Los Angeles herald., 1907-10-09

IN CONTROL
UNION PACIFIC INDoRsEs CHIEFS
POLICY
Rumors That Considerable Opposition
Would Develop at Session of
Stockholders Proves to re
Without Foundation
BY Associated Press.

BY Associated Prsss.
SALT LAKE CITY, Oct. Sc. H. Har-
riman and his policies were indorsed In
resolution passed by the annual meet
ing of the stockholders of the Union Pa
cifc held IN this city today. The board
of directors was reelected without oppo-
sition.
1t had been rumored that considerable
opposition to Mr.. Hartman would de-
develop at todays meeting, but the only
anti Hartman manifestation was the re-
fusal of proxy for James Ferris to vote
his 100 shares of stock In favor of a reso-
luton indorsing Mr.. Hartman
The same proxy entered protest ask
ing that the bylaws of the company be
changed so that the chairman of the
executive board would not be accorded
the power of the executive committee
when the executive committee is not In
session. This protest was tabled.
The meeting, with the exceptions noted,
was of a purely routine character. The
directors who were reelected are: Ed
ward H. Hartman, New York; Oliver
Ame., Boston; William d. Cornish, New
York; A. j. Earling, Chicago; Robert w.
Goelet, Newport Henry C. Frick, New
York; William Mahl, New York; William
G. Rockefeller, New York; Henry HI.
Rogers, New York; Marvin Hughitt, Chi
cago r. s. Lovett, New York; G. A.
Peabody, New York; Joseph F. Smith,
Salt Lake: James Stillman, New York;
A. Valentine, New York.
OF the total of 2,95O,592 shares, common
and preferred, there were voted at to-
days meeting 2,H1,347 shares. These, OF
course, were voted mainly by proxies.
The only easterpers present were Vice
President and General Manager William
D. Cornish, who presided at the meet
ing; Joseph Hollen of New York, secre-
tary of the company, and b. A. NC
Allister of Omaha.
The Union Pacific's inmost secrets were
disclosed to the stockholders at the meet
ing today. For the first time in many
wears the minutes of the directors meet
ings and the proceedings of the executive
committee were kread in detail and the
financial transactions of the company ex-
planned to all shareholders.
It was shown that the gross transpor-
tation receipts to June 80, 1907, were A5,-
512. .9SS. .54; the operating expenses and
taxes were s27, ,1S9, ,57175; the net earnings
from the operation of the road We're
S1S 3S3 381 10; income from other invest
ments and interest on bonds, 1896, ,02695
a total income of $33, ,629 SSS.74
The fixed and other charges amounted
to $5,56S, ,572. 90; the net profit was $27,930, :
S1352, and from this had been expended:
For dividends ....................S S2S 52y S04 90
For betterments .............,......... 91V16l,Il
Placed in surplus ..............-.... S4eO,z4I.Sl
The minutes revealed that in February,
1907. the directors made deal for the
purchase of stock in the Railway securi-
ties, a holding company for the Illinois
Central, from Stuyvesant Fish for $2O1. rs
per share, payable partly in cash and
partly in Illinois Central stock at $l76.
In February the Union Pacific has
1S 9S4 shares of preferred stock and S4,154
shares of common stock in the Railway
Securities company.
Among the investments made by the
directors are the following:
Bonds of Omaha & Western ........... 81 500, 900
Ronds of Snake River Valley. ............ 1880, 900
Topeka & Northwestern bonds. .........s l. 700. 900
Bonds of Ilwaco (Wash,) railway....... 800. 900
stock of Grays Harbor & Puget Sound. 10000
AT one meeting, according to the min
utes. the directors decided to abrogate
their contract with the Armour Refriger-
ating company and order 5000 refrigerat-
ing cars At another meeting the Union
Pacific Equipment association was or
ganized for the purpose of buying all sup
plies and materials for the road. It Is
capitalized at 100000.
The company has been buying coal
lands in British Columbia and washing
ton, for which it has paid about $4,000,
and 1t has expended considerable sums
for lands at Astoria, WASH, to be used
for terminal purposes.