New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-17

.
1t should be said In justice Mr.. Willard that he has
connected with the management OF the Oregon
companies he them into financial difficulties about
years and that hi relations with the electric
company terminated last 1t cannot be denied, how
ever that all OF these companies suffering from the
defects Of his plans at their organization and that
their present have been unable 10 make them
successful
But Mr. Wizards especial pet scheme and the one on
which he based his hopes OF controlling all OF the North
and the Pacific Coast the Oregon and Transcon
mental. Originally the outcome OF the notorious Blind
Pool" IL started or divdendpayer but soon gnomin
ously collapsed. The company was transmitted about
three years into the North American and MI Willard
that time promised dividends in printed circular
Begulled by his aurng forecast many bought The stock
at so and above, but within the year the concern
collapsed again and the price fell TO TO- few weeks
ago when became known through the press that move
foot to call him sharply TO account at the
annual election resigned in favor Of lawyer who has
been OF his confidential advisers for several years
when election occurred this same farce was enacted
by the rendering thanks the who had
organized the company and successfully brought IL 10 rum
The Northern Pacific also has been twice placed In
financial difficulties BY Mr. Willard. TO the heue' given
should be added the shrnkoge on the bonds OF the
company Mr.. Willard insisted the Issuance OF $780,
600 900 consolidated per cent bonds which sod when
first brought out, above 90 As they ar, now seltn,
for less than oehaf OF that pice the depreciation Is
about 900 900. The decline other ISSUES amounts
10 least $4,000 OOO that the shrinkage on the
been president Is at least s22oooo0oo Furthermore
every one OF these companies is to-day in financial dis
credit In such state Of affairs can anything be more
primy roncal address OF congatuation 10 their
late PRESIDENT Perhaps however, is matter Of con.
graduation the companies TO be no longer favored
with lust this kind Of financial genius
And now as to the wording Of this remarkable pro-
duction IL begins In all of Mr.. Wizards connection
with this company his vast mental resources MS ErN'
.agacty almost intuitiNc forecast nave Deeh o III"
,nense Advantage" sentence Is evidently ihco"
plec. II you will add the two words 10 hi"'seh no
one will question correctness, for the ability oil MI
Willard cannot be- disputed. at least by s'ochhou O'
Ike myself have been repeatedly \ictmled oy hi"''
pp, how come, tnat wonderful genius mas Den
o. 80 little practical value To the h'e companies OF W'
he bo. bcen PRESIDENT Your extract says MS S'N'''S
hay, been given aud solely In q" interest anu WEI
fare o, this company II this is so now i u "os
,h, conn,ny 4. Door and it, securities are selling at
prices which might we'll nilcai" apr 'a'h'he
while Mr.. Willard ha~ several m'hoh'l ms So
s,g,ctv" has KEEP, him from owning "uch vi '"' ' ".
,u, h l. rich enough lend tie company one hlOh o'
,aua,. taking A. security. among other things, MS
t,vort, : Der cent bonds at 30 per cent OF the'r par
,ol. when hi, friends paid 30 Tor them' hi' "'"''
ituitiye forecast doubtless enabled MIN " io'' ''
inevitable result his system Of hnan'i"rne anu 10
protect his own Interest," "hi'' he s"'u'' '"o company
on to tho verge of bankruptcy
o,in vour extract saw, The POSITION OF director and
chairman he accepted With great rluetance Now, WIFI"
cme az Your directors bay believe this statement other
,oo, chm, T. I. not tue Mr.. Willard returned herr In
,s.- for the express purpose OF getting control OF III
Northern Pacific company in connection WIN Nhar's o.
ohv Edwin H. Abbot and togat" iI0yt. Their object
as 10 capture the benefit " the Wisconsin central
onrany witch they controlled and which vas In bank
rn, condition. 10 was a rart Of their conspiracy that
Willard should lie chairman. The office was created ~
1889 AZ hl. suggestion. Mr. Harris octupA the position
or one year election III iso? Willard had absolute
control Of pro\ie> lie iii took MI HARRIS pace
a. chairman and held ii until h" resign d. when The ora
y.,s ahoshed The simple truth Mr.. Willard leaves the
he has ft other company hndef
fire he his management has pfoNei disastrous.
Nothing easily proved than that the heating
debt OF Northern rach could not have been pro- l"
for had rot the promise made that he should ass
tho hoard His resignation demanded and given a a
condition precedent OF the underwriting OF the colat raj
trust notes bevond dispute. furthermore, that h
could not have been reel cted next October Therefore.
under these conditions. hI> resignation is either forced
one or cowafdv light from re possibility In either ease