The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-11-27
MR. ADAMS RESIGNS,
And His Resignation is Promptly
Accepted.
SIDNEY DILLON HIS SUCCESSOR.
Changes In the Directory-Jay Gould Inter
viewed on the Policy Of The
Road.

Boston. Nov. 26.--Adams, president of
the Urion Pacific, delivered an address
offering his resignation, which was &C
cepted, and Dillon has assumed the Office
of president. The designations of John P.
Spaulding, James A Rumrill and Hamil-
ton Carr, ir., were accepted, and Messrs.
Jay Gould. Russell Sage, H. r. Hyde and
A Orr were elected directors in their
places. Sidney Dillon, already director,
was elected president. The resignation OF
Nice-President Lane was not accepted, and
he will be retained in that position.
The following is the address Of President
Adams. of the Union Pacific, in resigning:
Gentlemen: In June, 1884, was chosen
by your unanimous vote, president Of the
company, and this action on your part has
subsequently through six successive years,
been approved by the equally unanimous
vote of the stockholders. The affairs of
the Union Pacific, in some respects. are
more difficult of management than those
possibly of any other similar corporation in
the country Especially has this been the
case during recent years. Consequently,
showing l represented only the body OF
stockholders. and could not look for sup
of capital, have always realized it would
be futile for me to attempt to manage the
company's affairs with any reasonable
hope of success in the face of any consider
able or active opposition from others IN
this board or among those entitled
through ownership TO claim representation
or It, AS you are all aware changes both
large and significant in their character
have, during the course Of financial CON-
taken
ownership of the company's stock. Inter
ests with which l never have been in
sympathy and whose confidence [ fail to
command, have become leading factors in
the situation and as result OF these
changes my position has been rendered
false and embarrassing. Doubts bott
exist and have been freely and publicly
expressed not only in political
but also in financial circles as to whether
any longer represent the controlling inter
ests in the ownership Of the company ant
whether il would be in my power to make
good engagements into which must neces
sarily seek to enter.
1.-THE continuance of such state of at
fairs can be for the best interest of no one
nor personally am l willing to occupy
position of diminished confidence momen
longer than necessary. From the politica
point of view alone, with Congress abou
to assemble, it is above all essential, witt
proper regard for the peculiar position oc
:cupied by the Union Pacific, that whoeve,
represents it should be under
stood to represent clearly anC
unequovically its whole ownership.
thus speak with authority as to its policy
OF this there is no longer doubt. Accord
ingly feel assured that political and mos
probably financial disaster also shout,
hardly fail TO result from the natural lac
of confidence existing at this time betwee
the nominal but irresponsible head of tn
company and any considerable and influen
tial interest among the stockholders
whether such reciprocal distrust is on tn
score of ability, or character, or method
or motives. Under these circumstan
after a careful survey of the whole ground
/ am forced to the conclusion that l can n
longer hold my present position and az
minister the affairs of the company eithe
with satisfaction to myself or withou
danger TO the interests entrusted to me.
desire accordingly to tender my resignatio
both as president of this company and as
member of this board.''
The directors elected Gould and Sage
the executive committee in place of Adam
and Rumrill, Hyde and Orr to the finapci;
committee in place of Rumrill and Spau
ding, and Gould to the committee on cor
meeting roads in place of Adams. Dillol
In accepting the office of president, thanke
the board for its expression of confidenc,
and declared IT his intention to do every
thing in his power to forward the interes
Of the company.
The executive committee, now consistir
OF Gould, Ames, Atkins, Dexter, Dillol
Sage and Plummer, then went into Sc
sion.
At the meeting of the executive commi
tee the name of S. H. II. Clark, vice-pres
Dent of the Missouri Pacific railway, w;
mentioned for the position of general ma
ager OF the Union Pacific, but no actiC
was taken. The committee adjournt
without transacting any business of pu
lie interest.