New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-11-27
PRICE THREE CENTS.
RESIGNATION OF MR.. ADAMS.
SIDNEY DILLON CHOSEN PRESIDENT OF THE
UNION PACIFIC.
Mr. GoULr AND HIS ASSOCIATES ELECTED AZ
DIRECTORS-A FAREWELL ADDRESS
BY MR. ADAMS.

rBY TELEGRAPH TO THE TRBUNE.1

mcnt of the Union Pacific road, about which
speculation has been rife for weeks, was consum-
| mated this forenoon in quiet and eApcditiouS
manner. Jay Gould and his coadiutors, Sage.
Dillon, Hyde, Orr and Hughit, arrived in Boston
| last night and lodged at YOungs Hotel They
rose early and breakiasted in the ladies' dining
room, and then walked leisurely down to the
company's Office in the Equitable Building In
Milk-st., skilfuly evading the reporters who were
at the door of the office Mr.. Gould entered and
had short interview with Frederick l.. Ames,
and it is rumored that the result was the winning
over of the Ames contingent to his side The
directors meeting was opened with Mr. Adams
in the chair. Messrs. Gould, Sage and the others
| of the New-York party were in a separate room,
not being entitled to seats in the board. Mr..
Adams's resignation quickly presented fol-
| lowed by those Of Aiessrs. Spaulding, Carr and
| Rumri Mr.. Adams, in resgning, made the fo-
| lowing farewell address:
Gentlemen: In June, 1854, was chosen by your
unanimous vote president of the company, and TINS
! action on your part has subsequently through SIX
successive years been approved by the equally nani
mol, vote of the stockholders The Affairs Of the
management than those possibly OF any other similar
corporation in the country, during recent years oon
seQuenly, knowing that represented only body Oh
| 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 10 manage
the company's affairs with reasonable hoIe Of success
in the face Of & any o b6 or aGHe ena
ownership, to claim representation ON 1t.
As YOU are all aware, changes both large and SIG
nlfcan in character have, during the course of the
financial complications now gohg on taken place III
which have never been in sympathy and whose
fdencc fail 10 command, have become leading factors
position has been rendered false and embarrassing
doubts both exist and have been freely and publicly
expressed not only in political but also In financial
circles as to whether / any longer represent con.
trolling in the ownership Of the company and
engagements into which / must necessarily seek to
enter. The continuance OF such state of affairs as
sonsly am willing 10 occupy position OF diminished
confidence a moment longer than is necessary.
gress about to assemble il is above all essential with
proper regard for the peculiar position occupied ey
be understood cpresen clearly and unequlvocay,
the whole ownership ard thus 10 speak with authority
f,ol a,sed that political and probable finan
ca disaster also should hardy fail to Fsnt fs t,mS from Ia
tween nominal but irresponsible head OF the com.
among The Stockholders whether such reciprocal d.
trust is the score Of ability, or character or METHODS
Tnder these circumstances. after careful survey
of tine whole ground, ] am forced to The conclusion
that ! can no longer hold my present position i ann
satisfaction to myself without danger to the in
forests intrusted to me- desire aec9rdngy; .} 10
and member OF this Board. BIT before acton
taken on this sl6lec' n wc 10 %ae APs, pr nernSa
and Official relations with YOU. 1t is. something
feel am entitled to remember T aHe pns ncsasd s[ ours oye
his board Board, composed Of twenty members. many
cidod 'ne'I ricfs men tSe mle Of nnsnimity has
from the beginning invariably prevailed. on
no single sse which as S eyer M arisen en- 'IncT became % ,
holders % or APPOINTED by the government, felt called
upon to record his vote in the negative. Al action
taken has been unanimous. Dieirnces OF opinion
fhp
done the matter under discussion ha, been dropped
CALI whiic have held it no wort nor act in connec
other tia" rlcasan, AID krClr memory.
ncht "f the Whole Board while alone am responsible
for those Of judgment 10 which the Boar; acfing
as whole. has found itself committed. In This room
al least whatever contrary belief may times have
prevailed outside Of IT, there has for the last six wears
been no majority and minority. and, least of all.
any faction.
Nh Adams then left the room and the build
ing refusing to be interviewed by the reporters
who doggcd his steps. After Mr.. Adams had re-
tired. Mr.. Sidney Dillon chosen president
and. on taking his seat AZ the head OF the table.
thanked the director for the expression Of con-
fdrncr in him. and assured them that it would
hc his aim to do everything in his power 10
forward the interests of the company. The cleo
tion of new directors was then IN order, and Jay
Could Russell Sage. \. h. orr and II. B. HYDE
were chosen. Tli> brought the New-York party
into the control they were looking Tor. and APP
parrntly couSumm2ted the deal so long pending.
The following changes in the committees were
made: Executive Committee Me>srs Gould and
SAGE. in place of NcssrS Adams and Rnmrill
financc-McSsrs Hyde and Orr in place of Messrs.
Rumyill and >pauiding; land-MesSrs. Sage and
Orr. in place of McsSis. Adams and Carr; connect
Mr. in, MI Of Mr.
souri, River Bridge-Nr Hyde, in place of Mr..
Adams; coal lands and supply Mr.. Spaudng. in
place OF James v. Savage. deceased: Government
Dircctor-Gcor.e l.. Leighton, in place of Mr.
savage
After the adjournment of the directors. meet
ing of the Executive Committee held Gardi-
ncr W. Lane. second vicc-prcsidcnr. rendered his
resignation hut The committee refused 10 accept
IT, The name IF :. II. II. Clark. vice-president
and general manager of the Missouri Pacific Rail-
way. was then mentioned for the Office of general
manager of the inon Pacific, but no action was
taken upon il. II woliG seem from this that Mr..
Gould not having everything his own way.
Edward Garfield. stenogmpher in the Union Pa
cic office. has been appointed private secretary
to President Dillon
The Office of the Union Pacific Company must,
by Congressional amendment to its charter. re-
noon, when asked if he was interested in the
deal, said
Only as one of the mourncrs. | think the
stock will undoubtedly 20 up under the intiuere
of the combination which Mr.. Gould is forming,
and that WILL of course, he a good thing. /
should, however. have had more confidence in
Mr. Adamss management of the company than in
Mr. Gould's.'
Mr. Mecn, general traffic manager of the Union
Pacific, when asked il the change in the manage
ment would affect him, replied; No, think not.
don't see why it should Certainly have had
no intmation of any ch1nge.'
IL is understood that W.. Meen will accom-
pany President Dillon Oh the trip that the latter
will at once make the rold for the purpose
of "a thorough inspection. Mr.. Gould said to-day: