New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-06-16
WILLARD MEN REELECTED.
MEETING OF NORTH AMERICAN.

40 OPPOSITION sHOWN-THE coMPANY'9 AsstIS'
| Tho threat, of vigorous opposition at the amman
meeting Of the North American COMPANY al Ne"''"
moved IN he Idle talk Yesterday. There wa $40"
a. criticism and objection ~ the early pat 81 ''e
meeting Lnt AZ tlc end love feast p'e'a''u anu
the rcp,r, Of President Willard was appIo'ed anu -v
| Willard ticket was unanimously elected i"c "O"
Of Directors IS classified and Thomas j. ''Ne' - IL
| uer,lck and slla, w. But were elected ioF thi'"
! vc,,s Numerous questions were projected at MI
Willard Int he replied deliberately. lie declared th"'
the managers had 10 authority 10 speculate III ''p
| coDpanys asset, and he emphau' ally u1'o" '
any speculation Lad been carried on
| The repor OF Henry Willard, the pf'Nue''' -
n,,c,icolly the first fill statement which has been
officially made Of the affairs Of The NOr'h Ahc'"'
Compnny and lis predecessor, the oregon ana Trans
Continental COMPANY. IL shows the principal hod-
| i,e. NJ the company 10 be rs follows NOrtherh Ia
! eide common stock. par value. 9',4oo'2Oo' 'h'"so
and Northern Pacific stock, S13d'oJo' hoS'" "."
Electric stock S11GSto: Milwaukee street h"'""
Stock ~ s67 OCO: Northern Pacific c0nsoId""u pc'
can. honds otoOOi Chicago and Northern Pacific
I,,ts s27G 600; Milwaukee street l'aii"ay per oc'
| a a76Ooo: Minneapolis Lvndale and MinneohA'
s,, p,ilw,v = p.r cents, $G.0.O0O. The trceasnrrs
| statement shows these assets: stocks, S20o' ol"'
market value: bonds Si,36S,'9o' advances "'S'''
| l.ueous etc, $2,4J0,427; cash Oh hahd' %'l-ooU'
to,ol s1O718.513. The liabilities consist OF piH'
payablc time loans. etc. to the amount OF %294o'--,
leaving net assets of 81, 81 $50. The Income account
| for the year ehded Nay 81 S"o"' ~
OF sl4G,s73.
Mr. Willard saws: "Of great Importance ana much
rronIse for the future of this company, your Board
considers the theoretical and practical hVesus"uoh
that has been made. under It's auspices curing INC
last year. by tie best Obainablc experts, INTO tue
pr,cticainty Of substituting electricity rs motive
power for the propulsion Of passenger and freight
forl rail
t-uons have been carried bota In this country
ond TN Falrope and have sufficiently advanced 10 war
rant thc announcement that practical experiments
with electrical locomotives will be undertaken our'"s
the current fiscal year. For that purpose your TOM
papy has secured the cooperation of the "eheiai
Electric Company and OF tie General Eect1ciV 'ol'
papy Of Berlin, Germany Two different systems
with both overhead and surface conductors the h'er
devised bv the last mentioned company, viii he tried.
The North American Company Will hav. uie eN-
elusive RIGHT Of exploiting the surface system III uS
country which is Endorsed by leading electricians III
Germany"
The report makes the following explanation OF the
troubles which overwhelmed the North American COM
pany in consequence Of The prcvlous cmbariissheht
Of The Oregon and TrauScOntnental:
This company had but just entered upon It's business
when the fret indications Of the disastrous general Crisis
that swept The entire ci'!1ed world IN ue autumn
Of 1890 became manifest The recurring sharp stringencer
in the money market in September and October cui'
minated in the money panic OF November "heh ue
causes of the continued and decline o. American secuT
te. been myst u al. were revealed by lls
op,n announcement Of failure Of the BlrlDgs ana Tho
o. other great financial houses abroad In
that crisis this company found tSef unable y carry inc
nde, duoss Of tr Oregon aud Trnsconinent'! Company
which It hod assumed IT. creditors, syoil'ng ncf''N'~
OF their technical legal rights arising from The impairment
o, the margins their loans. enforced the Immediate sale
Of the securities witch they held. until ae eomI"nys
Indebtedness reduced about - 100000 The pesl'
Cent Of company who then IN EuroI-. ""N "oic
by his personal Influence and credit With foreign bankers
10 render such the COMPANY a. would have
been ercctua 70 prevent forced sales Of IT, securities
had u not been for universal and unrenson'ng alarm
con -eaen upon the dsOvcry the wide extent Of TIE
financial troubles London and elsewhere tn FhroI-
While these occurring, the company WIS
~ already explained under contract obgsuon, "a carry
out aud eomplet enterprises IN Milwaukee, and TN
cnuat! TO complete The payments uIon the original pur'
cha- ana " carry OIL the which has been de rbd
ncessated the raising Of large sums q money 1t wa
the your Board 70 provide for these ~auo
m~nts end also 70 remaining Indebtedness Of ue
company as rapidly possible by The sale Of securities
with this purpose yew sdvsntafc has b.cn taken from
time b. time Of temporarily favorable market conditions
70 make saes Of De comlanys securities, but financial
conditions have generally boon adverse ever since tho
autumn IL 1890 II ha. seemed wso 70 p~e- such
sIes further than done, especially In View OF te
growing abundance Of tn supply which hs made
Il easy D. ioag time such amounts a. the com
nan fe1uTsl