting caused
no excitement or suspense on the street.
The following letter from Mr.. Willard was
read:
To the Board OF Directors of tbe Northern pac;6e
Railway Company
hereby offer my resignation as president of the
company and as member of your board, / feel
constrained to take this step for two reasons One is
that am suffering from nervous prostration which
renders me no longer capable of properly discharg
ing my official duties, and my physicians advise alb
stentation from all active employment as a condi-
ton of the recovery of my health. The other rea-
son is that in my opinion no less than in that of nay
personal business friends the interests of the COM
pany call for severance of my connection with it.
1t is sad reelection that such should be the unjust
result of the years of severe labor and consuming
anxiety which have spent in my endeayor to serve
the company conscientiously and to the best of my
ability. But my feeling shall not stand in the way
of the welfare of the stockholders. l consoed
by abiding confidence that the future will yindi-
cate all that have done. l may, as soon my
health permits me, ask the privilege of submitting
to you summary OF my administration of the
companys affairs Allow me to expr ess to you, in
conclusion sincere thankslfor the cordial support
and appreciative sympathy you have at all time ex-
tended to me. II. WILLARD.
AhO Aoo'SAaViOh W@o NSSSpVON Ny VIC DOa1A
of directors.
The Mail and Express says that it is said on
good authority that of the $10,000,000 Willard
was considered to be worth, he does not today
possess one dollar. His residence at Dobb's
Ferry is said to he included among his assets
and it is believed the $500,000 recently settled
upon his wife is also to be given up Had he
been. less anxious to protect his honor and the
credit of the several companies of which be
stood at the head it E averred he would not be
in the tolls.
Henry Willard made an assignment to-day
for the benefit of his creditors to VIM. Endi-
colt, Jr., of Boston, and Horace White of this
city. He transfers to them his property and
mansion on Madison Avenue, with instruct
ions to dispose of it at public or private sale
and apply the proceeds first to payment of
mortgage of 100000 upon the property; sec
ondly, to carry out any existing contracts for
completion of the edifice, and a provision is
also made for the payment of any Indebtedness
now owing by Mr. Willard to the Oregon r. r.
and Navigation Co. The instrument further
entire Indebtedness shall be turned over to his
wife, Mrs. Fanny Garrison Willard.
Declines to Enter tEae Alliance.
CHICAGO, ILL.,, Jan. 4-The Chicago, Bur-
lington & Quincy Rrilway Company, declines
to enter into the new western railroad alliance
on the terms accepted by the four other Iowa
roads, This is the result of two days confer
ence between all the roads in interest. A coun-
ter proposition was suggested today that in
order to maintain the rates and prevent war
two distinct pools be found covering all COM
petitive business on the line of the Union
Pacific road IS far west as Denver, the Union
Pacific and its four present allies-the North
western. Rock Island, Milwaukee Sc st. Paul
and Wabash, forming one pool, and the Bur-
lington and its branches forming the second
pool. To this the Burlington was not prepared
to answer, and an adjournment was taken to
the 18th inst to receive the Burlingtons ulti-
matum.