, 1890-11-27
A new DEAL
President Adams Resignation
Accepted
And Sidney Dillon Elected in
His Stead.
Jay Gould Outlines His Policy
in the West.
Western Rates to Be Slightly
Advanced.

BosToN, Nov. 26.-Adams, president
of the Union Pacific, delivered his al
dress of resignation. which was accepted,
and Dillon has assumed the office of pres
ident,
The designations of John P. Spaulding.
James A. Rumrill and Samuel Carr, Jr i,
we're accepted and Messrs. Jay Gould,
Russell Sage, IL r. Hyde and A. L. Orr
elected directors in their places. Sidney
Dillon, already a director. was elected
president Tue resignation of Vice Pres
ident Lane was not accepted and he will
be retained IN that position.
The directors elected Gould and Sage
to the executive committee in place OF
Adams and Rumrill; Hyde and Orr to
the financial committee in place of Rum
ril and Spaulding, and Gould to the com
mittee on connecting roads in place Of
Adams.
Dillon. IN accepting the office of presl
dent, thanked the board for its expression
OF confidence and declared his intention
TO do everything in his power to forward
the interests Of the company. The exec
utive committee. 10 consisting OF Gould,
Ames. Atkins. Dexter. Dillon, Sage and
Plummer, then went into session.
At the meeting of the executive com
mIttee the name of S. II. Ii. Clark, vice
president OF the Missouri Pacific railroad,
was mentioned for the position OF general
manager OF the Union Pacific, but no
action was taken and the committe ad-
journed without transactinR AMI business
of public interest
The following is the address of Presi-
- Al. a.. IT-.z- DE. -
~resigning: "Gentlemen-In June, 1884,
| was chosen by your unanimous vote
president of the company and this action
on your part has subsequently,, through
six successive years, been approved by the
equally unanimous vote of the stock
holders. The affairs of the Union Pacific,
IN some respects, are more difficult of
management than those. possibly. OF any
other similar corporation in the country
Especially has this been the case in re
cent years. Consequently, knowing L
represented only a body of stockholders
aud could not look tor support to any
large concentrations OF capital, | AVE
always realized that it would be futile for
me to attempt to manage the company s
affairs with a reasonable hope of success
10 the face of any considerable or active
op5osition either in this board or among
those entitled, through ownership, to
claim representation on it.
HAs you are all aware. changes both
-Ns-fsc and significant in character have
during the course of the financial compli.
cations now gong on, taken place in the
ownership OF the company stock. The
interests with which | have never been in
sympathy and whose confidence [ fail to
command have become leading factors in
the situation and as a result of these
changes my position has been rendered
false and embarrassing. Doubts both exist
and have been freely and publicly ex-
pressed not only in political but also in
financial circles, as to whether l any
longer represent the controlling interest 10
the ownership of the company, and
whether it would be in my power to make
good the engagements into which | must
necessarily seek to enter. A continuance
OF such a state of affairs cannot be for the
best. for personally l um not willing to
occupy a position of diminished confidence
q moment longer than necessary. From
the political point of view alone, with
congress about to assemble. 1t IS above all
essential with proper regard for the pecu-
liar position occupied by the Union Pacific
that whoever represents it should be
Understood to represent clearly and un-
equlvocallY its whole ownership and thus
speak with authority as to its policy.
This | no longer do.
Accordingly l feel assured that the
political and most probable financial dis
aster also should hardly fail to result from
the mutual lack of confidence existing at
this time between the nominal but ire
sponsible head of the company and its
considerable and influential interest among
tho stockholders, whether such reciprocal
distrust is OF the score of ability or char
acter and methods or motives. Under
these circumstances, after a careful survey
Of the whole ground, | am forced to the
conclusion that / can no longer hold my
present position and administer affairs
either with satisfaction to myself or with