Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1894-09-13
WILLARD IS GUILTY.
He is Alone Held Responsible for
Irregular Northern Pacific
DaaIS

II Milwaukee. Wis, Sept 1O.-Master in
| Chancery Cary has filed his report in the
Cakes investigation in the Northern Pa
| citic case. and his findings completely ex-
onerate Mr.. Cakes.
The report states at the outstart that
| it was conceded that Mr.. Cakes had no
| pecuniary interest in and derived no per-
| sonal advantage or gain from any of the
| matters referred for investigation
| The report is Il bound volume of 15,s
pages and it is accompanied by five bound
| volumes of testimony. The first question
discussed was whether or not any di-
rector of the Northern Pacific made any
unlawful gains by the purchase of the
| Northern Pacific & Manitoba road and
! in answer to it Mr.. Cary says: Il there
! fore find that Mr.. Willard. Il director of
the Northern Pacific Railroad company.
made unlawful gains by the acquisition of
! the railroad of the Northern Pacific &
Manitoba Railway company by the said
| Northern Pacific Railroad to the extent
| of 1868 .691. TO-
! The next question was whether Mr.
| Cakes knew or ought to have known
| that Mr.. Willard was interested in the
Northern Pacific & Manitoba, or that he
was making unlawful gains by its ac-
QUESTION by the Northern Pacific, and
| in answer to that he says: Il therefore
| find that Mr.. Cakes did not and was not
! bound to know that Mr.. Willard was in
| terested in the Northern Pacific & Mani
| tOba railroad or that he was making any
unlawful gains by the acquisition of said
railroad by the Northern Pacific rail-
| road"
Taking up the Rocky Fork. the first
| question was whether or not any of the
directors of the Northern Pacific in the
| Rocky Fork road or the Rocky Fork
! Coal company, and it was answered i'll
| the affirmative. The next question was
whether or not any director made any
| unlawful gains by the acquisition of the
road, and in answer to that Mr.. Cary
says: Il must and do find upon the
| proofs made that none of the directors
| of the Northern Pacific company acquired
any unlawful gains by the acquisition by
that company of the Rocky Fork & Cooke
| City railway or by the arrangement made
with the Rock Fork Coal company"
That question being answered. it re-
| manned to be determined what knowledge
MIR. Cakes had right to have had as to
the transactions in question, what his
duties as president and director of the
Northern P1cific company were in rela-
ton to them and how he discharged his
duties, and i'll the answer the mastsr
says II cannot find as to these two sub
jects of Investigations that Mr.. Cakes
was in any respect dsloyal to his COM
| pany or its interests, or neglectful of his
duties as president or director
Seventy-fOur pages are devoted to the
Chicago Terminal deal. Mr.. Cary finds
from the testimony taken that the total
cost of the properties was S1O,296.
1882. In conclusion he says about the
| deal:
Taking all things into consideration
find that the rental agreed to be paid
by the Northern Pacific Railroad COM
pany in its lease of the Chicago terminal
of April 1. 1890. was not exorbitant
or improvdent. and that Thomas f.
Cakes was not guilty of any nonfeasance
or misfeasance as an officer and director
of the Northern Pacific company in re-
spect to said lease.