New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-18
A PARTIAL VICTORY.
YILnARD's ANSWERING AFFIDAVIT!
THE ORDER FoR HIS EXAMINATION VACATED
OREGON RAILWAY AND NAVIGATION STOCK

OREGON RAILWAY AND NAVIGATION STOCK
MAY BE PLEDGED FOR CALL LOANS.
brilliant array Of lawyers appeared in the Supreme
Court, Chambers, yesterday, before Judge Barrett,
prepared 10 argue the motion 10 continue the In
Junction obtained by Elijah Smith and Edward r.
Boil restraining Henry Willard and others from issuing
$40 100000 Of the stock Of the Oregon and Trans
continental Company, and from pedging S12,oOo,ooo
Of the Oregon Railway and Navigation Conpauy's
stock as security for dividends thereon. General
Wager Swayno and william N Cohen represented
the plaintiffs and Joseph II. Chostc, @. G. Beaman,
Charles w. wetmore and General Francis Z. barlow
appeared for tho defendants. An order had been
granted by Justice Barrett In the morning by the
counsel for the plaintiffs for the examination OF Mr.
Willard The answering affidavit OF Mr. Willard was
placed before tho court, and Mr. Wctmore proceeded
to read II. In this document Mr. Willard denied
that IL was his purpose, Individually or Ss president
Of the Oregon and Transcontinontal Company, 10
sel In its behalf it's holdings OF the capital STOCK
OF the Oregon Railway and Navigation Company
MAKING EXPLANATIONS.
He admitted the passage OF the resolution elimnat-
ing Sidney Dillon and q. NJ. Lane nom the executive
committee Of the Oregon and Transconunonta dlrec-
tory and gave as his reason for this the fact that they
were also directors OF the Union Pacific Railroad OF
which Mr. Lane was ce-prs!dCnt lie said he
thought they held their seats Improperly, as he had
discovered that both OF them had allied themselves
with Elijah Smith, Charles Francis Adams and others
hostile TO the interests OF tho Oregon and Transcon-
tincntal and the Oregon Railway and Navigation COM
psuies lie dec Jared that they borrowing proxies
I'm I'll endcaNor 10 cOnttUl tho affairs OF both com.
panlcs. that they might secure the modification
OF the lease under which the Short Line Company and
the Union Pacific now pledged 10 pay ront1
equiv aIent to dividend OF per cent upon the capt
tai stock OF the Oregon Railway and Navigation Com
pany. Ar. Willard goes on In substance:
fk.,E the MA md Cpb m
the plaintiffs and their allies Is needed IL Is found In
q letter OF Charles Francis Adams, addressed 10
committee OF Oregon aud Terminal, OF which ! am
member, on the 18th Of April. Mr.. Adams writes rs
follows: / notice In your telegram you say that
the directors OF the Oregon and TranscOntlnental who
also have seats as directors In the Board Of the
Northern Pacific, hvc I'm number, Will use their utmost
efforts Ia securr from the Northern Pafnc the adOp-
ton OF the arbitration agreement on the u per cent
basis. ON the part Ut this company must say ~
once that object 10 this limitation. should the
Northern Pacific Board vote, and demand on the
part Of the stockholders Of tho Navigation Iom.
pany a reduction I'm rental In consideration of the
immcnso advantage which is being secured
TO they wuull bc entirely Justified I'm 50 DOING
And later Tho Navigation Company, as you are aware
has hardly earned operating expenses during the
current year. IL Will probably, from present appear
closes This l. largely due Ia IN" construction Oi
the Cascade Division 10y The Northern PRclnc.' Ana
again, But shall most s,rcnuOusly, on the part OF
ho conf any object u the Northern Pacific directors
In the 1ranscDIItlncntal board nIng an ultimaium
in negotiation like the present between the Union
Pacific and the Northern Pacific, and shall cooperate
with the Northern Pa hc, II necessary. 10 prevent the
snmo7 In short, n this letter Mr.. Adams thus at
tsck- the property Of tho Oregon Railway and Nayl
cation Company "hich a. lessee ho Is bound to pro-
tect