The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-12-16
WILLARD DENIES THE CHARGES
Indignant Reply TO stories OF Dishonest
Marzxeuaarf xaHf he n. II.

Indignant Reply TO stories OF Dishonest
Management OF the n. p.
In communication to the New York
Iiass. replying TO the charges which have
been made against him in connection with
the management of the Northern Pacific,
Henry Willard says that he returned to the
board of directors in the fall of lss7 against
his inclination and only in yielding to the
arguments of his friends that ii was his
duty to come 10 the roads relief. as il was
in financial trouble. He proceeds:
Under the bylaws of the board of d.
rectors l exercised no executive functions
whatever. Accordingly. never appointed
any general or subordinate officer in either
the operating. accounting or construction
department; never concluded any purchas-
ing or construction contract; never con-
trolied any disbursement o. the company's
funds; never iaterfered in the least with
the accounting department. and never di-
rected the traffic policy. Nor did ever as
sumo responsibilities that belonged to the
board at large and TO the standing commit
tees. but confined myself strictly TO my
duty of seeing that the business properly
belonging TO the board was brought before
ii and transacted through those channels
according TO prescribed rules, and that the
authority of the board was properly recog-
II bear my share. however, Of any re-
sponsibiiity chargeabie TO the board. /
still hold. however, that the great growth
in the gross and net earnings of the COM
pany from $l3. 273. 72s gross and So. 369 liz
net in 1867 to $25. Isl, 5i4 gross and $l0,-
2li. l42 net in 1s90-9i-that is, in less than
four years-fully justified the expectations
based upon such growth. while the aggres-
siye policy of the competing systems made
il the duty OF the board to protect the
company's traffic and territory by the
policy adopted and carried out according
TO the best light at command. But pro-
test against the injustice which has held
me responsible for the acts of all the thir-
teen directors and not alone for my indi-
vidual part.
Instead of there being any foundation
for the statement that made large for
tune out of the wreck of the Northern Pa
eific Just the contrary is true. No high
minded man Is willing TO obtrude his pri-
vate affairs upon the public. He only does
so under compulsion, and il is with great
reluctance that feel forced to refer TO
the most constant faith IN the future of
the Northern Pacific. had the courage
of my convictions. | showed it by i'm
vesting by far the larger portion of my
means in the securities of the Northern
Pacific and its allied companies.
thus brought upon myself severe
pecuniary losses from beginning to end.
Indeed, instead of making, l have
literally lost millions thereby. / was, ten
years ago. and l feel sure that am now
again, the largest individual sufferer from
the misfortunes of the company. But tor
the fact that was more successful in other
business undertakings the downfall of the
Northern Pacific would have meant ruiz
to me and those dependent upon me.
%Aot s@fA oh
the stocks and bonds of companies in
which have been interested is absolutely
false. In the twenty years OF my Wall
street experience / have never sold short q
single share or bond of any of the CON-
panies with which have been connected.
or in any other way taken advantage of
my position as an officer or director TO the
injury of the stock and bondholders.
Il have never been interested in any
construction, material or equipment con-
tract with any of the corporations. l have
never been identified with any land. town.
site or other speculation at their expense.
Among all the charges aimed at me,
there has been but one tangible accusation,
viz, that In the suit brought by one
Swope, the alleged holder OF sixty-seven
shares of stock. against me and three other
Northern Pacific directors for the recov-
cry of large profits alleged 20 have been
made by the defendants out of the sale of
the Chicago terminal properties
repeat this is the only specific
charge against me. and it is with
out a shadow OF foundation in fact,
This is q striking instance of the injustice
done to me. The absolute facts are that |
never had, at any time, the least interest
of any sort, direct or indirect, 20 the value
of single cent, in any OF the Chicago *
Northern Pacific properties at the time
they were acquired by the Chicago &
Northern Pacific Railroad Company or
when the Wisconsin Central lease was
made, aud was not one of the owners Of
any real estate or other property conveyed.
a. any time, TO the Chicago & Northern
Pacific Railroad Company"