The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-08-10
HARTMAN VICTOR IN
WELLS-FARGO CONTEST
Opposition Movement for In
crease of Dividends Is De-
feated by Large Majority.

NEW YORK, Aug AT the annual
meeting OF the stockholders OF Wells,
Fargo & Co, in this city today the ticket
of thirteen directors headed by Z. II,
Hartman and composed of the members
OF the present board. was elected over d
ticket named by counsel for Walter c.
Stokes, who has been leading an "oppo-
sition' movement against the stockhold-
ers. Although the voting began early in
the DAY, the result was not announced
till late this evening. the listing of
proxies, etc, being carried on under the
closest scrutiny. The full vote of the
Hartman ticket was AZ .56S TO 262l6 for
the Stokes representatives. Not only did
the Hartman administration elect their
directors. but they also succeeded in de-
feating every proposition advanced by
the opposition party. After the final vote
on the election of trustees had been an
nounced the votes on several resolu-
tlons offered at the meeting were also
given out.
No Extra Dividend.
These results showed that the resolu-
tion offered by Samuel Untermyer, coun-
sci for MIR. Stokes, to increase the diyi
dend rate by declaring an extra dividend
OF 7 per cent TO the dividend rate OF .
per cent already declared this year was
lost, as well as the resolution offered in
favor of declaring annually hereafter
dividend on the basis of 1G per cent, Il
resolution calling for the appointment of
a committee to investigate the affairs OF
the company also was lost.
A resolution offered by William Nelson
Cromwell. counsel for the Hartman
party, which in substance called for the
appointment OF a committee to examine
the affairs Of the company with regard
10 its loans, etc. was adopted.
-l,,,I
behalf OF the administration, which rec
ommended that the matter of printing
the contents OF the annual report be left
TO the discretion of the board OF direct
orS, was adopted This was one OF the
matters which caused much discussion at
the meeting, the minority stockholders
demanding that all the report be printed.
A resolution was carried, offered by Mr..
Cromwell. which recommends that the
entire question OF increasing the dividend
rate be left to the board OF directors for
action. After the meeting adjourned Mr.
Stokes sent letter TO President Evans
of the company. in which he said in part:
Stokes Still Fights.
although we have been unable TO
select our ticket. and cannot. therefore.
control the action OF the new board, we
stlll insist that the views OF such a
large number OF the stockholders should
not be entirely ignored. They one and
all demand that you put the stock on d
16 per cent basis and that hereafter the
very large surplus that you now hold
may be only moderately increased thus
insurng TO the present generation Il more
liberal Increase In their income from this
investment. IL this practice is persisted
In. we believe the courts will rectify
II and give the stockholders the desired
relief"
The elected ticket comprises e. IL
Hartman, Dudley Evans. John j. Nc
Cook. William f. Herrin. II. S. Lovett.
II. 3 Parsons, II. Z. Huntington. George
T. Gray, Il. ID. Underwood. Julius Krutt-
schnitt, w. V, S. Thorne, w, 7. Van
Brunt and William ID. Cornish,
The annual report OF Wells Fargo *
Co. showed gross receipts for the year
Of SIS. .6S3 OBS, an increase over last year
of 81 .S11 ,2S4. The total disbursements
were SIG, 1873, 900. an Increase OF 81 694 ,203.
The net earnings for the year were
81. .544 945, an increase of S12S. .G3S: The ex-
penditure for new equipment was $685.
12S.
Mr., Untermyer asked for an explanation
regarding the small increases in the net
receipts. President Evans said It was due
largely TO large purchases of equipment
The stock and interests demand that a
be appointed 10 conduct n gen
cral investigation OF the company's af-
fairs. TO report at an adjourned meet |
Ing. Mr., Cromwell denied that such "A |
course was necessary,