Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-11-26
PRESIDENT ADAMS REsIoNs.
Important Changes I'm the Directery q The
Union Pacific.

Union forfnc.
Rosrox. Mass. Nov. 26.-At meeting OF the
directors OF the Union Pacific Railroad Con-
panv this morning Charles Francis Adams re-
signed the Office OF president and Mr.. sidney
Dillon was elected his successor. President
Adams address in resgning his cfhce was ~
follows:
Gentlemen: In June. 1884, was chosen by
your unanimous vote president OF the company
and this action on your part mas snprequenuE,
through six successive years. been apProNea os
the eouelly unanimous vote of the stockholders
The affairs of the Union Pscific are IN some re-
spccts more difficult OF management than tnose
possibly of any other similar corporauoh IN
the country and especiaiy nss .s
been the case during recent year,; cohre-
quently knowing that 1 Represented only pooy
OF stockholders and could not look Tor support
10 any large concentrations OF capinh 4 hANo
always realized that il would be futile for me
TO attempt 20 manage the company anas
with reasonable hope Of success IN the face on
any considerable or active opposition either IN
this board or among those entitled through
ownership 10 claim a representation on II.
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 com
panys stock. Interests with which L have
never been in sympathy and whose conn
denee L fail TO command have become lead
INK factors IN the SITUATION. hnu ~ ftruis
of these changes NV position has been rendered
false and embarrassing. Doubts both exist
ana have been freely expressed not oniy IN
political, but also in financial. circles, as 10
whether 1 any longer really represent con-
trolling interest in the ownership OF the COM
pany. and whether il will be in my power 10
make good the engagements into which must
necessarily seek 90 enter.
The continuance of such a state OF ahairs
as this can he for the best interest OF no one;
NfENl-
ton Of diminished confidence a moment longer
than is necessary. From a political point OF
view alone with Congress about TO assemble ~
Is above all essential with proper regard Tor
the peculiar position occupied by the
Union Pacific that whoever represents it
should be understood TO represent clearly
and unequiyocally its whole ownership
and thus TO speak with author
ity as to its policy. This no longer do; Ac-
cordingly feel assured that political and most
probably financial disaster also should hardly fail
TO result from a mutual lack OF confidence ek-
listing at this time between nominal, but IRE
sponsible. head Of the company and any con-
siderable and influential interest among the
stockholders whether such reciprocal distrust
Is on the score of ability, or character, or
methods. or motives.
Under these circumstances. after q careful
survey Of the whole ground. am forced 90 the
conclusion that can no longer hold my pres
ent position and administer the affairs OF the
without danger TO the interests entrusted 70
me. i desire accordingly TO offer my resigna-
tion both as president of the company and ~ .
member of this board.
But before action is taken on this subject
wish 90 express. gentlemen. the great satisfac-
tion have in my personal and official relations
with you. Ii is something i feel am entitled
to remember with pride that during the
nearly seven years L have presided
over this board, composed Of twenty
members. many Of them men OF
strong character and decided views, the rule Of
unanimity has from the beginning invariably
prevailed. on no single Issue which has ever
| arisen since / became president of the Union
Pacific has any member OF the board Of direc-
tors, whether chosen by the stockholders or
| appointed by the government. felt called upon
| to record his vote in the Negative.
| "Al action taken has been unanimous. Diff
| ferences of opinion have. of course. existed,
but invariably in such cases the course pro-
posed has been so modified as TO remove all OBJ
| lection 20 il or. where this could not be done.
the matter under discussion has been dropped
by common consent. Thus, in yacating this
position am able 10 say without reservation that
/ can recall while have held IL no word nor act
| in connection with the board Of directors
which suggests other than a pleasant and
kindly memory.
Whatever has been well done has been done
| at the behest of the whole board. while alone
| am responsible for those errors Of judgment to
| which the board, acting as a whole. has found
itself committed. In this room, Mt least what
ever contrary belief may at times have pre-
vailed outside of il. there has for the last six
years been no majority and no minority, and
least of all any faction"
APPREcIATrvE REMARKS.
Following Mr.. Adams address Directors FL.
| Ames, +. Gordon Dexter and Government Di-
rector Bullock made brief addresses apprecis-
tive of Mr.. Adams services. and Messrs. Ames
and Bullock were appointed a committee 10
draft appropriate resolutions.
MR.. DILLON CHOSEN PRESIDENT.
The resignation of Messrs. Charles Francis
Adams. John H. Spalding, James A.
Rumrill and Samuel Carr. jr., were
accepted. and Messrs. Jay Gould. Russell
| Sage. II. Il Hyde and A. Z. Orr were elected di-
rectors and took seats at the board. Mr.. Sid
ney Dillon, already a director, was elected
president. Mr.. Dillon in accepting the Office
of president thanked the board For this express
sion of confidence and declared his intention
to do everything in his power to forward the
! interest Of the company.
The directors elected Messrs. Gould and Sage
| to the executive committee i'm place Of Messrs.
Adams and Rumrill. Messrs. HYDE and Orr to
the financial committee in place Of Messrs.
Rumrill aGG Srs'lesng and Mr.. Gould TO the
committee m conue; ting roads in place Of Mr..
Adams The boar then adjourned.
The executive committee, now consisting OF
Messrs. Gould, Ames, Atkins, Dexter, Dillon,
Sage and Government Director Plummer, then
went into session.
1t is understood that Mr.. Orr represents the
David Dows estate and Mr.. Hyde the Equitable
Life Assurance Company. which is a large
| holder of the companys securities.
The resignation Of Vice President Lane, ten-
dered this morning, was not accepted, and he
\ n