The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-10-11
Mystery in Stock Issue.

man. MT LONeJt Is SeLltL dl coul47l4 Lol
the road.
Mystery in Stock Issue.
No light was thrown yesterday on the
mystery of the 5lO0o00JJ issue or pre-
ferred stock authorized at the special
meeting of stockholders in Salt Lake last
May. 1t is limited that Developments
shortly after that was accomplished re-
suited in a change OF plans on the part
of the Union Pacific management
Vice President W. d Cornish declared
during the meeting yesterday that none OF
the S1G1000,G00 issue authorized had been
put out and that he could make no state
ment as to when 1t would be.
THAT matter is in the same shape It
was after the previous meeting, he said
mo portion of the stock has beeu Is
sued.
rs any statement on the subject IL
prospect he was asked.
No" he said at first, and then added !.
II can answer only for the present.
cannot 80 into the future.
Mr. Cornish was asked again the pur-
pose Of the proposed issue. RE merely
smiled an indulgent smile and declined 10
tell.
The annual financial statement, he de-
clared. would be ready for issuance II
about a month.
Wall street is wondering about that big
preferred stock issue. one rumOr is that
il is designed to exchange for control OF
the St Paul. Another is that 1t Is simply
10 furnish an added resource IN case or
need Gould is building the Western Pa
cific between Salt Lake and San Fran
cisco in direct competition with the South
ern Pacific. MOffat has won has Gore
canyon fight and Is pushing on from Den
Yer TO Salt Lake, making another COM
peting line between these TWO cities. Nor
gan and Hill have started to build down
The Columbia river into Portland, and ia
return Hartman Is said 10 be planning
a line TO Seattle. The Santa Ee IS start
ing uOrt6Wafd ~ the coast IIom san
Francisco i'm competition with the South
ern Pacific's California lines TO combat
these invasions may require large funds.
Meeting Is Placid.
The meeting yesterday was held I'M q
back room of the Union Pacific ticket
office Main and Second South streets.
Theoretically a stockholders meeting Is
an election with open polls where every
holder of stock drops in and. after pre-
Senting his credentials in the WAY Of
holdings or proxies. drops his ballot iu
the box. This was the case Yesterday
that is TO say. il was the case in Ell re-
spects save the stockholders William d.
Cornish and W r. Kelly counsel for th5
Union Pacific aiong with Frederick H.
Kuickerbocker, statistician of the Oregon
Short Line, and l. II. Cornell, Alr- Cor
nish's secretary, did the whole thing. Alf
Cornish and Mr.. Kelly hello proxies for all
the stock represented except few shares.
Mr.. Cornish was chosen chairman and Mr,
knckerbOcker was named As secretary.
The latter proceeded to read the call Tor
the meeting After This formality the
polls were opened for the election OF d.
TectOTS.
After a little figuring Judge cornish
made a few scratches on his ballot ana
passed il over TO the secretary, 4huS
was voted stock having market Ealut
of oyer $3.50 CO., go constituting the Hat-
rinan stock and proxies about i4ie per
cent OF the total stock outstanding Ihen
the whole thing was overall but wait
ing until 2:30 p m, the hour Tor the clos
ing of the polls
In this meeting 1.256,013 shares Of COM
mon and 707I6S shares of preferred stock
were voted. a total Of 2,e6S2i shares
The total stock issued was. June ~ last,
> 644 10 shares.
An hour before the Unioh Pacific rail-
| way meeting began the Onion Pacific