The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-05-06

company at special meeting yeSteI-
day authorized the issue by the board
of directors of $IOO.O00.0oo additional OF
preferred stock. There was no oppo-
sition.
Judge ". D. Cornish, acting for +.
Il. Hartman, voted 657,76l shares of
preferred stock and 1-fI7.1S6 shares of
common stock, out of n total issue OF
7 600. zoe shares of preferred stock and
] lS61. 49, shares of common stock
only S41 shares were represented out
side of the Hartman interests Eight
hundred and forty shares were held by
two Wall street houses. who had rep
reseutativcS at the meeting and one
share was held by President Joseph F.
Smith of the Mormon church who Is a
director. and who WAS present i'm per
SON
Explanation Is Denied,
The only ripple in the entire proceed
inEs and the only departure from the
pTearrauEed programme, was the de
mand made 10y the representative of one
Of the wall street houses for a state
meut of the purpose for which this
stock was to be- issued. This episode
came Immediately after Judge w. R
Kelly of Omaha. counsel for the Union
Pacific. had introduced the resolution
authorizing the issue of an increased
amount of preferred stock and PTeSi-
dent Smith had put i'm a second Be
fore the vote could be taken. this man
said.
IN behalf of the stock which I rep
resent ! desire To ask the directors
who may be present what the exact
purpose il of the issuance of this in
creased amount of preferred stock. and
10 have this request for information en-
tered on he minutes
Judge Cornish, vice president of the
road and chairman of the stockholders
meeting. merely remarked curtly-
The notation VIII be made" turning
10 his private secretary. II. 3. Taylor,
who was secretary of the meeting
rs there any explanation or reply 10
this request persisted the maker OF
the demand.
No response" was the reply of Judge
Cornish.
The demand for information was en-
tered on the minutes, and the polls
were then declared open. They were
held open for a period of two hours,
and every vote represented was cast
for the resolutions.
No Fight Develops.
Up to the last minute it had been ex-
pected that opposition to the issuance
might develop. but last night the in
forma ton was current that no interest
would make an open fight The reason
for this il supposed here 20 he the fact
that Hartman had an absolute major
ity of the stock of the company. held
IL person or by proxy
The laws of Utah before this year re-
quired a tWO-thirds vote of the stock
holders to increase the capita liza ton OF
a corporation. but Hartman had d bill
passed at the session Of the legislature
last winter which permits a bare ma
jority to take such action. This IegiS-
lation was brought about for the Uur-
pose of enabling him To control the sit
uatiou regarding the issuance voted to-
day
The resolution adopted provides. IN
legal phTaseOlOEy. for the increase OF
the capital stock of the Union Pacif,
Railway company TO a total of 1896 19S.-
zoo divided into 3-96L1S- shares of stock
OF the par value of 500 each. of which
100000 shares are preferred stock and
1-96l.ISI shares are common stock
The resolution provides that the pre-
ferred stock shall bc entitled to pref.
ereuce of not over { per cent in divf-
dends Uou-cUmUlative and limits tn,
participation 10 this amount
Directors Given Full Power.
The salient portion regarding IN,
purpose of the issuance is as follows.
Resolved Further. that the addi
tiouaI preferred capital stock. author
lied and provided for AT this meeting
may be issued and used from time {,
time for such lawful corporate pur
poses. uDou such terms and i'm SuCi
manner az may be determined by tn,
board Of directors of this company"
The president and secretary and othe1
officers are authorized to file any i'm
strument or do any other act ueces
sarv to carry into effect the purpose a.
the resolution
Judge Cornish who WAS Ar HaIri
mans personal representative at tn,
meeting. was asked after adiourmupu
ST any statement would be made as Z,
the purpose of the issue. H said
''I have nothing to- give out at thi
time. and I do not think that auEthju;
will be given out on the matter unit
after the board Of directors has me
and acted i'm accordance with the TeSO
luton adopted by the stockholders"
DO YOU think the board viii NEE
within the next thirty days." he Wa
asked.
That I cannot tell I know uothin.
whatever about what the plans may b
I'm that matter
Meeting in Small Room.
The proceedings of this meeting
which involved such a huge sum. ver
carried ON i'm q little back room. i'm tn
rear Of the Union Pacific ticket ofic
I'm the Kenyon block The room IL
scarcely l2xI2 feet i'm size. fitted simur
with a roIl-top desk and "a few chairs
II Il the private office of General AEeu
u. r. Gray of the Hartman system.
Into this room. shortly before
o'clock. tiled Judge W. r. Kelly. gen
cTaI solicitor for the Union Pacific
Judge w ID. Cornish vice presideu
and director. Judge Le Grand Young
attorney for Utah Farley l. Williams
general attorney for the Oregon Shor
Inc. and three SteuographeTS i'm tn
r employ Of Judge Cornish and JUdg
Kelly. Two Of the stenoErapherS Dor
between them a dress suit case lade
with proxies. representing stock wort
considerably over one hundred million
dollars.
The lawyers who were TO vote TIN
vast amount of stock sat around
small table and waited for y O'Clock [
come. when the meeting was TO begin
Just before that time, two reporter
for The Herald came in with proxies
and took their seats Just at l. O'Clock
President Smith of the Mormon Churc
arrived He was Ushered in and give
a seat over on ore side. where he Sd
stroking his beard and gazing thTOug
his spectacIes. watching the proceed
ings.
The two Herald reporters presente
proxies emitting them to vote stOC