New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1906-08-10
glRR[MAy WINS FIGHT.
rGNTROLS WELLS, FARGO.
aqs About T'soO-tfirds of Votes Cast
Old Board Reelected.

/. q Hartman Iriumphed over his opponents
-aav Al the annual meeting OF the stock
- og Wells. Fargo & Co. the regular ticket
siractors for the coming year being elected
average vote Of about AZ 800. against an
80 Of 2 little more than $4,000 votes cast
- nominees on the opposition ticket The
~ the Hartman party prevailed also in the
on the several motions put in the course Of
g meeting by representatives Of one or the
ag party.
=. successful ticket for directors was as fol-
- the old board being reelected: E. H Har-
-, Dudley Evans. John J. aIcCook. William
| Eerrin. R :. Lovett, H. B. Parsons. H. E.
-,,iurton. George Z. Gray. F. D. Underwood,
--,ms Krattsehnitt. W. V. s. Thorne, w T. Van
| .~7, and William D. Cornish. The opposition
| -. was made up of these men: Dudley
| ,,,s H. B. Parsons Z. H. Hartman, F. D.
! -,asrrood. Walter G Stokes, NIarsden J. Perry,
| rIHp J. Ross Robert ". Pomeroy. George II.
/ s,hnson. Edward II. Litchheld. George L. Sheq-
| N. Damon and Albert C. Bostwick.
| ne meeting which lasted from 10 O'Clock in
/ a. morning until 6 in the evening with a two
,,prs intermission in the afternoon, was held
/ ! an upper rear room of the company's build
| ne No 81 Broadway. About fifty stockholders.
/ nEyers and reporters We're present. The noise
/ son the elevated trains and trolley cars was so
,.,ssning that it soon became necessary to close
he four windows of the large room. so that the
,,-,ksFs might be able TO hear their own voices
and Be heard by the others present. The prin-
.,sl speakers were William Nelson Cromwell,
n counsel for the company. and Samuel INTER
wrsr. the legal representative Of the minority
,nterssts Walter c. Stokes whose firm had
hsssea the movement for a larger dividend on
ne stock, was among those present, but took no
sctive part in The proceedings and Mr. Harri-
nan looked in in the course Of the morning. re-
naning for a few minutes in room adjoining
fhst in which the meeting was in progress.
ANNUAL REPORT CRITICISED.
After little preliminary skrmishing a motion
vas carried TO proceed with the election OF di-
pctors While the vote was being taken, Presi-
isnt Evans read his annual report. which showed
a increase IN gross earnings for 1906 over 1905
q sl.6l2S4O. and an increase in net earnings
Of only Sl28G55. Mr.. Untermyer asked for an
EBlanation of the trlfling increase IN net earn
hgs President Evans said that ii was due
Principally TO large purchases OF equipment, and
also in part TO higher operating expenses on
various lines.
Charles H. Williams, a stockholder, then Of
fasd a resolution for the appointment of COM
nitee Of FIVE, naming as its members minority
E0dkholders. TO examine the cOmpany's assets,
socially those which il might not be advisable
. make public. Mr.. Cromwell moved that a
unmittee consisting of J. B. Holland. Samuel
horne, jr.. r. w PomerOy and Admiral Brown
81 be appointed 20 examine and report on the
l1npany's -leaBsg Admiral Brawnson said that
hsWas 70 sail for the East within three weeks.
ni therefore his name Withdrawn Mr..
C!omweu offered a resolution leaving to the
hon 10 l,a
sport read by the president should be made
public.
Ralph W Cutler, a stockholder. moved that
The annual dividend be increased TO I6 per cent,
snd Mr.. Untermyer moved as an amendment that
the directors be instructed to declare dividend
Of : per cent in addition to the 8 per cent al
ready paid in this year MI Cromwell followed
this with a motion to leave to the new board of
directors the whole question OF dividends. Mr..
Williams offered a motion for adjournment. On
al Of these motions including that for adjourn
msnt stock votes were demanded which meant
that their adoption or rejection could not be an
nounoed until after the proxies had been gone
ever by the tellers. This task was. meanwhile.
IN progress as asconcomftant of the vote for
directors
CROMWELL DEFENDS HARTMAN.
While the various motions and amendments
Eere being offered speeches were made by
Nessrs Cromwell and Untermyer on the gem
era policy Of The company. the former declaring
that express companies were dependent on rail
says for their contracts. which went by favor,
and emphasizing the especial dependence OF
Wells Fargo & Co on the good will Of Mr. Har-
imam, and Mr. Untermyer attacking vigorously
The financial management of the company and
asserting thar instead of 2l2 per cent netted on
is loans in the last year 412 per cent should
have beer earned.
A. about O'Clock Il was agreed TO take an ad-
journment Until O'Clock. At the latter hour the
meeting reassembled. and after delay Of forty
minutes the inspectors of election presented re-
port the ballot for directors. showing that
1884 q the 10000 shares had been voted Mr..
Hartman received the full vote, the other men
On the administration ticket being elected by
varying votes those named with him on both
tickets getting slightly less than his total. and
lnose whose names were on only the one ticket
receiving votes OF which the largest was 41,96S-
me largest vote polled by any Of the opposition
candidates was 26,2I6 for Air. Stokes
Few minutes later the teleTs reported the
result Of the ballots on the various motions maue
~ me course Of the meeting amendments DelllS
Geeted as Independent motions. As alreadS
sSSo, the Hartman party won in all oi these.
al. IromWells motion leaving II 10 the dlTecloi ;
= decide what part Of the annual report Sloulu
c,,oe l-aoe puDhc vas practically uiioJPoseu, ~
- ssNitg 1902 votes, TO 100 opposed Inc noIoIi
y Ar. Williams for adjournment. if II had
S.Gseo 10 have been carried, would have mace
- and void al Of the acts of the meeting SUD
lgoef 10 its being voted upon; but IL Was
- sk.lna 70 have been lost receiving 26,434 votes
<6s2l opposed
STOKES URGES LARGER DIVIDEND
After the meeting finally adjourned, Walter C.
stokes who led the opposition movement. sent
me Following letter to President Evans Of the
Wells Fargo Company:
IN four months after sending out our circular
So,e5 iSc Angasrs OF your company we had re
.f" - proxies. representing IS 30 shares OF
STOCK Ih're were then some : s23 stocl<holtIors
oi , our D9oas, and our proxies represented IS
.-Ns nany OF tlose hAN- soIl their .1o.L. 20 .Eat