New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-18
MR.. VILLARUS PLANSIN SHAPE
IF THEY SUCCEED HE WILL RETIRE

4 SYNDIC ATE FOR rUNDING NORTHERN FAClflOS
FLOATING DEBT.
The rnmor wa revived In Wall street yesterday
TO the cfrec, that Henry Willard had resigned from the
Northern Pacific board of directors. II was also re-
por,ed that the directors plan for funding the hoat
Ing debt had been substantially agreed upon. The
rnmor respecting Mr.. Wizards resignation could not
be verified lie himself declined 10 discuss the sub
jcct other directors OF the company who were seen
declared their ignorance Of the matter
II IS understood. however, that 1t Is Mr.. Willard
intention to withdraw from tho Northern Pacific man
accnlont In cas-" the funding scheme Is successful
Whether the scheme will go through Is not definitely
Known although Mr.. Willard + understood to express
bcl!,f that iS Is assured. Charles L. Coloy'
o; Colby d loyi. OF IL" leading members oi 'n'
board who has had the principal charge 81 FORMING
the underwriting syndicate sal last night that he
wa, not at liberty t. discuss ia" subject Vice
President William, said that the arrangement had
not lccn definitely closed. Wall street, however,
accepted the result accomplished ana there WIS
an eager rush by the bcai' to cover short ''h'r'S
I'm the stock market, Prices advanced rapidly ana
the company, bonds We're materially higher.
II * proposed to create collateral trust loan oil
about sl2OOD.OcD, 10 be secured by deposit al th'
.ecuri,ic. now held rs collateral against the noatirg
debt and the II, Iaul ana Northern Pacific stock ana
other securities IN the treasury Of III" company
The note, are for FIVE year, ana bear interest
nj the rate Of d per cent 1t Is not known on "h''
terms 1t j. intended To offer the notes for snbscrp
ZION Mr. C,lbys work has been directed 10 'h'
or,an,aton Of a syndicate Of capitalists To g"aran'
,,e the success funding plan. II was Said
Yesterday Ia WIii street that pledges OF Subscriptions
ind been r,c,iycd to the amount Of 100000" from
John d. Rockefeller. +..ouO.OOJ more from som" Il
hls friends. ~ 900 eco from {. H. wight, OF iHia
dcipha. AMI si.OO).ooo from Henry Willard
The floating d,hi of the Northern Pacific amounts
t1f.l IA In
something like ~ 100000 4, said +, MATURE and about
S,oOoooO /, Dire In september. In the winter com
miitcc composed Il Henry Clew- and Bryion Ives
Of THIS ety. and JAY Cnohc IT,. 81 Philadelphia, ap
pointed by tn. stockholders mad" an EXHAUSTIVE" en-
animation II The accounts ard ndlilon 81 the NORM
en- Plclnc property. 1nc 'onmiit'" pnhl 'hri re-
puit on February II severely criii,ins N" manage
mcni Of IA. company. aud demanding change al con
,rol. The direct r, soon alcrwaii made u reply t.
inc Structure, 81 the stockholders committee. Mr..
I've, undertook the Organization u syndicate to pro
yd. nnnncl1l aid FOR the company aud obtained sub
seilpoas .or - $4,000 from prominent bankers ana
capitalists. ncluilng the house which held larS"
ia, oil ~. COMPANY ,, nnilc, acme infringement,
ana Mr. Ives rl"n aband ned II. -incc that tme Nr'
Willard ana III, iri.udS hav" ben Wornih- h"Iu I"
carry through tln,llar pan bul "'l =" u"
support hom many Il the inf"r'., wn'cn W. r,
the I've, scheme required the surrender oi thn con.
tro 81 the hoard t. IN" syndicate. III IN" Nhlari
funding rlan Is carried ont Mr. Nlllar II Is mm,f
,tyd VIII r"iir" IRON, ~" ',hP1" ml.u'E''"'u''
bui The ntr, viii still remain IN IA" mana, 81 w"
the condition ido which IN" company nnal' ;, ma
fallen. What action VIII b. tah,n by IN" ousu'
stockholders In case Of M NlliaidS retirement may
only b. shrniN"i opp sitioh t. me management u,
may b., tnurd. but the management VIII %
strengthened II /, should be- nbr IT, di'losr OF u"
oomplnys Heating debt b"!o'" II be comes du"
Tie regular monthly meeting u the I'm
Incin, director. VIII b" held Friday when It {, .N.
pccicd that ID" iinanc" 'nmi't'r VIII uhi"'i ''
iO.hy- Hard iindDt plan.