Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-11-27
THE UNION PACIFIC.
CHARLES FRANCIS ADAMS RESIGNS THE
PRESIDENCY OF THE ROAD.

Sidney Dillon VIII Hereafter be at the Head
ing to the Action of the Old Chief
Executive.
BOSTON, November 26.-The Board Of
Directors of the Union Pacific Railroad met
here to-day Nld Charles Francis Adams
submitted his resignation as president of
the company. With him there also resigned
John P. Spaulding, James A. Rumrill aud
Samuel Carr. Jr., of the Board of Directors.
In their places were chosen Jay Gould, Rus
sell Sage, H. B. Hyde and A. F. Orr.
Sidney Dillon, already director, was
elected President. Mr.. Dillon, IN accepting
the Office of President, thanked the Board for
this expression of confidence and declared
mis- intention to do everything in his power
to forward the interests of the company.
1t is understood Mr.. Orr represents the
David Dows estate and Mr.. Hyde the
Equitable Life Assurance Company, which
is large holder of the company's securi-
ties. The resignation of Vice President
Lane, rendered this morning, was not ac-
cepted, and he will be retained in that posi-
ton.
After the election Messrs. Adams,
Spaulding, Rumrill and Carr left the meet
ing and the new board, after discussing the
policy of the company and appointing COM
mittees, adjourned The new Executive
Committee, consisting of Messrs. Gould.
Ames, Atkins. Dexter, Dillon, Sage and
Government Director Plummer, then went
into session.
In his remarks resigning the Presidency
Mr.. Adams said: doubts both exist and
have been freely and publicly expressed not
L. u =. IL
cles, as to whether any longer represent a
controlling interest in the ownership of the
company, and whether it will be in nv
power to make good the engagements into
which 1 must necessarily seek to enter.
From a political point of view alone, with
Congress about to assemble, it is above
all essential with proper regard for
the peculiar position occupied by
the Union Pacific, that whoever represents
it should be understood to represent, clearly
and uneguivocally, its whole ownership and
thus to speak with authority as to its policy.
This no longer do. Accordingly 1 feel
assured that political, and, most probably,
financial disaster also should hardly fail to
result from a mutual lack of confidence ex-
isting at this time between nominal but
irresponsible head of the company and any
considerable and influential interest among
VIC o'oSNhoiucis, "hetHeL suCn IecApiOc@A
distrust is on the score of ability or char
acter, or methods, or motives.
'Under these circumstances, after care
full survey Of the whole ground, / am forced
to the conclusion that 1 Can no longer hold
my present position and administer the
affairs of the company either with satisfac-
tion to myself or without danger to the
interests intrusted to me-"
In an interview, Mr.. Gould, in reply to a
question as to the significance OF his recent
active interest in the Union Pacific, re-
marked that there was nothing strange or
mysterious about it. He knew the road, he
said, when it was child, and he had SIM
ply returned to his first love. He denied
that he had bought any Reading stock, and
said that the story that he had tried to cor
ner Postmaster General Wanamaker was
not true.