New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-22
TRIBUNE. WEDNESDAY

annual election in june when 1t expected to re-
| move Smith and those acting with him from their
positions that should be taken to pre-
serve the existing and prevent any other causes
OK irritation from arising In tho meantime, which
might operate To prevent the carrying out Of the plan
referred to-
Accordingly what is known as the a" Presidents
Agreement was prepared by counsel for the
! Oregon and Transcontnental Company, with the
cooperation Of the counsel Of the Union Pacific and
Short Line Companies to DO signed By the president Of
the Northern Pacific, Union Pacific, Short Limo and
Oregon and Transcontlnental Companies, which pro
vidcd in substance that tho presidents Of
tho several companies approved of the
arbitration contract aud financial plan mentioned and
agreed TO their best efforts 10 secure the approval
Of their several companies to the said contract and
financial plan, and the various Instruments
necessary carry the into effect and that pend
ing the reconstruction Of the Oregon Railway and
Navigation COmpanys board, the several Instruments
necessary 10 carry the settlement Into effect should
DO executed and delivered In escrow to a trust com.
pany I'm the city Of New-IOrk, to be agreed upon
which should have power to finally deliver tho instru
ments the Board Of Directors Of tho Oregon
Railway and Navigation Company had been reconst-
tutcd at the annual election in June, and as soon as
certain notifications Of detail I'm the Navigation Com
pany's lease to the Short LINE, which would be I'm
the common interest OF all parties to the lease had
been made.
And providing further. that IN tho final carry
ing out OF tho plan the existing status In the
territory referred in the arbitration contract should
be preserved far possible and the properties OF
the several companies operated nearly as might
Dc In accordance with the provisions Of tho arbitration
contract. And providing further, that the pending
litigation between the Oregon and Transconunental
Company and Others and hc directors Of the Oregon
Railway and Navigation Company should be sus-
pended.
THE PRESIDENTS AGREED.
This presidents agreement on the l2th day OF April
had the apprvval Of the president Of the Oregon and
TransCOntncntal Company and u the Northern Pa
cinc and the president Of the short Line and linton
Pacific Companies had also expressed hls approval Of
IT, subject to some slight modification Of detail which
could easily have been aIjuSrrd. special coumitt""
OF the Oregon and Transcoutucntal Company, consist
ing Of Ne president and two members OF u, Executive
Committee, had been appointed 10 takr charge Of IN"
duty 81 completing TIL, negotiation. In response Ia
Telegram from them, on Tho 18th ~ AUril. advising
Mr. Adams, president Oi The Short Line and Union Pa
cGc Companies, Of the de, Ire Of the committee IL carry
hi. plan Of settlement into effect which telegram
called forth hy a umor that be- had expressed himself
In hostility To the plan Of settlement Nh Adam, Wrote
the letter Of tho 18th ~ April which hl, ,rady been
r-frrrd Ia In the second affidavit 81 Mr. WIZARD,
printcd above. AID also enclosed copy Of II I" ia"
northern Pacific Company. llis statements made iu
that letter H." earning power want ~ earning
power Of ihr Navigation Company mIto Il 'mpracti-
cable 10 obtain The assent Of the northern Pachr com.
pany 10 one %! the most essential features oi the plan
which va. the assumption by the Northern Pacific
Company Of onchalf Of the rental payable under The
short Iur lease
II became impossible. IN consequ"nc" ~ VI. Niams''
letter to do anything further ou tho line Indicated IN
the prIpuscd Presidents Agreement. aud no other
cour.e seemed open to tho Northern Pacific Company
In view Of the change IN tho altitude 81 the prsiout
Of The Union ParlGc Company, than 10 reconsider rs
approval ot The AbIirailOn Contract, which va dom
about ihrre wr"k ago.
The rrppdlarou By Mr. Adams OF tho plan OF settle
mont. which De Lad substantially agreed TO- was iul
lowed by his open allIauc" with Elijah Smith and the
ST. Paul Minneapolis and Manitoba Railroad Company
TO obtain control Of the Oregon and TranSoOntInental
Company with the apparent ultimate design Of con
trolling thr Northern Ppr!Hc Company a, we'll aud TIM.
Placing himself IN position - control ~" "ntIr"
situation IN the IA. M Sort yct With refer 'uro =
the Interests 81 tho Union Pacific Company.
Tho following Is tho drat OF ih" agreement In
auetun which 10 entered into between Charles
Francis Adams, president OF the Union Pacific Rail
way Company Henry Willard, president Of the Oregon
and Transroutlnenial Company, and Thomas +. Oaks
president u the Northern Pacific Railroad Company,
and which Mr. Willard and his associates IN tho Trans.
continental Company favored: