The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-10-09
FOUR MEN AT THE
u. P. MEETING
Quietly go Through Form object
ing Directors.
TWO CHANCES ON THE BOARD
FEATURES OF TIE ANNUAL RE-
PORT ARE DISCUSSED.

AFTER one 81 the most eventtul years
In the history of the Union Pacific. the
stockholders met in annual meeting in
salt Lake yesterday to hear what dad
been accomplished since their anhaal
meeting a year ago. Legally. this is
WI a. took place. Actually, four officials
OF the road gathered In room in the
Union Pacific Office at Main and Second
SOUTH went through the form of vOt
Ing for directors, and discussed the fea-
lures of the annual report which a. to
be made public later.
The four men IN attendance were
President Horace G. Burt. General So
licitor w. r. Kelly, Secretary Alex
ander Mtllar and Judge lie Grand
1Cung. attorney for Utah. These four
men represented the holders Of 1325.243
shares. There was no debate. no acri-
monioUs discussion, no lobbying for
votes, no excitement of any kind. With
remarka be accord, these four men
gathered about a table and cast the l.
Sz5,z43 votes unanimously. In the cleo
tlofr Of directors the Standard Oil inter-
Isis were given additional representa-
ton on the beard. as predicted in The
Herald The name of William Rookie
Teller does not appear on the list rs
expected, however. In his place Charles
A Peabody, a New York lawyer, is
named as a new director. H. H. Rogers /
VIZ elected as announced. These two
men take the places of A. ". Krech
and F. = VOORHEES, The Standard oil
interests are well represented on the
new directory, as James Stiilman, presi-
dent OF the National city bank of New
York. controlled by Rockefeller inter
ests. is a Standard Oil man. He re-
mains on the directorate.
Directors Elected.
The complete board elected is as fol-
lows, Oliver Ames and Z. Jefferson
Coolidge of Boston; President Horace
g. Burt OF Omaha; Thomas r. Eckert.
Louis Fitzgerald, George J. Gould, Ed
ward II. Hartman. danes H Hyde,
Otto II. Kahn, Charles A. Peabody,
Winslow :. Pierce. Henry II. Rogers,
Jacob H Schiff and James Stillman of
New York. Marvin Hughitt of Chicago
Gene A. EcSert president of the
Western Union company, was elected
TO iii the vacancy caused by the death
of George Q. Cannon Mr.. Hughitt is
president of the Chicago &. Northwest
ern, a Vanderbilt road. Tho new di-
rectorate, therefore, includes represent
asives of the Gould, Vanderbilt and
Standard Oil interests, with Mr. Harri
man in direct control. General Eckert
IS regarded as a Gould man.
The annual report, as gone over by
the officials present, shows that the
fiscal year was one of the most pros
porous in the history of the road. THIS
is in spite of the large amount taken
out of the earnings for Improvements
of roadbed and equipment, and the
heavy OUTLAWS for purchase OF Northern
Pacific stock and the increase in the
fixed charges, due to the bond issue. to
acquire control of the Southern Pa
CIfic- The earnings have been sufficient
20 show a good margin over the fixed
charges ard the dividends. which have
been kept at 4 per cent on both com
mon and preferred stocks. the latest
semi-annual dividend being payable
TKe greatest interest attached to a
possible announcement as to the
arSnount of Northern Pecific stock held
~ the Union Pacific. No statement
fvas mace public "a that point. al
though il IS said thai the Union Pacific
INTERESTS have a bare majority of
Northern Pacific stock, their principal
holdings being in the preferred. Even
this is the case. the interest is not
4unicient to allow the Union Pacific TO
4control the policy Of the Burlington.
Annual Report.
Inc annual report recites in detail
the requirement of the Southern Pacific
system and the increase in the capitali-
zation and issue or S100-0 eco per
cent bonds to pay for this stock II
Also tells of the remarkable work done
t.nder the direction of President Burt
in improving the rOadDed.
The prosperity of ths road. in spite OF
the partial crop faiigres in portions of
the territory is dWSIt upon. the state
ment of the earnings up to the close Of
the fiscal year having been previously
published in Tie HERALD. These earn
ings are keeping MP the rapid pace set,
the net earnings of the last two months
having been S3S26.22g. as compared
with S1.272 $50 for the corresponding
period last wear. an increase of S553.329.
This includes the oregon Short Line
and the Oregon Railroad & Navigation
company.
The report of earnings for August
Of the Union Pacihc made public shows
an Increase in net receipts of S250,000
over the same month Of last year.
The report is for the entire system.
Including the Oregon Short Line and
The Oregon Railway < Navigation COM
pany. and is as follows:
Gross receipts. increase, S232,433; ex-
penses. increase. S1S.771; net earnings
increase. S251. POS
The drafts OF the annual report pre-
pared were gone over. and W. be
printed and made public in full within
a few weeks
The annual meeting OF the Oregon
Short Line will be held today at the
short Line headquarters. M important
change is anticipated.