New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-04-23
MEETING OF THE STOCKHOLDERS OF THE UNION
PACIFIC RAILROAD.

BOsToN, Mass, April 22.-The first meeting
of the stockholders o the Union Pacific Railroad In this
city, was held to-day at the Office Of Gledden Williams
the Hon. Cakes Ames presiding The following resoiu
tions were adopted:
tsopd That eonnDi With Act Of Congress approved April
TO- 1901 the geae Office Of this Compan hereby 10 ,a
c Of BosGn su until some Other Pe 10 a eg o % nS ,s"
lied COMMITTEE shall be at Room No at No ia SiA'et IN SAID
Rod That the Special Committee Of Five appointed br the D
G 'oG serhes to our general os ass
Bosom all books Od and also aq lius sGas1s ,S, IU
10 dispose one furniture and hIias IN Nswfok
the Of March ast arPor9g Dillon JoAa DIs .n ~ fIss
relation constructing And operating the same hereby 'p
R,od That tie sciou Of the appointing w T.
Gideu oAke Jaues Brooks g Bushnell and bass
boers 10 Ills company male for the sale conformity
stIto SeoJ 3 , reer payment for the same
pp received the payment Of the current expenses aud
Rsd That tGs heretofore used by Obi, ComPsny be ,ad The
authorized aud requested b procure new seal WIN 'u'h d''e anu
Ills Hon james Brooks Of NewYork then addressed
the meeting giving history OF the Eoa9l ana ns tbsp
read the following telegram; 60 49,. ,.u,,
To orr,r Ant,-pr,.fient Union Pooiac Railroad:
:, Gs9 rae sSI Eao'd 10 % ' BopdE Chez naes
Mr. Ames explained that the dispatch was equivalent
to statement That 80 miles now intervene between the
the Atlantic with the Pacific u. g. Hazard OF Rhode
Island then addressed the meeting He said that IN
Mnhlier or Contracting Company. The charter OF tho
Union Pacific Railroad Company required that the books
kept open Tor subscription ii tlOOOooOO OF me sock
be subscribed at par Under this twas impossible TO get
money to build tie road Capitalists could not be found
take the whole amount, and II they put IN s3OMoo3
then II enterprise proNcd unsuccessful they might
lose the whole, while II successful, other parties VINO
had not participated In the risk, or loss could come
in as Subscribers 10 the remaining tso,0OO00o,
aud take fourhhs OF the profit earned by the capital
and at Of the first Investors ho one would adj
vance capital such conditions IL was necessary tat
the chance Of profit TO the builders should ~ least 5e
with lie
cct the Credit Moblier whose business 70 was to furnish
capital and take such risks and subsequently other capt
taiists we're introduced. In Of the risks i'm
hnhlitv and hence that tley should be Incorporated
IL Is asserted that they obtained excessive preInums for
assuming the labor and risk OF construction 1hs should
then THAT tho capital was to he risked upon
| the chances OF success aud failure; lgw much
money would be required To grade the Rocky
| Mountains was then unsoyed problem The
general belief .was the cost Of this portion Of the Work
To- ias builders must consist mainly Of stock the road
aud the opinion then prevailed that this long road built
at great expense through unsettled country destitute
Of material aud supplies, would not for The first 10 years
pay the Expenses OF operating M ihat ~ t.e estimation
of The pubhe inc plec pdd 10 the Credt MnDher dld NOT
more than compensate Tor tho Use Of he capital aud the
risk incurred by tns company when ITS sole interest In
the building Of this road was offered at 0 for 800 cash
actually paid In. aud without finding buyers az that
J. II. Williams followed MIR Hazard In the following
remarss We meet under unusual circumstances. having
been driven from NewYork one Of series of judicial
Toy as 70 u,e safety 81 Tie property that nav i any
waY ie broueht mndcT The control OF such a Court
For man who has paid for subscribed stock,
has bought and owns SIX shares 5000 wugtbl at dis
count the purpose Of bringing suit, 20 be able to
hnd Judge whJ vl grant an cr rie Injunction against
annual election 81 directors, appoint receiver for
property Of SsO0OCOo and break open valuable safe
belonging 10 third party to ny 10 get at the property 81
Company. which tho Directors had the wise precau.
lion TO have removed TO safer quarters, Is GER
tanly astonishing and alarming THIS Company does not
object 10 any legal examination 81 their affairs when In
situted Ia good faith before proper tribunal. but
Away DESTROYS 10 maintain iBer rights OF having the
tried In United states Cdlrt where 10 properly be-
Ongcd. By the cllumnies which have been stirred mp
by this unjust persecution, the selling OF bonds
been deprecated Ia the injury Of tire various parties
holding them throughout the country But individual
stockholders or the Company have forward and
furnished the tn complete the road aud pay all
It's liabilities The enterprise has not been unpront
able 10 the stockholders, though not so
advantageous as We expected our main profit win be
u the future value of the stock The prospects for bust
ness me very haornc We expect that tho gross
igs for the month OF May Will be sufficient pay the
July coupons bonds. with regard the charges
OF having btlt poor rad, the folly OF such charges
bs easily built the road with the intention of
owning and managing 1t Ourselves IL has been fayor
blv reported upon by separate Government commits
sions, and accident has yet occurred 10 life limb
FROM any niperfrcon either N tho road It's equip
Ben and IL tile intention 81 the Company 10 continue
1t iirstc ROAD ia al resp The meeting then id
jOuTucd until tomorrow.