Savannah morning news. [volume] (Savannah) 1868-1887, 1884-01-05
WILLARD A BANKRUPT.
HE RESIGNS HIS OFFICES AND
MAKES AN ASSIGNMENT.

that Mr.. Wizards entire fortune has been
swept away. Mr.. Willard himself de-
clined to be interviewed, and referred re-
porters to his friends. One of these
friends told a New York HeraId's repre-
sentative that Mr.. Willard did not possess
as much money as he (the reporter did.
Said Mr. Wizards friend, cit has all
gone to the help of the great enterprises
he has been at the head of. There can be
no question of his conscientious integrity.
for he has voluntarily sacrificed his pri-
vate means to support the Northern Pa
citic. Mr.. Willard deserves the sympathy
of the public instead o. the villificatiOn
and abuse he has received from some quar-
ters. He is very sick man. This thing
has preyed upon his mind so that l thought
at one time that he would never recover
his mental faculties"
HAS he nothing left?'
absolutely nothing. His stocks, his
bonds, his two residences, all are involv-
ed in the wreck. He has saved nothing.
He never was SO rich a man as was re-
ported. He was not worth ten millions,
as l have heard it said; five was nearer
the figure, but ten made 4 bigger mouth
full"
''Did the conversation with Mr.. Billings
take place as repOrted%
Eyes; last Sunday Mr.. Billings called
to see Mr.. Willard, Mr.. Billings, you
know, had quarreled with Mr.. Willard,
had resigned from the management of the
Northern Pacific, and there was some ill
feeling between the two. When Mr. Bill
ings called upon Mr.. Willard and found
him sick in bed, and when he learned that
Mr.. Willard had impoverished himself in
his efforts to support the company, Mr..
Billings expressed his entire belief in Mr..
Wizards integrity, and there was a scene
of reconciliation between the two"
''Why did Mr. Willard sacrifice his own
fOrtune?n
HOW 1T CAME ABOUT.
"Well, it is a long story. Briefly, you
must know that the burden of this great
enterprise upon him has been almost be-
yOnd belief. Upon him alone depended
the carrying out Of this gigantic undertake
ing. 1t was absolutely necessary that the
road should be finished before the present
Congress met. What it's fate at the hands
of Congress would have been otherwise
the bills that have already been intro
duced will show. Most railroads
with a charter from Congress are
permitted to issue bonds for
every twenty-five miles or so of
completed road: These are sold to raise
money with which to build But the terms
it to complete a given number Of miles
before bond could be issued. This made
it necessary for the company to borrow
mOney-sOmes times as much as ST., ,000,-
600 or $15, 600, ,000-as at the time Garfield
was shot, when no action could be had
from Congress. The first thing President
Arthur was called on to do was to
authorize the issue of bonds for over
three hundred miles of completed road.
haI 70. ho Inv
Mr.. Willard himself.
THE RECENT DECLINE.
"When the rascals in Wall street made
a combined attack OH the stock recently,
Mr.. Willard was straining every nerve to
preserve the cOmpany's credit, and began
to sacrifice his own money. To make
matters worse, he was away from the city
and had to do business by telegraph. A
certain banking firm was in difficulty and
would have failed if he had not come to
the rescue by raising money on bonds and
property belonging to himself individ-
ually. So he has gone on giving of his
own money until everything he owns is
pledged.
"But there is one source Of strain upon
him which / have not mentioned. Money
has been thrust into his hands to invest
for other people. All financial men know
what that experience is. Friends would
insist on having him invest their savings.
When the stock went down such was Mr.
Nillard's sense of honor that have known
him many and many time to put his
hands into his own pocket and purchase
the stock to save them from its deprecia-
tion. have in mind one case within my
own knowledge. If / should tell you the
mans name you would be surprised. In
this case Mr.. Willard voluntarily suffered
loss of 100000 | suppose he has lost
Sl,000000 in this way"
NEW YORK, Jan. 4, 9 p. M.-Henry
Willard made an assignment to-day for the
benefit of his creditors to VIM. Endicott.
Jr., of Boston, and Horace White. of this
city. He transfers to them his property
and mansion on Madison avenue, with
instruction to dispose of it at public or
private sale and apply the proceeds, first,
to the payment of the interest of a mort
gage of 5000, 900 upon the property and sec
ondly, to carry out any existing contracts
tor the completion Of the editice. Pro-
vision is also made for the payment of any
indebtness now owing by Mr.. Willard to
the Oregon Railway and Navigation Com
pany. The instrument further recites
that the residue after dispOsing Of the en-
tire Indebtedness shall be turned over to
his wife, Mrs. Fanny Garrison.
THE LETTER OF RESIGNATION.
The following is Mr.. Wizards letter of
resignation, addressed to the Board of Di-
rectors of the Northern Pacific Railroad
to-day;
To tile Board Of Directors Of tie Northern Pa
cifc RGilFOdd Company:
hereby offer my resignation as President
of the company and as a 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 discharging my
official duties, and my physicians advise absO-
lutte abstentiOn from all active employment
as a condition OF the recovery of my health.
The other reason is that in my own opinion,
no less than in that of my personal and bust
ness friends, the interests of the company
call for the severance OF my connection with
it. 1t is a sad reflection that such should be
the unjust result of the Years of severe labor
and consuming anxiety which have spent in
my endeavor to serve the company
cOnscientiousiy and to the best
OF my ability, but my feelings shall
not stand in the way Of the welfare of
the stockholders. / am cOnsoled by an abid-
ing confidence that the future will completely
yindIcate all that / have done. | may as
soon as my health permit me. ask the priyl-
lege of submitting to you a summary of my adj
mnistratiOn of the company's affairs. Allow
me to express to you, in conclusion, my sin
cere thanks for the cordial support and appre-
ciative sympathy you have at all times ex-
tended to me. II. WILLARD.
The real property included by Mr.. Vii
lard IN his assignment is the block bound
ed by Fiftieth and Fifty.first streets and
Madison and Fourth avenues, including
the mansion which he has recently
erected upon the Madison avenue front.
This property is said to be worth 81 ,O0O,-
600. The property recently conveyed by
Mr. Willard to his legal advisers is eX-
pressly excluded from conveyance to his
assignees. The other real property
possessed by Mr.. Willard is hand
some summer residence at DObbs'
ferry on the Hudson, which is worth
about S250,000. The extent of his indebt-
edness to the Oregon Railway and Navi-
CATION Company could not be ascertained.
nor could any information be obtained as
to his other liabilities. 1t is said that he
is still owner of large interests in the
railroad and other companies and that his
wife holds government bonds to the
amount of 100000. No accurate state
ment of his assets, however, could be OBJ
tanned tonight, and Mr.. Willard is still
too i'll to receive visitors.
A Western Union officer Resigns.
BALTIMORE, Jan. At is announced
tonight that David Fl. Bates, Vice Presi-