New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-11-04
HENRY TILLARD And NORTHERN PACIfIC.
IS WILLING TO BEAR HIS SHARE OF THE RE
sPoYsIBILITY, But PROTESTS AGAINST
BEING MADE A sCAPEGOAT FOR
OTHER DIRECTORS.

sPoysIBILITY, But PROTESTS AGAINST
BEING MADE sCApEGoAT FOR
OTHER DIRECTORS.
To- the Editor OF The Tribune.
Sir The insolvency OF the Northern Pacific Com
pany has subjected me to unjust CRITICISM AZ
though it has been hard TO bear have so ia'
maintained silence. ,
In common with every right-minded man. Vaiue
The esteem of my fellow-men. l therefore ASH
consideration of the following facts, which pre-
cont with no other desire than that simple justice
be done to me. .
7 returned to the Northern Pacific Board IN
the fall OF 1887. against my inclination. l yleded
to the argument of my friends that as '"e Io
pany then in financial uouDie' ~ was ny '
to come to its relief.
Nv twelve colleagues in the board will bear tes-
tImonv | am sure that it was always my ann u
insure careful deliberaton and cautious action III
the interest of the corporation alone.
Under the bylaws of the Board OF DIRECTORS
exercised no executive functions whatever. Ac-
cordingly never appointed any general or suoor-
dinate officer in either the operating, accounting
or construction departments never cohciuueu any
purchasing or construction contract "e'" ~
troed any disbursement of the company iu"uS'
never interfered in the least with the accounting
department and never directed the traflc poicy.
Nor did | ever assume responsibilities t"a' NC
lonped TO the board at large and to the STANDING
committees but confined myself strictly 10 lily
duty OF seeing that the business properly Oe'o"s-
ing to the board brought before 1t ana trans-
acted through those channels according 10 pre-
scrbed rules and that the authority OF the poaru
yos nronarIv recoenized by every executive officer
bear my share however. Of any responsibility
cbargeabe to the board | still hold. however that
The great growth In the gross and ret earnings Oh
the company, from $l3213,I8 gross ana so'oo'h-
net in 1861 to s2J,l55H gross and Nc2n'l4z net
| in lsg-sl-that Is, in less than four years-fuiiy
he tatio ha Spl
while the aggressive policy Of the competing sys-
iems made 1t the duty of the board to protect the
| companys traffic and territory by the poNcy
| adopted and carried out according to the best
| light at command. But I protest against the IN
Justice which has held me responsible for the acts
of all the thirteen directors ana not alone ioi NY
| individual part.
. Instead of there being any foundation for the
| statement that / made large fortune out OF the
wreck of the Northern Pacific. just the contrary
| Is true. No high-mnded man Is willing 70 optruue
| his private affairs upon the public. He only does
| so under compusion. and 1t Is with great reiuc
| lance that | feel forced to refer to mine plead
euilty only to one thing-the most constant faitn
| in the future of the Northern Pacific had the
| courage OF my convictions. l showed 1t by invest
ing by far the larger portion of my own means IN
the securities of the Northern Pacific and its allied
companies thus brought upon myself severe Pc
cuniary losses from beginning to end. Indeed, IN
stead OF making | have literally lost millions
thereby / was ten years ago, and feel sure that
| am NOW again. the largest individual sufferer
from the misfortunes OF the company. But for the
| fact that was more successful In other business
| UNDERTAKINGS the downfall of the Northern Pa
! cfc would have meant ruin to me and 10 those
dependent upon me.
g. The statement that l have sold short 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 a single share bond of any OF the
| companies with which / have been connected, or
| in any other way taken advantage OF my position
as an officer director &c the injury OF the STOCK
| and bond holders.
| have never been interested in any construc-
| ton material equipment contract with any or
the corporations. 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
sxty-seven shares of stock against me and three
other Northern Pacific directors. for the recovery
| Of large profits alleged to have been made by the
| defendants out of the sale of the Chicago Ter
| mina properties ! repeat. this Is the only specifc
| charge against me. and 1t Is without a shadow OF
| foundation In fact. This Is a striking instance OF
| the Injustice done TO The absolute facts are
| that | never had at any time, the least interest
| Of any sort direct or indirect. the value of a
| single cent in any of The Chicago and Northern
| Pacific properties at the time they were acquired
| By the Chicago and Northern Pacific Railroad
| Company or when the Wisconsin Central lease
| was made and was of the owners of any
| real estate or other property conveyed. at any
time to the Chicago and Northern Pacific Railroad
| Company. HENRY NlLLAhD.
| NewYork, Nov. 3. 1898.