The Helena independent., 1890-11-27
Sidney Dillon Elected President Of
the Union Pacific in His
Stead.
Whe Gould Interest Now In Full
Control Of That Great
Line.
Adanns Gives stateuent of His Position-
Gould's Plan for Unity
Of Action.

president Of the Union Pacific, delivered
his address and resignation. which was 40
copied and Sidney Dillon has assumed the
Office Of president. The directors elected
Gould and Sage to the executive COMMITTEES
in place Of Adams and Rumrill; Hyde and
Orr to the financial committee in place OF
Rumrill and SpauldinR, and Gould to the
committee ON connecting roads in place OF
Adams. Dillon, in accepting the Office Of
president, thanked the board for their ex-
preston Of confidence and declared his in
tention to do everything in his power to
forward the interests of the company. The
executive committee now consists Of Gould,
Ames, Atkins, Dexter, Dillon, Sage and
Plummer.
The resignation Of John p. Spaulding,
James A. Rumrill and Samuel Carr, jr.,
were accepted, and Messrs. jay Gould, Rus
sell Sage, H. p. Hyde and A. E. Orr wore
elected directors in their place. Sidney
Dillon, already director, was elected pres
ident. The resignation of ce-President
Lane was not accepted, and he will be re-
tanned in that position. After discussing
the situation, the meeting adjourned.
The following is the address of President
Adams, of the Union Pacific, in resigning:
"Gentlemen-In June, "a, was chosen
by your unanimous vote president of the
company. and this action on your part has
subsequently, through six successive years,
vote Of stockholders. The affairs Of the
Union Pacific, IN some respects, are more
difficult of management than those possi-
bly, of any other similar corporation in the
country. Especially has this been the case
during recent years. Consequently. know
ing / represented only body of stockhold-
ers, and could not look for support
to any large concentration of
capital, have always realized that it would
be futile for me to attempt to manage the
company's affairs with reasonable hope of
success in the face of any considerable or
active opposition of Others in this board OF
among those entitled through ownership to
claim representation on it. AS you are all
aware, changes both large and significant in
character have, during the course OF the
financial complications now going on, taken
place in the ownership of the company's
stock. Interests with which I never have
been in sympathy, and whose confidence
fail to command, have become . leading
factor in the situation and as result or
these changes my position has been rem
dered false and embarrassing. Doubts
both exist and have been freely and pub
licly expressed, not only in political but in
financial circles, as to whether any longer
represent the controlling interest in the
ownership of the company, and whether it
be in my power to make good engagements
into which must necessarily seek to enter.
The continuance of such state of affairs
can be for the best interest of no one. nor
personally am willing to occupy position
Of diminished confidence moment longer
than necessary.
s.From political point OF view alone,
with congress about to assemble. it is above
all essential. with proper regard for the pc
rsAs. ns-l l. ,Ah 11~~s~ DE-
cific, that whoever represents it should be
understood to represent clearly, unequivo-
cally, its whole ownership, and thus speak
with authority as to it's policy. This ] no
longer do. feel assured that political and
most probable financial disaster also should
hardly fail to result from mutual lack of
confidence existing at this time between
the nominal but irresponsible head of the
company and any considerable and inauen-
tial interest among the stockholders,
whether such reciprocal distrust be on the
score Of ability or character. or methods or
motives. Under these circumstances, after
q careful survey of the whole ground, l am
forced to the conclusion can no longer
hold my present position and still adminis-
ter the affairs of the company either with
satisfaction to myself or without danger to
interests entrusted to me. I desire, ac-
president of the company and as member
of this board"
Gould, in an interview with the news
bureau, says: "The details of my plan are
not yet worked out. The Northern Pacific,
Northwestern, Atchiscn, Missouri Pacific.
and Wabash, are united in its favor. and
Orr, just elected to the Union Pacific direc-
tory, represents the David Dows estate.
which has large interest in the Rock
Island. have not yet seen the Chicago,
Burlington q Quincy people. Actual con-
solidatior would be a good thing, but that
is not yet possible under the laws What
We want Is a new, strong association, super
eeding the present various western railroad
associations, and the making of rates and
distribution of territory and traffic to be
with that association, in which each road
should be represented. The stockholders
must assert themselves. It is all right
when dividends are paid, then stockholders
are quiet; but when financial returns are
not forthcoming there will be an overturn,
Just az in national election. when times
are bad there will be change. There are
railroads enough in the western country for
the next i've years. We want now to intell-
grow up TO tho capacity Of the roads with
out running stockholders by competitive
rates which are an advantage to nobody"
Old Cars Withdrawn and New Pullman
Dining Cars Now Running on the
Pennsylvania Lines,
The old ''diners' are abandoned and on
tirely new dining cars, embodying the