Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1907-10-09
HARRIMAN'S
GRIP HELD
In the Meeting of the U. P.
Stockholders
a Single Dissenter Against
. Complete Endorsement
of Him.

Salt Lake, Oct. Sc. H. Hartman
olution passed by the annual meeting
of stockholders of the Union Pacific
held in this city today. His board OF
directors was reelected without opposi-
ton. 1t had been rumored that consid-
erable opposition to Hartman would
develop at today's meeting but the only
anti Hartman refusal was the proxy
for James Ferris to vote 100 shares of
stock in favor of a resolution endorsing
Hartman. The same proxy entered a
protest asking that the laws Of the
company be changed so that the chair
man of the executive board would not
be accorded the power of an executive
committee when the executive commit
tee was not in session. The protest
was tabled at the meeting with the ex-
ceptions noted. was purely Of routine
character. The directors reelected
were: Edward H. Hartman, New
York: Oliver Ames. Boston; VIM. D.
Cornish. New York; A. ]. Earring.
Chicago: Robt. w. Goelet. Newport;
Henry C. Frick. Newt York; Marvin
Hughitt. Chicago; r. S. Loyeitt. New
York; C. Al Peabody. New York; JOS
F. Smith, Salt Lake; Jas. Stillman.
New York; A. Valentine. New York.
OF the total 2,95o.592 shares of COM
mon and preferred. there were voted at
today's meeting 2.211,37 shares. These
were voted mainly by proxies. The
only fasteners present We're Vice
President and General Manager VIM.
ID. Cornish who presided. Joseph Hol-
len of New York secretary of the COM
pany, and b. A. McAllister of Omaha.
The Union Pacifics innermost Sc
crets were disclosed to the stockhold-
ers. For the first time in many years
in directors meetings the proceedings
Of the executive committee were read
in detail and the financial transactions
of the company were explained to all
shareholders. Ii was shown that the
gross transportation receipts to June
80. 1907, were s45.5l2.933.54: operat-
ing expenses and taxes s27.1s5.571.75;
net earnings from the operation of the
road s1s.3s3.3sl.70: the income from
other investments and interest bonds.
SIS. SOC. .O26.9O; the total incorpe. s33,-
l629.3Ss.7i. Fixed and other charges
amounted to s5.56S.572.22; the net
profit s27,93O.s13.52. From this there
had been expended for dividends s23.-
52S.S04; for betterments, s920.16L71,
and there had been placed in the sur
plus fund s3.4SO.247.s1.
The minutes revealed that in Feb
ruary 1907. the directors had made a
deal for the purchase of stock of a
railway securities holding company for
the Illinois Central. from Stuyvesant
Fish for s201.75. her share payable
partly in cash and partly in Illinois
Central stock at s175. In February
the Union Pacific had 1884 shares of
preferred stock and 34.154 shares of
common stock of the railway securi-
ties company.
Among the Investments made by the
directors are bonds of the Omaha and
Eastern, 81 5000 bonds Of the Snake
River VALLEY. s1.500.0 900; Topeka and
Northwestern bonds s1.100.0O0; bonds
of the Waco. Washington railway,
5000, 900, and stock Of the Grays Har-
Dor and Puget Sound. 100000.
At one meeting. according to the
minutes of the directors il was decid-
ed to abrogate the contract with the
| Armour Refrigerating Co, and order
G00O refrigerating cars. At another
meeting the Union Pacific Equipment
( Association was organized for the
purpose of buving all supplies and ma
terials for the road. IL was capital
7 lied at 100000.
The company has been buying coal
/ lands in British Columbia and Wash
ington for which it paid about $4,000
1t expended considerable sums for
lands in Washington to be used for
| terminal purposes.