Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1907-10-09
MID DIRECTORS
ARE REELECTED
Minority Of Union Pacific Files
Resolution Of Protest Against
Capitalization.
FINANCIAL STATEMENT READ.
,,iputc. of Executive Committee and
BOARD Prove Interesting Informa-
fiou--Invcstmcnts Explained.

half dozen men sitting In a rear
.,om of the Hartman downtown Of
ACES Yesterday noon would have ap-
,sared TO the outsider TO have been
lslrIv discussing commonplace mat
tors .n reality they were participant
nv An meeting which win go down In
rsHroad history as one OF the most sig
,,ecsut In years. 10 was the annual
meeting OF the Union Pacific stock
holders. and, as predicted yesterday
vas one Of the most heavily attended
and important meetings In the history
m the Union Pacific. Most or the
stock was represented by proxies. OF
4 total issue OF 9s5.693 shares Of pre-
fsrred stock 6S5, 256 was represented,
and of l954,S99 common. there were
fn14U represented.
Those participating az the meeting
we're. w. d. Cornish. vice president
psrfy L. Williams. general counsel TOR
M oregon short Line Joseph HELEN,
sssrsary. provided with most OF the
hartman proxies. +. H. Knickerbock-
or secretary 20 W. II. Bancroft gem
erll manager Of the oregon Short Line;
B NJ McAllister OF the land depart
ment omaha: John Fay. representing
Ruggles 4 Gray and r. -. Palmer,
representing eastern financial interests.
MINOhlI hEl'Ati40f4N I'll
As was also predicted. there was
minority represented and some oblec-
lions were registered against Harri-
man being King Absolute In all mat
tiers pertaining TO the management OF
the Union Pacific. The majority,
thoroughly united and determined to
Quash an contention. did so very
0uickly and quietly. The objections
we're against Capitalization, as illustrate
ed 100 the following protesting resolution
offered by John Fay Of New York
Resolved, That so much Of the by
laws Of this company as provide that
the chairman OF the executive commit
zee shall represent 90 when IL is not In
session. be repealed.
] hereby protest. in behalf Of Ruggles
Gray. owners and holders Of cert-
hcltes Of 100 shares Of common stock
OF the Union Pacific Railway company.
against the adoption Of any resolution
rtifying and confirming all actions OF
the board Of directors and Of the exec
utive committee OF this company taken
since the last annual meeting Of It's
stockholders In n lump. for the reason
that I'm many Of said actions the said
board OF directors and executive COM
mittee exceeded their authority and
abandoned and surrendered their func-
tons entirely 20 one individual osten-
sibly acting as chairman Of the exec
ullAN committee ana ruA'I dfAlNliN VI
the board of directors and executive
committee have resulted and win result
in great injury TO tho company.
SOME DIRECTORS.
There was no change expected in the
Ayectorate and the unexpected did not
happen The list today is Just as fl
was yesterday and comprises: oliver
Ames William ID Cornish, A. j. Ear
ling Henry c. Frick, Robert w. Goe-
let r. II. Hartman, Marvin Hughitt.
r. S. LoVctt. William Mahl, Charles A.
Peabody, William q. Rockefeller, Hem
by II. Rogers, Joseph b. Smith. James
sullman, p. A. Valentine
SURPLUS SHOWN
or more than passing interest is the
financial statement up to June 90 This
was submitted and discussed. II a. not
the annual report Othis Is not prepared
ycU but the figures advanced are cor
rect They show a surplus over every
thine Of S3.4S0.2fLSl.A The statement
follows:
Gross transportation re-
celptS ACKNOWLEDGEMENTS. b.. .S45 ,5l2, 1913. "a
Operating expenses and
taxes ACKNOWLEDGEMENTS. 2tlh9,0l.I1
Net earnings from opera
ton of road ...-........... IS .32S 36l.7S
other incomes from inter-
cst 0n bonds and other In
Nestnents ................. l5,3O6O2b. a
Total .s..t..ts....,t...s .Ad3, b3S aAh.f4
Fixed aud other charges. 5,69S,al2.22
Nei Woht ...........--..-... zGsdOhld.32
From this sum there has been ex-
pended
bfldtuds ...........-.t.-...a-a ,3-shOiO
hellermeuis ..t...t.......... $780, tbl. u
surplus ...................... 3.4S02i7M
INVESTMENTS EXPLAINED.
The meeting held yesterday was not
as secret as ID would have been had
none but members OF the Hartman
Following been present An innovation
Was .hs reading OF the minutes OF tho
board of directors and Of the executive
committee two hours being consumed
uy this proceeding. Some Investments
DO bonds were reported as follows.
Omaha d Western ..............1. 500. 900
siHh" River Valley .............l50O.0 600
ioiHha a. Northwestern ..,.....1. ZOO, 900
HNas9 railroad ................. 100000
Don addition 10 this the company has
bought The Grays Harbor a. Puget /
SOUND railroad company for $50. 900 N /
a also acquiring coal lands Boo British |
r''uhbia and Washington. The Union /
racine Equipment association has been /
osin.zed 90 act as purchasing agent. |
~ I1 speak. II buys and holds equip |
mont uuti 70 can be distributed etc /
o'n. iilk a. rctrenChment has been /
near. for some time past The real pur- /
pose 1f an equipment purchasing COM T
lNut ls undoubtedly the conducting 70. 4
Ws part of railroad-mauagemeut n.ih- 4
omy
THAT ALTON DEAL
Tho minutes Of the executive commit |
le' were spread whit the correspond /
'nO. covering ,ho chicago a. Alton deal /
ahd 1ne agreements with the Illinois |
.fh'fti Iue hrst ggrcomtnt was en- /
lelDI Htu lct. 4. 1906, ana according 10 /
tn mos Air. Hartman was 90 take /
.Ilt-tWenticths OF the Atoms bond I
at 95. The Rock Island was Co /
~ the remainder When 1900 Official OF /
p Rock Island wrote 90 Mr.. Hartman /
fsir1lng the validity ana legality of /
'A'l 1n arrangement the correspond /
N'' showed thar Ma Hartman, an- I
ol'.d Boo behalf of himself and the /
NN''h Pacific that an nhrOgatiou 0f the !
hent would not De- contested ale /
DlIsA be had been assured by counsel /
,lal lhe affair was all right and above |
The refokiug of The agreement /
''I'"ed, June of This year
ILLINOIS CENTRAL
~ Was shown that in February OF this
stai NE Union Pacific held 1885, shares
~ NJ iefred stock and "a lli of common 4
1T lN. hallway Securities CnmuHnV