The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-05-06
STOCKHOLDERS VOTE
SIOO,OOO,OOO ISSUE
Union Pacific Meeting Is Held and {. H. Hartman
Demonstrates His Absolute Control.
Explanation is Demanded of Purpose for which New Shares
Are To Be Used, but This is Refused by
Vice President Cornish

worth 500. 900 a the market value at
| the close of the New York stock OK
I change yesterday Their proxies were
/ scrUtinized closely by MesSrS- Cornish,
/ Williams and Kelly. and reference was
! made to the stock books. II was found
! that the proxies were III legal form
( and We're signed by the actual holders
3 of record of this amount OF stock. Con-
J sequently Tie Herald representatives
{ were permitted to remain throughout
/ the entire meeting. witness all the pro-
} ceedings, and have access to the docu-
] mentS, while the reporters for The other
, papers were cooling their heels
, outside and awaiting such little intOr-
| nation as might be given out through
! official sources later. The holders of
J these proxies felt IT would be sacTilc-
Eious TO mar the beautiful harmony of
/ the occasion by a dissenting vote, 50
/ they made It unanimous
Watching the Proceedings
Promptly at l. O'Clock. Vice President
| Cornish called the stockholders meet
/ ing together. The little group of at
/ torneys had been watching eXpectdntly
/ for signs of opposition. and there was
/ an air Of relief as the proxies. studied
/ over, showed that only a small interest
! was represented outside of the over
/ whelming control held by the Harri-
. man forces. 4 mysterious truce had
4 evidently been arranged in New York,
I and there was nothing to fear The men
/ ON the ground who were carrying out
! the instructions of the general sitting
! in his Wall street office. proceeded to
go ahead with the cUt-and-dried pro
/ grdmme which they knew they could
| carry through
After tine formalitieS necessary for
/ establishing the legality Of the meeting
had been carried through. including
! the appointment of ii committee to pass
/ on The proxies and report as TO the
representation. Judge Cornish read, for
/ the benefit of those present. the set Of
1 resolutions which II WAS proposed to
/ adopt
Already the minutes of the meeting
had been typewriter. and the little
/ group present was still going through
I the form of making true what was al
ready before the chairman in type
7 written form.
Judge Cornish's secretary. II r.
Taylor was appointed secretary of the
/ meeting p. l.. Williams and two Of the
SteuUEraphers, : l. Crosby and F j
/ NEEDING were the committee which
passed on the proxies and the tellers-
/ As soon as they had reported that q
( majority OF both common and preferred
I stock was represented. Judge Kelly
Introduced the momeutouS resolution
I authorizing this immense increase tn
the capitalization Of the company, max
tli6 IT, jul IftlIrt VI "a t'tNclii HfiNiN'tf-
largest railroad company i'm the world.
The Pennsylvania its nearest rival. mas
a capitalization of S33l. 100000.
President Smith Seconds.
4 WHISPERED conference had been held
before that between Judge Kelly,
Judge Young aud President Smith, at
which il was suggested and agreed that
President Smith should have the honor
of secouding the resolution As soon
as Judge Kelly had finished reading the
formal document and had moved the
adoption of the resolution. President
Smith said, i'm n low tone of voice 1
second the motion"
II was then that the formal demand
was made on VIC President Cornish
for an exclamation Of the purpose Of
the issue. with the result stated
This had taken forty minutes. II
was then announced that the polls
would he open for the balIotiug on the
adoption of the resolution. and that
they would remain open for two hours
! i'm accordance with the law
/ After a consultation between the four
/ lawyers present. it was decided that
the form of ballot used should be. for
. Zach and every one of the resolutions
. offered OF against each and every
. one of the resolutions offered.
Cornish Swings 100000, 900
The report Of the committee to ex-
anime the proxies had shown that
Judg- Cornish. Judge Kelly and Nh
. Williams had the authority TO vote all
of the Hartman stock When the polls
We're opened, Judge Cornish picked UP
a piece Of yellow paper from the table.
and wrote on il the following
For each and every one of the reSO-
1 IutiOus offered. ". u. Cornish. repre-
I sentiug 1uIIS6 shares of common
stock and 651,761 shares of preferred
stock"
He handed this slip over to the sec
rotary. and the latter entered it on d
sheet of paper IN front of him
Tn this simple way was the weight
OF influence represented by stock hav-
ing a face value Of StI7.4q4. zoo. and a
market vaiua of over 5000 GOO. GOO
thrown m the balance i'm favor Of this
remarkable move
The others present cast their ballots
/ i'm similar manner, and II really was
practically all over in three minutes.
although the polls wers kept open for
the fun two hours Not a dissenting
vote was cast.
Purpose Still d Mystery.
The purpose for which this issuance
Is made is as much Of a mystery as
ever. The story that the control OF
the Chicago & Northwestern and New
York central was 10 d purchased mas
been denied % absurd. but the sphinx
I. Ike silence oH the part Of all the Of
ficiaIs as 10 the real purpose. remains
During the time until the two hours
= was un the IN present sat around
looked over the papers and documents
. involved to make sure that everything
was stre iEht. and told stories Presi-
, dent Smith asked to be excused, but
the Otb=r remained until the end
As soon as the polls had been form
I ally closed, the result was declared 10y
[ Vice. President Cornish, chairman OF
the meeting. announced formally that
= the resolution had been adopted by a
, / majority of all the common and a ma
, jority of all the preferred stock in the
\ / corporation.
, / He then made the announCem Mt that
, a telegram from Z. II. Hartman SAID
. that proxies for over 5000 shares oil
< preferred stock and over 17S.000 shares
q I OF common stock. had been received II
D / New York after the messenger with the
other proxies had left, that they could
5 ! not reach salt Lake in time for the
. / annual meeting, and therefore could no
/. / be voted, but that if they had arrived
D in time. they would have been voted IL
D ( favor Of the resolutions.
t 1 The minutes of the meeting were read
h ! and approved and then after a brie
- consultation between Judge Kelly anC
I Judge Cornish. II was voted TO adjourn
< Continued on Page 81