New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-04-29
YOUNG MR.. GOULD'S TRIUMPH
A sKILFULLY CONDUCTED FIGHT.
THE GOULD INTEREST BELIEVED TO BE LARGE
-TALK ABOUT PRoxY-THE WIN

NERS VIEWS.
The defeat Of the foreign or antiGould party In the
contest for the control of the Union Pacific was the
absorbing topic Of Wall Street discussion yesterday IN
itself ii presented several interesting phases wniie the
future influence upon the stock market and the rea-
tons Of the far Western railroads forms an interesting
subject OF speculation. The episode brings George j.
Gould the front in the light of successful straegst
In corporate politics While there is reason 10 De-
eve that he left entirely bereft Of advice from MS
father who Is still in Texas and while shrewd men Ike
Russell Sage and several Of the Boston and Newfork
directors able to counsel him. the stroke might
have been failure II young Mr. Gould had not devei-
Oped qualities Of judgment and diplomacy of high
order The foreign stockholders syndicate had long
been at work concentrating proxies with view to
complete overthrow OF the Gould management. A
striking feature of the work done by George GOud and
his friends was its incOnspcuty which resulted IN
successful campaign without the cost that generally
I'm contest by reason OF advance in the price
Of the stock In the market The result OF Wednesdays
election at Boston n startling surprise to wall
Street generally and particularly TO the men who
were fighting for change in management
The significance OF the contest IS increased by the
evidence it affords that Jay Goud's interest in Union
Pacific must be important. II Is not probable that
for a purely sentimental object OF preventing what
would have looked like a condemnation Of the Gould
management, the labor would have been expended by
Mr.. Gould and his friends which was necessary to
effect the defeat OF the foreign element In fact the
support which Mr.. Gould was able to command from
American interests would hardly have been available II
young George had not been able TO show an actual
ownership that entitled to consideration. 1t vas
announced officially that 5. H. II. Clark the new pesi-
dent OF the Union Pacific, would sever his connection
with the Missouri Pacific in Difference to the desire OF
some OF the large stockholders. This loss OF Mr.
Clarls services to Missouri Pacific may not be more
than nominal but his selection head of the reinforced
~ nf DpqiHc
weight to the theory that Jay Goud's interests in tho
property require the services Of Of his ables and
most faithful euenants. II may not be that the
Gould interest in Missouri Pacific Is to be entirely
subOrdnacd the interest in Union Pacific, but the
latter by Wednesdays developments certainly becomes
the property which will be more particularly identified
with the Gould name. The contest to retain control
indicates the importance Of tho Union Pacific road in
whatever schemes in the Southwest may be part Of Mr..
CiOulds future programme.
The resignation Of Mr. Clark from the Missouri
Pacific has been formally offered. Nor has It yet
been determined who will succeed him general man.
ager Of the Missouri Pacific, or who viii be selected by
Mr. Clark as general manager and first lieutenant
tho Union Pacific As president of the latter COM
pany, Mr.. Clark will make his headquarters at Omaha.
The election Of the Union Pacific marked by
considerable excitement according to the reports that
came through those persons who returned from the
stockholders meeting. Almost without exception, the
old directors OF the company were strong supporters or
the Goud Ticket The possible Of the foreign
ticket viewed with extreme dsfsvor. II Is said
that Henry b. Hyde, president Of the Equitable Life
Assurance Society especially emphatic in declaring
his determination 10 resign at once II the voting re
suited in the election OF the foreign ticket, and It Is
ndcrstood that his example would have been followed
by nearly the entire board. It is TO be remembered
that the proposed supplant those Of Jay
Could and Russell Sage made the principal difference
between the rival tickets.
The result Of the election determined practically
by proxy of 26,OO0 shares Of BOrthwick Work & Co.,
Of London which had originally been given to A. A. II.
ROse vain the preventative of the foreign anti Gould
fiction but which subsequently revoked and
placed In the hands Of J. & 5. Wormser. 1t
ported that the wormsers gave the proxy TO George
Gould in violation OF the understanding with their phn
opaS. Simon WOrmser denied that this was theScase.
In reply a cable dispatch sent yesterday Dow Jones
& say that their London correspondent answered
Mr.. Borthwick tells that when he give his proxy
TO the wormscrS he expressed wish that it should be
used to assist Mr. Boissevan.' Another dispatch said
Borthwlct Work & Co. state that Union Pacific
shares registered on Joint account with the Worm
This proxy TO the Wormsers to them
DISCRETIONARY with lntmatiOn that Boissevain's
was the proper policy and they deeipd to support it.
The following statement given ont expressing
the views Of Mr. BoiSsevain
We were defeated by the Borthwick Work proxy
for 10000 shares. The proxy was given to u.s. but
Of course could not prevent It's being changed.
do not know how Borthwlcl Work Intended to have
the proxy used. II Is said that they did not intend
that should be used In favor Of Mr. Gould. but that
IL a matter Of conjecture | think Borhwtck Work
knew Tuesday what likely to be done WITT
their proxy and they did not revoke It. II appeared
at the meeting yesterday properly signed and dated
and made out for Jay Gould. or George Gould. There
was no chance 10 contest It, II all right The
actual majority for the Could party was only about
10000 shares, that did pretty we'll In view OF
the unusually large vote cast and the loss OF this
prpxy. II there had been only the ordinary amount
Of stock represented at the meeting should still
have had n good majority. | am sorry
beaten because | think the double management OF
Union Pacific and Missouri Pacific not a good thing
for the Union Pacific shareholders. However. did
orr best, and the shareholders know exactly where
the responsibility belongs. | do not grldge the time
have given to the matter because think the strength
which the shareholders party developed will have a
tendency to hold not only the Union Pacific manage
ment but the administration OF other American roads
to closer accountability to the stockholders
George J. Could said yesterday: understand that
the Borhwlck Work proxy was given under perfect
authority Mr.. Wormser and consulted the sub
feet and submitted to him the figures showing the
past result, Of the management and outlined ex
pcctaons OF the future 1t only after thorough
Investigation that the proxy was finally given TO me-
Respecting the contest Mr.. Could said :" / did not
think n was either lf or Just to MY dter Ut 10 MI
sage that they should b" forced 10 retire IRON prop
crty I'm which we have an Important Interest ana To
whose support we came last August when the company
was I'm sore need. The proposed change was an I'M
proper reflection upon management which mas done
a great deal for the company There was no reason
why these directors should be singled ont to be
retired after they Lad helped II they did and upon
such Gimsy grounds Of criticism | think that the |
foreign stockholders were mised In their course by
Inc influence OF OF the foreign newspapers that
an, constantly attacking my father We were sup |
noed at the election by all the old directors almost
without exception and by extensive investment In
terestS think that one Will have occasion To |
regret the result. IL. - -
There Is no force In the idea that because my |
f,ther and Mr sage weIs interested In Missouri Pacific |
Me- management OF Union Pacific must suffer On the
cnn i'm any question which has arisen times
we have been particular 10 make the construction |
,hor, n,ssible favoraJl the Union Pacific II IS
WHY P"''' IN DIN m 4,