The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1890-11-27

the Wizard and His Friends Take
Possession.

BosToN. November 26-At a meeting Of
the directors Of the Union Paclhc railroad
today the designations of President and Di'
rector Charles Francis Adams and Director,
Spauldlng. Rumrill and Carr were accepted,
and Jay Gould, Russell Sage, Ii. b. Hyde
and A. C. Orr were elected in their places.
Sidney Dillon, already a director, was
elected president. The resignation Of Vice
President Lane this morning was not ac-
cepted aud he will be retained In that posi-
tion. After the election Messrs. Adams,
Spaulding, Carr and Rumrill lett the meet
ing and the new board, after discussing the
policy Of the company and appointing COM
mittees, adjourned.
In presenting his resignation President
Adams said:
large aud significant in character, have, dur
Ing the course Of the financial complications
now going on, taken place in tha ownership
OF the cOmpany's stock. Interests with
which have never been In sympathy, and
whose confidence / fail TO command, havesDe-
cone leading factors In the situation as
result OF these changes my position has
been rendered false and embarrassing.
Doubts both exist, aud have been freely and
publicly expressed, not only In political but
also 10 financial circles. as TO whether l any
longer really represent controlling interest
In the ownership OF the company, and wheth
er 1t will be In my power to make good the
engagements into which l must necessarily
seek TO enter. 49,.
'rhe continuance of such state of affairs
as this can be for the best Interest Of no one,
nor personally am willing to occupy posi-
ton of diminished confidence a moment
longer than Is necessary. From political
point OF view alone, with Congress about To
assemble, 1t is above all essential, with
proper regard for the peculiar position oc
CUPID by the Union Pacific, that, whoever
represents It should be underst Od to repre-
sent, clearly and unequivOcaly, its whole
ownership, and thus To speak with author
ity as to It's policy. This l no longer do. Ac-
and. must probably. financial disas-
ter also. could hardly fail to r.
suit from a mutual lack OF conf
dence existing at this time between nomi-
nal, but irresponsible, head OF the company
and any considerable and influential inter
est among its stockholders, whether such r.
ciprocal oistIust Is ON t score OF ability, o
character. or methods Ur motives.
Under these circumstanees,s = fter a careful
survey Of the whole ground, am forced To-
the conclusion that / can no longer hold my
present position and administer the affairs
Of the company either with satisfaction t.
myself, or without danger to the interests
entrusted to me. | desire accordingly tO
uffer my resignation both as president OF the
company and as a member OF this board"
Mr.. Gould, in an interview with Mr.. Bar
ron Of the Boston News Bureau, says: "The
details of my plan are not yet worked out
rhe Northern Pacific, Northwestern, Atch
ison, Missouri Pa life and Wabash are united
10 its favor, and Mr.. Orr, just elected TO the
Union Pacific directory. represents the Da-
vld DOws estate. which has a large interest
10 the Rock Island. have not yet seen the
Chicago. Burlington and Quincy pF0Dle
Actual consolidation would be a good thing.
but that is not yet possible under the laws
WHAT we want Is a new and strong assoca-
tion superseding the present strong Western
rates and distribution Of territory aud traffic
10 be with that association In which ca IN
road Is represented"