New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-06-19
SIDNEY DILLON RETIRES.
UNION PACIFIC MANAGEMENT CHANGED.
CHARLES FRANCIS ADAMS, JR THE NEW PREsI-
DENT-ILL HEALTH MR.. DuLoN's EXCUSE.



Adams IT,, OF Boston, elected president to Ill the
vacancy by the resignation Of Sidney Dillon who
has occupied the position for more than ten years Inc
change In management has been probable for long tne
because 1t has been fully understood by his associates
that Mr. Dlons health such to enable him to
discharge the duties OF the Office properly The meeting
therefore, was merely Of routine business II Is
understood that Mr.. Adams reported in an informal way
the result OF his recent visit Washington but the re-
port OF the Government experts as to the financial con-
dition Of the company not made public by Mr'
Adams or any other the directors OF the company
The new president who had Just from Washington
said that the report would be published only at the in
OF the Interior Department The directors voted
TO pay the Government $4,000 in the treasury
its debt instead OF declaring dividend on
the stock.
Q Mr. Dilon's letter of resignation was follows:
NBw-YoRK, June ls 1884
To The Borrd Of Directors Of tie Union Pacific Ratlray
= Company.
president OF this company to take effect forthwith len
years active labor In the companys service as It's pres
not diminished my fath in its property nor my zea TOT
its well being They have witnessed the completion Oh It's
ment the return large 10 its shareholders
the solid establishment OF its business and resources
With these has TO their counterpart IN waning
years and need for the REIMBURSEMENT OF my most active
cares Bereavement has gwen 70 Ooth these
fUrce. stu holding and proposing to retain my pecun
AIRY interest glad continue in your counsels AT
te same Time must ask you sansctSnv
u '-''' 'A'0''''H' -' Sidney DILLON
The resignation was accepted, and these resolutions
passed:
Resoloed That the considerations presented by Mr. D-
lon in his letter resng the presidency Of this company
such this Board may not decline to entertain At
Resolved That the connection OF Mr.. Dillon with THIS
company for more than twenty years presents one
crowned with results that Insured the completion Oh us
enterprise and OF lasting advantage to us property anu
Resolred That this Board accepting Mr.. Dillon's
resignation begs To assure him OF the company grail
tude personal esteem, and OF a continuing uesIv
presence its cOunsels and his personal interest
Resided That copy Of these resolutions be sent TO Mr.
Dillon.
FACTS ABOUT Mr.. billions CAREER.
Mr. Dillon retires from the active management Of the
road at his own after long service His health has
rot been good in late years and the recent death Of his
wife completely Frustrated him. At the last general
meeting OF the company he reelected president,
much against his will His advanced age and poor
health have led him to seek long needed rest He is au-
thority the statement that his resignation was
prompted by other motive aud that he still maintains
his belief I'm the road He is second only to Frederick l.
Ames of Boston, ownership Of the companys securi-
ties
Mr.. Dillon was first elected president OF the Union
Pacific in March 1874 but he had been connected with 1t
for more than years before that time HIS service
indeed began with the turning Of the first sod In 1862
As president OF the company be received no pay unt
March, 1880 when the annual meeting, he was voted
and president over years, he has received IN com
pensation for his services only $4,000 year for the last
four years lie is a native Of this state, although has
been generally supposed that Massachusetts, was lis
home. He born in Montgomery County alta pace
about twenty miles from Saratoga, seyenty-three years
ago. In railroad building Mr.. Dillon has had few equals
His first contract was on what then a small railroad
I'm Massachusetts, He built the Fourth-ave Tunnel to
the perfect satisfaction OF Commodore Vanderbilt His
wor, on the Union Pacific done thoroughly, and In
consequence his ability contractor. he was made
director and after while president OF the company.
His resignation OF the chief executive office OF the com
pany undoubtedly IS the close OF his railroad career
He said yesterday:
The stock OF the company has been drifting to Boston
for several years At my time Of life cannot go there 60
dent should be Boston man have resigned that tns
management aud the ownership should be IN the same
place. But believe fully III the road and Its future
| MR.. ADAMss VISIT TO WASHINGTON.
Charles Francis Adams tr. said;
Ihave nothing to say about the affairs OF the company
It true that have just come from Washington but the
dispatches out by the Washington correspondents
have been drawn from consciousness 1t has been
stated that went to Washington protest against the
report or the Government accouniansi thhI hecItaJ
| Triler heard NV arguments and then ordered made
1eI.et helu iiJ On tLe renort I'm comnliance with nv
wishes Now. the truth is that went to Washington on
enfry different business The Secretary OF the Interior
hearing that was there EXPIRE sed wish 20 me- and
called him. In the ten minutes tlat was IN his
| was alluded 70 even IN a distant way, .,, > ~,
| The dispatches are false IN several particulars did
not 90 TO Washington to protest against the report
secretary Teller did modify the report TO answer my
argument and, finally, changes IN the report were
made. Yes, / saw the accountants report ana was
sorry to see by II that the earnings showed heayy
decrease There nothing IN that. and perhaps
] inv grief had been partly assuaged by time saw
nothing In the report which had not been published or
night been learned by any stakeholder at the
cumpany's olice.
Did You not confer with the Judiciary Committed
understand that the committee had agreed to report
bill i'm relation to the Union Pacific similar TO that offered
about the Central Pacific. The principal and interest OF
the debt the Government according TO TINS plan, are
10 be paid In xtv years 10 100 semi annual instruments
The Central Pacific bill has not been passed, and the
committee simply includes the Union Pacific In the Dill
| already introduced. ,,, ,
have actually nothing to say. shall run the railroad
for all the money there Is III II; Dut IN year may
prove be disastrous failure. No. am not prepared
TO say my election Will result IN lie removal OF this
Office 10 Boston. have been chosen president rs any
other director might have BEEN only because MI Dil0n
desired a rest, to which be certainly was entitled
shall use my best Efforts in the company's behalf
REPORT OF THE COMPANY'S CONDITIONS.