New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1889-05-20
A TALK WITH MIR. WILLARD.
HE REVIEWS THE o. AND. 7. SITUATION
FROM THE BEGINNING.
CLAIMING TO ooSTRoL AN ABSOLUTE MAJoRiT'
OF THE srooK-AN IDEA FOR THE
- REIdEF OF THE MARKET.


Tribune reporter yesterday went to Henry
S,IIord,s oountry-seat, at Dobbs Ferry, on the
Hudson for the purpose Of obtaining statement
from him re garding Oregon and lranSconunen.sl
affairs. He was courteously received, and the
following colloquy took place
Cor MI Two DAYS rest have made it an invariabls
my heretokye 10 decline interviews with representa-
~ sStraort,Sary ctrcums anoeS that have occurred
during The last week. consider It my duty TO mako
that ands me in this mood Will take pleasure IN
answering any proper questions that you may desire
81 1 have noticed two advertisements in the news
papers asking for proxies Of Oregon and Transeon,i
oshSrs. he other by Elijah smith and others. What
are tie opposing Interests in the pending Sone So
Transcouttpental Company on tie one hand and the
Union Pacific and Oregon Short Limo companies on
GLOW do these interests come to be opposed to
each otheri A.The Oregon and Trsnscontinental CON-
So Ss ERwa and Being
majority Of the whole stock OF that company ms
company Is leased to the 0s SH S9H,
Pacific Company gsa1cS; RscT Sni and shor, ne
Interest controls the Oregon and Trsnscon'inenta1i
il controls also the voting power OF the Oregon haL
way and Nsygs;ion Company and can ,6 6Si VOC to
modify the lease either IS TO the amount OF renIa a
or As TO any other msttor connected with y. Cone nne
intcTost of tho Oregon aud lr2HScOntinenlA Iohf
rany as the chief owner Of the Oregon Railway and
Navigation COMPANY thai The terms OF and ,do At all
events that IT'S interests shall be rtpreeen,ed oy iS
owners and not by the lessees OF the properly. o.,
nsrsona Hostility to You in tho contest for the control
the Oregon and ,rSo .Sod entertain
sny other feelings than those OF flhndshP ana s'Au
tude toward me
ASKED TO COME TO THE RESCUE.
o.-wm YOU say what ycr mean By this An
he last DAYS Of August, 1887, EuJah eHl'th anu
several other directors Of the Oregon ana lrdnScoi
mental Company and prominent Boston oah'or sun
tcnly appeared In my office ono Friday afternoon
l4ey informed me- IN great state Of excitement that
Elijah Smith needed money badly. that several m'F
lions of call loans due by the Oregon ana Ifanscon
uneHtsl Company, were being called nRh' a"u ni'
that every effort had been made 10 respond 70 INC
calls but that the company was no longer aoc '"
raise dollar and that, unless 1t had mmedia'e ciei'
IA would TO Obliged to go to The wall Inc uA"so'
was reprrsentct 10 be so grave and urgent that my
,,.r.a,.,a r-,soral intervention with some OF tho
holdars of the call Ioars was urged. Elijah smith I'M
plored me % interpOss He offered to resign imhe
d,aely the presidency OF the oregon ana IIhnsroh"
mental Company, the Oregon Railway ana Na'iSa''"
Company, and the Oregon Improvement Company ID
my favor and TO plscc all proxies he ana Ms i''cnuS
had gathered OF the Northern Pacific COMPANY lot ho
lmpendius election three weeks later uncondi'ion"S'
In my hands. ,-,, -,
mr. rAutes OF the embarrassment OF hiraseH ana
., ,hs rompapv wrre thus explained TO me at The
time smith had sold s4OOOOOO or oregon hA t,si
and SsNGSmo5n '0"aaT pSrcnInanr banking firm, and
Nh tsSen a personal interest with them. The BANK
inc firm was gwen a ceriain time to take mem up
~ nav for them hut found itself unable to sell or
AXE item up owing "a The high TAI" for money
Further smith had 1s Tof 70 Sas facsc gone Into
the market AMI bought for scount OF thc w,rsDn
Irsnscontinrntsl Company 10000 shaics OF N3Ihen
Wh
loans. j was told that sH,Ooo'VSSo oo oI
mediate cash was needed to save ne coE s,psn;
ard ,o gs{e EXPERIENCED BANKERS hoast woud
snSy tH ssI pls8s Of sHG MONEY! sosy
Nc, A short rejection, resolved 10 make an euoT
t. prevent that S'i ;SSn %SaS an, aHd TSn os
ssht hour was furnished with sSoo0,OOo OF actual
ssss by e ssa n se .snr Of SS COMPANY
purchase Of securities which nobody else was WILING
e buy at the s 10 sn saes 9G; the TO @ offered
me- but accepted the Northern Pacific ProxleS, ana
sscsscd in With S6 s 9h mSse
Elijah Smith was very anxiou: to 60 into h tSe g 10 No.
but refused BE him for P p hepS hm
obtain $4,000 as one years additional saiary Is
president Of the Oregon aud ont COMPANY IaiS
ents that have been circulated in 'he press ana 70,
Ss osp CT 6G Oregon and
continental Company. was now bent upon inlur1ng ~
WI not be sm Sd to x Sa Ss s1 dro Of he
pany offered 10 put up single dollar TOT us saNson
HIS REASONS FOR CONSUMING.
Q.-what made you consent 70 become president
81 the Oregon and TranscontInental Company at the
last annual election, Notwithstanding your declns
uon of the place NJ the time you spoke of
A.-From that time forward II was urged by per
sonal friends, original Oregon and Transcontlnenta
stockholders and others, that It was my duty 10 taxi
charge OF the cOmpany's affairs, and to MAKO ever!
possible effort TO rehablltate IT. Knowing that
could not comply with their wishes without beln
sure Of strong financial backing enabling me 10 taxi
care OF the floating Indebtedness Of the company an'
proyide # with a working capital, would not consen
until had personally consulted last April yea
ago, with my friends abroad, for which purpose
went TO Germany. Having received their consent, W
purchased for Joint account with American friend
20 900 shares Of oregon and 1TanscOntnental stoc
I'm the open market making us the largest stockhoder
az that time and ever since. As set forth In "
tneStai stockhcIders have ls6ofed necessarily eve
since 10 bring about the double objccr of paying d
i a,, %dPrsSq capital for active opcraions
DIN the third AFFIDAVIT which you have maze
pT 10 rs ss Ss .sn D Of oT Oregon an
Transcontneptal preferred stock was obtained 20
~ me Stock as alleged in tho complaint for tho pu
pose of voting II at the ensuing ing eIect VIC.
he aiesation that intended TO make secret issI
or the stock submitted my entire topographic Sorr
spondence with the Oincers OF tue Oftsoh anu lrar
sentimental Company, including all my instruction
rceardlng the Issue Of the preferred stock, 10 q
soitt which at once satisfied thai tncre was
ground Dor the charge, and revoked the order for II
Personal examination. obtained by cOmplanants, al
lie latter had 20 accept stipulation that tho qucsHr
N the issue OF tho preferred stock should bG submt
10 the stockhoiders at the impending annual meetl
AZ shown by my telegrapbic instructions refcrr
10, this was my Intention from the beginning. RI
whole difficulty arose from the mistaken zeal NJ q
secretary Of the company at Portland. when 10
csyed the resolutions regarding The OF prefer
stock which 10 be submitted TO the board
directors, he assumed, OF his accord. that &
issue was made with reference 10 the election al
that, therefore, secrecy was desirable This he f0
lshiy enjoned upon the directors, several u whoi
worry properly, refused 10 maintain u. Tho NONE
| learcnd from him OF hts false impression by {,
sgraph I wired him that there no Intention
issue any stock before the annual election and IN,
instead OF wishing the proceedings kept secret
especially desired, for obvious reasons. that tn
should become public.
THE STOCK CHANGING HANDS
The most extraordinary part OF the injunc,