The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-11-27
taken The committee adjourned without
transacting any business of public interest.


country. Especially has this been the case
during recent years. Consequently. know
ing that represented only body Of stock
holders and could not look for support to
any large concentrations of capital, | have
always realized it would be futile for me to
attempt to manage the company's affairs
with reasonable hope OF success, in the face
of any considerable or active opposition
in this beard or among those entitled,
through ownership, to claim representation
on it.
las you are all aware, changes, both large
and significant in character. have, during the
course of financial complications now going
on, taken place in the ownership of the
comrany's stock. Interests with which l
have never been in sympathy and whose
confidence l fail to command have become
leading factors in the situation. and as a 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 in political
but also in financial circles, as to whether
any longer represent the controlling interest
in the ownership Of the company, and
whether 1t be in my power 10 make good the
engagements into which / must necessarily
seek to enter. The continuance of such a
state of affairs can be for the best interests
of no one; nor personally am l willing to
occupy the position of dimln ished confidence
one moment longer than is necessary.
From political point OF view alone,
with Congress about to assemble, it is, above
all, essential, with proper regard for the
peculiar position occupied by the Union
Pacific, that whoever represents it should
be understood to represent, clearly and I'M
equivocally, its whole ownership, and thus
speak with authority as to its policy. This
/ no longer do. Accordingly i feel assured
that political, and most probably financial
disaster also, would hardly fail to result
from the mutual lack of confidence existing
at this time between the nominal but ire
sponsible head of the company and any con-
siderable and influential interest among the
stockholders, whether such reciprocal dis
trust is on the score of ability or character,
or methods or motives.
Under these circumstances. after care
full survey Of the whole ground, | am for ed
10 the conclusion that / can no longer hold
my present position and administer the
affairs of the company. either with satistac-
ton to myself or without danger to the in
terestS intrusted to me.
Il desire accordingly to offer my resigna-
tion, both as President of the company and
a member of this board"
GoULD's PLANS.
Gould, in an interview with the News
Bureau, says: 1.-The details of my plan are
not yet worked out. The Northern Pacific,
Northwestern. Atchison, Missouri Pacific
and Wabash are united in its favor, and Orr
just elected to the Union Pacific directory
represents David BOWS estate, which has a
large interest i'll the Rock island. l have
not yet seen the Chicago. Burlington and
Quincy people. Actual consolidation would
be good thing, but that is not yet possible
under the laws. What we want is new,
strong association, superseding the present
various Western railroad associations, the
making of rates, and the distribution of
territory and traffic to be with that associa-
ton, in which each road is represented. 1t
is all right when dividends are paid; then
the stockholders are quiet, but when the
financial returns are not forthcoming, there
will be an overturning. just as In a national
election, when times are bad there will be
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 shareholders
by competitive rates, which are an advantage
to nobody"
In another interview Mr.. Gould, when
asked what his plans were in regard to the
western branches Of the Union Pacific, said
an effort would be made to make them earn
something This could be done by slight
advance in rates, which would be sufficient
to make the road pay. He disclaimed any
knowledge of deal with the Northern Pa
cifc. He said: There seems to be an i'm
preston that am mixed up in everything;
but The newspapers would be surprised If
my investments are. don't scatter my in
vestments. They cover very small amount
of ground" IL was not a partof his scheme
TO obtain control of the Burlington and Rock
Island. He has confined himself to GER
tain line, of policy, and the facts. shorE Of
what that policy has been. The papers
say" he continued, that l went cunning
for Wanamaker, but there's no truth in it.
haven't bought any Reading stock. ! have
all | can do to take care OF my own affairs,
without squeezing Wanamaker by buying
Reading" Gould said no steps had been
taken yet in relation to any removals or APP
pointments on the Union Pacific. He con-
cluded with an emphatic prediction that the
financial prospects of the country would be
better than ever.
President Dillon said in an interview that
his policy would be to harmonize all con-
FLEEING interests and build up the road.
Russell Sage said tonight, concerning the
Union Pacific: THE tenor of Adams adj
dress was almost uncalled for. There had
been no public criticism of his management
made by any of the Directors, nOtwth-
road to ruin. A change in the management
was simply necessary to save the property,
and Adams speech was a piece of spite
work"
A GOOD EFFECT.
NEW YORK, Nov. 26.-Kiernan's News
ABeUCy say y. |. huntington says. /
think the changes that have been brought
about in the administration of Western
railroad affairs will have good effect
Gould is very strong man, and wherever ne
goes he carries great Influence along. | am
in sympathy with any measure that will
bring about an Improvement The railroad
situation las not been as black however as
Wall street has painted it."
OREGON IMPROVEMENT COMPANY.
The Directors OF the Oregon Improve
ment Company, in a circular issued to the
stockholders showing why the COM
pany Is in an embarrassed condi-
ton, says: "The Seattle fire. The
depression following the real estate
excitement in the West and the onseuuent
falling off in the earnings of the Southern
California route; the decrease in the coal
business on account Of fires in the
mines and labor troubles, and the loss of
the coal contract with the Oregon Railway
and Navigation Company are among the
causes. There is now floating debt of
So, GOO, GOO short-time demand loans, and the
tightening Of the money market made 1t i'm
possible to raise the money to pay this and
it was found impossible to provide for the
interest and sinking fund payment on the first
mortgage bonds. In order to prevent at
tachments on the property in Oregon, it was
thought best to Temporarily place the prop
erty in the hands OF receiver"
HABEAs CORPUS.
CHICAGO, Nov. 26.-Judge Gresham of the
United States Circuit Court this morning
issued writ Of habeas corpus tG Charles
Counselman, the Board of Trade man, who
refused to answer the questions of the In
terstate Commerce Commission regarding
determinations made in his favor by rail-
way companies, on the plea that his an
swers might criminate him. and who was
fined by Judge Blodgett. Judge Gresham
Will hear the arguments Friday.
Discord Among Carpenters.
1t Is reported that the scheme of the Car
penters' and Jolners Brotheihoods to estab-
lish free reading-ro0m and labor bureau
has resulted In dissension in their ranks,
and that No. %, the majority Of the broth