Los Angeles herald., 1890-11-27
Sidney Dillon Elected to Fill
the Vacancy.
The Resignation of Vice-President
Lane Rejected.
The Gould interests in Full Control of
the Road-Western Rates to Be
Advanced.
Associated Press Dispatches.


Sidney Dillon has assumed the presi-
dency.
The designations of John P. Spauld-
ing, James A. Rumrill and Samuel Carr,
Jr., were accepted, and Messfs. Jay
Gould, Russell Sage, H. R. Hyde and
A. E. Orr elected directors in their
places. Sidney Dillon, already a di-
rector, was elected president. The
resignation of Vice-President 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
Rumrill and Spaulding, and Gould to
the committee on connecting roads, in
place of Adams.
Dillon in accepting the Office of presi-
dent, thanked the board for the express
sion of confidence, and declared his
intention to do everything in his power
to forward the interests of the company.
The executive committee, now con-
sisting of Gould, Ames, Atkins, Dexter,
DiiiOn, OdS,C L tllCI WCllt
into session.
At the meeting OF the executive COM
mittee, the name of S. H. H. Clark,
president of the Missouri Pacific
railroad, was mentioned for the position
of general manager of the Union Pacific,
but no action was taken. The commit
tee adjourned without transacting any
business of public interest.
Mr.. Adams's Address.
GENTLEMEN: In June, 1884, l was
chosen by your unanimous vote presi-
dent of the company, and this action on
your part has subsequently through six
successive years been approved by an
equally unanimous vote of the stock
holders. The affairs of the Union P a
cific in some respects are more diff cult
of management than those possibly of
any other similar corporation in the
country. Especially has this been the
case during recent years. Consequently,
knowing l represented only body
of stockholders and could not
look for support to any large
concentrations OF capital, have always
realized that it would be futile for me to
attempt to manage the company's affairs
with a reasonable hope of success,in the
face OF any considerable or active oppos-
ition of others in this board, or 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 com
plications now going on, taken place in
the ownership OF the company's stock.
Interests with which have never been
in sympathy and whose confidence fail
to command. have become the leading
factors in the situation, and, as the re-
suit OF these changes, my position
has been rendered false and
embarrassing. Doubts both exist, and
have been freely and publicly expressed,
not only i'll political, but also in
financial circles, as to whether l any
longer represent the controlling inter-
est, and whether it be in my power to
make good the engagements into which
1 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 a
position of diminished confidence a mo-
ment longer than necessary.
From a political point of view, alone,
with congress about to assemble, it
is about all essential, with proper
regard for the peculiar position
occupied by the Union Pacific, that who.
ever represents it should be understood
to represent clearly and unequivocally
its whole ownership, and thus speak
with authority as to its policy. This
no longer do. Accordingly feel assured
that political and most probably 6nan
cial disaster, also, should hardly fai
to result from mutual lack of conf
dence existing at this time between the
nominal, but irresponsible, head of the
company, and any considerable and in
fiuential interest among the stockhold
ers, whether such reciprocal distrust be
on the score of ability or character Oh
motives.
Under these circumstances, after :
careful survey of the whole ground,
am forced to the conclusion that l car
no longer hold my present position anc
administer the affairs of the company
either with satisfaction to myself OF
without danger to the interests intrustet
to me. desire accordingly to offer my
resignation, both as president of the
company and a member of this board
Jay Gould's Plans.
Gould in an interview with the News
bureau, says:
''The details of my plan have not YET
been worked out. The Northern Pacific
Northwestern, Atchison, Missouri Pa
cific and Wabash have united in it!
favor, and Orr, just elected to the Unior
Pacific directory, representing Davi(
Dow's estate which has large interes
in the Rock Island, has not yet seen the
Chicago, Burlington and Quincy people
An actual consolidation would be goot
thing, but that is not yet possible unde
the laws.
"What we want is a new, strong asso
citation, superseding the present various
western railroad associations and max
ing rates and a distribution of territory
and traffic. To be with that association
in which each road is represented, th'
stockholders must assert themselves.
is all right when dividends are paid
then the stockholders are quiet, bu
when the financial returns are not forth
coming, there will be overthrow, just al
in the national elections when times are
bad there is change.
''There are railroads enough in the
western country for the next five years
We want now to intelligently develop
the country and have it grow up to the
capacity of the roads, without running
the shareholders by competitive rates
which are an advantage to nobody.
Will Advance Rates.
In another interview Mr.. Gould, when