The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1893-08-18
Posed as One of the Financial
Leaders of the Street.
AND WAS A GREAT MAdNATE.
While Every Company With Which
He Had Been Connected Was
Brought Near to Ruin.
Special to TBE: MoRNINe CALL.

5 EHILADEIiPHIA,< Aug. IA stock
hoider:ot the Northern Pacific Railroad.
Wilose name. is mot given, has employed
I attorneys Head and Pettitt to. bring suit
against Henfy Willard, Edwin H. Abbott.
! Qfaffes #: Colby and Culgate Hoyt on A
general charge OF malfeasance in Office
and mi sman agement of tile affairs of the
company IN their Capacity a. directors
thereof. tits alleged that ihey were per-
sonaIly Interested in the lease of several
railroads, and that in this manner they
profited largely. as fndiyiduals, whereas
the road lost heavily. Ten millions of
dollars ls the sum namrd as the amount
of the profits. Of these four directors. tits
said here that Brayt6 Ives, Henry Clews
and Jay Cooke Jn,. the committee who in
vestigated the affairs of; the road last
year. are back of: the suit. + =.
New Y DIRK, Aug: H. THE board of d.
reetors of the Northern. Pacific Railroad
held a meeting to-day. but! as the pro perty
is now in the hands of receivers the board
restricted itself to. unfinished work and
routine business. t.. is understood that
counsel for the company was instructed to
frame reply to the letter:ef BraytoG Ives.
which accuses certain directors of saddling
the. company with; unprotftable roads to
their Individual gain: Counsel was also
diFectedsto 6ppose"the proposed suit of a
older in Phi ladelphia against these
same directors: to compel them to dis
gorge. Presidentand Receiver. Thomas F.
Oakes said the subscriptions to.the syndi-
cate organized to. nnderwrite collateral
trust notes would have to be paid in full
Henry Willard was asked this afternoon
il he Intended to make anv reply to Bray
ton Ives letter to the Northern Pacific
directors rejecting on him.. He said: "I
don't know. have n plans, and am 60
ing to consult my friends as to what would
be best TO. .do.',.# :@.....:;*:
Asked If he thought the letter had been
inspired by personal malice. Willard
frowned and safd:: al know ana p1S,
friends know why he attacked me; hnt 7
don't care 10 say anything about the mat
ter except after advice, and possibly not
them -. =. :. ~
Willard gave plain. evidence of irritation
at the keen satire and the array Of fisnre.
In Ives letter=sho owing the depreciation of
the securities: of companies he had been
connected with, and 1.-The intimation that
they had been brought to- the verge Of
bankruptcy while. he had grown wealthy
annoyed him; but. he would not saw
whether he would reply to the accusation.
The receiver; of the Northern Pacific to-
day ordered: reduction in salaries, rang
Ing from. 10 to % percent. rs
President Charles w. Wetmore of the
North American Company said TODAY:
THE rHInors: of: "a receivershtp for this
company are: absolutely without foupda-
tion- The affairs of the company are in
such good condition that such a step is un-
necessary" -
Rnmors, however, of impending troubla
were current aga in. to-day. on account Of
. it's heavy holdings of Northern Pacific
securities. -; =.
:. A ST. PauIdispatch to a morning papar
aff1fms; that movements is on foot to start
N new company. with JamessJ Hill Mt thu
head. for the purpose of consolidating the
Northern Pacific and the Great Northern
Railroad systems, which include practi-
cally the VIII ole Northwest.
It's .rumored that this consolidation win
be urged on the grnnnd OF economy and
President Hill and President Oakes are az
the present moment going ever the details
prior to preparing some plan of operation
to be submitted to the stoc knolders.
It is said here that when the plan is per-
feeted it will show that by close work
great economies can be inaugurated in the
management of the Northern Pacific, econ
olnies that will help the property out OF st
least some of its emharrassments.
: ST. PAUL, Aug. T.-Acting General
Manager j. W. Hendricks. has been ap-
pointed general manager of the. Northern
Pacific by the receiver.
PORTLAND, Or. Aug. H.-In the United
States Circuit. Court to-day T. F. Oakes,
w. ii. Payne and H. Grouse were ap-
pointed, receivers of the Northern Pacific
in the State of Oregon, with bond fixed at
nra n00