The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-09
UNION PACIFIC DIRECTORS
LAY BARE ALL THEIR ACTS
Minutes Read at Annual Meeting Throw Light
on Big s---Buying Coal Land
In Northwest.
Holder of Proxy Enters Written Protest Against Hartman Re-
gime, Which Is Carefully Filed

chasing agent for the company. and holds
an OF the equipment for the company un-
til IL is finally turned over. This is said
10 be a move i'll the direction of the more
expeditions and economical operation of
the system. which involves the buying of
material and supplies.
The company has purchased a large
area of tide lands at and i'm the vicinity
of Astoria, and has done a great deal of
development work with a view of re-
claiming them for terminal purposes. The
acreage was not stated.
The Alton Deal.
The minutes of the executive committee
carried the correspondence between the
Union Pacific and the Rock Island with
respect 10 control of the Chicago & Alton.
The agreement was entered into on Oct. 4,
1906, and was abrogated on June g. 1907.
The correspondence referred to an agree
ment by which Mr.. Hartman was to
purchase Observation-Disclosures of the Alton
bond issue at %. and the Rock Island was
to take eight-twentieths. Mr. Moore of
the Rock Island. the correspondence
showed, wrote to Mr.. Hartman. express
ing doubt to the legality and validity
of the agreement for the purchase Of the
bonds and the control of the Alton. Mr..
Hartman, on behalf of himself and the
Union Pacific, replied that there was no
question in the minds of the cOmpany'S
counsel. but that if the Rock Island de-
sired to abrogate the contract. the Union
Pacific was willing Thus, the abrogatiOn
was brought about on June 3. as stated.
In Illinois Central.
The official record of the executive COM
mittee disclosed that I'm February of this
year deal had been entered into whereby
a purchase of stock in the Railway Securi-
ties companies. a holding company. had
been made. the stock to be purchased
from Stuyvesant Fish. a part payable in
cash and the balance in Illinois Central
stock at SlI5 share. The price of pur
chase was S20l. IS a share. In February
the Union Pacific held 1884 shares of
preferred stock and a. 154 of common of
the Railway Securities.
An agreement was recorded in the min
utes, under date of May Is. between Mr..
Hartman and an underwriting syndicate,
whose identity was not given out by
which the latter contracted to underWrite
the Union Pacific's last So 600 bond is
sue on commission basis of per cent.
The motion to approve. made by Farley
l.. Williams, was carried.
List of Those Present.
These holdings were represented:
Total issue of preferred stock 995 500
Represented at meeting ............ 6S5,25s
Total issue of common stOck.--....l, 954 500
Represented at meeting .............1.52 Az
Those present at the meeting were: W.
ID. Cornish, vice president: Farley l.. VII
hams. general counsel for the oregon
Short Line; Joseph HELEN, secretary,
provided with most of the Hartman
proxies: +. II. knlckerbOcker, secretary
to W. H. Bancroft. general manager of
the oregon Short Line; B. NJ. McAilister
of the land department. Omaha; John Fay,
representing Ruggles & Cray. and z. 3.
Palmer. representing eastern financial in
terests.
The following resolution and protest
against Capitalization were offered by
John Fay:
Resolved, That so much of the bylaws
of this company as provide that the chair
man of the executive committee shall
represent it when it is not in session, be
repealed.
/ hereby protest. in behalf of Ruggles &
Gray. owners and holders of certificates
of 100 shares of common stock of the
Union Pacific Railway company, against
the adoption of any resolution ratifying
and confirming all actions of the board OF
directors and of the executive committee
OF this company taken since the last an
nual meeting of its stockholders in
lump, for the reason that in many Of said
actions the said board of directors and
executive committee exceeded their au-
thority and abandoned and surrendered
their functions entirely TO one individual
ostensibly acting as chairman of the ex-
ecutive committee, and such actions OF
the board of directors and executive COM
mittee have resulted and will result in
great injury to the company.
The protest sgas received and filed.