The new North-west. [volume] (Deer Lodge, Mont.) 1869-1897, 1884-01-11
THE NORTHERN PACIFIC.
Willard Resigns and Makes Assignment
of His Properly.

Willard Resigns and Makes Assignment
of His Properly.
CAKES SUCCEEDS TO THE PRESIDENCY
COMMENTS ON THE CONDITION OF
THE COMPANY.
NEW YORK, Jan. 4, ii q. m.-The annual
meeting of the Board of Trustees of the
Northern Pacific Railroad is being held in
the office of the company. Present, Fred
erick Billings, Ashbell II. Barney, John w.
Ellis, Roswell q. Ralston, Robert Norris,
Thomas +. Cakes, j. Pierrepont Morgan,
August Belmont, j. l.. Stackpole, Benjamin
Cheyney, John G. Built, Henry Z. johnson.
President Henry Wizards resignation has
been presented, but no action of the direct
ors will be made known until the meeting
adiourns.
II m.-The directors have taken recess
OF BALI 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 Northern Pa
cidc Rditocdy Company:
hereby offer my resignation Us President
of your Board. l feel constrained to take
this step for two reasons. One Is, | am suf.
fering from nervous prostration, which rem
ders me no longer capable of properly dis
charging my official duties, and my physi-
clans advise absolute abstentation from all
active employment as the condition Of the
recovery of my health. The other reason Is
hat In ,fntp Las thA., hut
of my personal and business friends, the in
terests of the company call for severance
of my connection with is. 1t is sad renec-
ton 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 feelings
should not stand in the way of the welfare
of the stockholders. | am consoled by an
abiding confidence that the future will CON-
pletely vindcate all have done. | may, as
soon as my health permits me, ask the priv
ilege Of submitting 10 you summary of my
administration Of the company's affairs. AL
low me to express TO you, in conclusion, my
sincere thanks for the cordial support and
appreciative sympathy you have at all times
extended 10 me.
(Signed) Ii. WILLARD.
The resignation was accepted.
FINANCIAL REPORT.
Messrs. Morgan, Billings, Cheyney, Bull
lit, Harris and Belmont were appointed a
committee TO consider what action should
be taken by the Board owing TO the retire.
ment of Willard. Wizards resignation as
director was laid on the table. The com
mittee was authorized to call a special cleo
ton meeting for the elec>iaA~ of president.
The directors adopted a resolution compli-
mentaFy TO NdIiard, and voted him $40, 900 q
year6or his services during the time he was
president OF the company. The finance COM
mittee reported the amount of money still
remaining from the proceeds Of the SIS,000,-
600 second mortgage bonds aud other cash
assets specifically applicable TO liquidation of
Indebtedness embraced in the circular 10
preferred stockholders October 18th last,
amounts to S., Ill ,99l, whilst the obligations
against the same, together with the balance
of the amount required for construction and
equipments, amounts to 81 ,0l5, S34, sho wing
a surplus OF $l,l5G,157. In addition TO .Iis
the company has on hand cash special fand
applicable to the payment of interest in its
general first mortgage bonds, due the first of
July newt, amounting TO 100000.
Vice President Cakes, who has made all
inspection Of the road by daylight, makes a
lengthy report Of the physical condition of
the property and its future prospects. He
states with the exception of 100 miles of the
road last completed west of Helena, the road
bed and track are found in first-class order.
The 100 miles referred to will require to be
ballasted with gravel to put 1t in proper con-
dition for economical operation. This can
be done with an expenditure of $4,000,
which has been provided for In the estimate
Of the operating expenses. He estimates the
cost Of putting the equipment In frst.class
order will be 1921 ,274. Statements of earn
ings and expenses we're also submitted.
Gross earnings from June 30th to December
3lst, 1888, inclusive December baing esti-
matcd), are given at SG,63S 1888; operating
expenses, including rentals, taxes and bet
terments, to October 31st, 1888, 81, Az, 800,
leaving surplus Of S2,2ll, 1893. Estimated
earnings for the balance Of the fiscal year.
81 ,050, 900, and operating expenses, includ-
ing rentals, taxes aud betterments, 50, $685.
900; leaving a surplus of S3,l27 600, which,
added TO the S2,21l 1888 remaining from the
operations of the first six months, would
give total surplus fer the year ending June
30th, 1884, of S., 1896, 203. Interest charges
for the entire fiscal year, estimated, S3,SS2,-
34l; leaving the net surplus 81 ,455 ,952. The
report also gives detailed information regard
ing the condition Of the country tributary TO
The road.
WILLARD MAKES AN ASSIGNMENT.
Henry Willard made an assignment to-day
for the benefit Of his creditors, to VIM. Endi |
colt, Boston. He transfers his property and |
on Madison avenue, with instruc. |
ions TO dispose of them at public auction or |
private sale, and apply the proceeds, first, TO |
he payment Of interest on a mortgage of |
5000 OH the property; second, to carry |
cut any existing contracts for the completion |
# the ediHce; aud provision is also made for |
he payment of any Indebtedness OF Willard |
% the Oregon Railway and Navigation Co. |
This instrument further directs that the resi- |
Tue, after the entire Indebtedness Is disposed |
If, be turned over to his wife, Mrs. Fanny |
Garrison Willard.
HIS PROPERTY.
The real property included by Willard in |
his assignment is the block bounded by Fiji. |
ieth aud Fifty first streets and Madison and |
Fourth avenues, including the mansion re-
emily erected upon the Madison avenue
ront. The property is worth ST. 900, 900.
The property recently conveyed by Willard
o his legal advisers Is expressly excluded
rom the conveyance To the assignee. Other
property possessed by Willard Is handsome
uIamer residence at Dobb's Ferry on the
hudson, worth about S250,0 The amount
# his Indebtedness to the Oregon Navigation
Company is not ascertained, nor could any
Information be obtained as To other liabili-
les. II Is said he Is owner of large inter
st In other railroad companies, and that bis
wife holds Government bonds to the amount
4 100000. No accurate statement of his
ssets, no viewer, is obtainable tonight, and
'illard is still too iii TO receive visitors.
THE NEW OFFICERS.
ST. PAUL, Jan. 4.-Privste advices from
few York give the following as the new list
{ officers of the Northern Pacific: President
nd General Manager, Thos. f. Cakes; Gen.
raj Superintendent and Chief Engineer,
Idna Anderson, now Chief Engineer; Super
ntendent Of Transportation, j. T. Odell, now
superintendent of the Eastern Division.
"UNcLE RUFUS TALKS.
NEW YORK, Jan. 5.--..The Northern Pa.
ific decline has been almost as bad as
Waterloo TO me. / bulled the stock because
had faith In the property itself | still be-
Iese in IL. Somebody will sell 1t once too
item. Idon't care for my own losses on the
took. am anxious for my creditors and
uch Of my friends as lost money on It. IfIl,