The New York herald., 1870-03-10
UNION PACIFIC RAILROAD.

Annual Meeting of the Stockholders in Ros-
tOn-Statement Of the Condition of the
Road by President Ames-Five Miles OF
Snow Sheds and Fifty Miles of snow
Fences-The Probable Future Earnings of
the Company and Its Present Financial
Condition--Election of Directors, &c.
BosToN, March o, 1870.
The annual meeting OF the stockholders OF the
Union Pacific Railroad held In this city to-day.
The attendance was very large and lively interest
was manifested IN the proceedings. Oliver Ames of
Easton, Mass, president OF the company, occupied
the chair, and after having called the meeting to
order he addressed the stockholders assembled as
f0ll0ws:-
GENTLEMEN-Since the junction or tho rails OF the
Union Pacific Railroad with those OF the Central
Pacific Railroad, ten months ago tomorrow, we
the highest standard required by the various &C COM
missionerS that government have seen III To send
over 1t to examine its structure ana equipment.
The commission OF eminent citizens last appointed
to examine our road commenced their work on the
14th OF September last at Promontory, and arrived
at Omaha on the 23d, examining the road its depots
machinery, shops and equipment very critically Iii
concluding their exceedingly elaborate report, they
This great line to the country Is ines
simabe and IN which every citizen should feel Jus, pride,
and Is good reliable OF computation
Omaha and Wen equipped and fully prepared TO
psras fayorsey "a this respect with majority Of the nrs
The country IS now reaping the benefit OF this
early completion OF road, and 1t is by no means
pay all OF our extra expenditures. Since the juno
Ion OF our rails Win those or the Central
Pacific Railroad last May we have employed large
force IN widening embankments and cuts
putting in new culverts and bridges and
changing the bed OF one OF the rivers, by
machine shops ana station and eating houses have
been improved to meet the demands OF business
anticipated The present season. We nave spent
m a G v g1adG and
fences over S300,63o. We have now over five miles
OF snow sheds and nearly fifty miles OF snow fences
IN addition to the large amount OF snow fences put
up last year. The experiment thus far this winter
shows that our road can be run without any serious
hindrance or obstruction from snow. The SHOWS Of
the present wfuter have been abOut the as last
winter, and we have been but In one instance OBJ
structed over twent -four hours Our superintendent
Is confident that we can keep our road free from
obstruction by snow as are the roads OF New England
and New York. We may now consider the .'snow
question: as substantially settIcd and TINS serious
ter route. which has haunted the fancy OF ttmld
as entirely dissipated The express business over
ana we came to the conclusion tnat lS would be for
tho best interest OF our road to dissolve our
nectlon with Wells, Fargo h Co.. ana do this pus
ness ourselves. The results Of the change have
been TO increase our receipts from thus source
from W Fargo CO. For "n ns 81
utilizing our telegraph line we have made u con-
nectlon with the Atlantic aud Paolac Tele.
large portion OF our Telegraph service Tree, and
have the expectation OF realizing handsome
income from the So 800 900 OF stock we receive OF
the Atlantic and Pacific Telegraph Company
for the use OF our line for commercial pur-
poses, We shall be under the necessity OF
putting up one or two additional wires should this
company make connection with the Central Pacific
Company, as they now expect TO do, and secure q
fair share OF the California business The point OF
permanent junction designed by the resolutions OF
congress to be In the vicinity OF Ogden mas not yet
been definitely fixed. The Mormon occupation OF the
lands where It was desired to fix our unctionhas thus
far prevented our obtaining sufficient space to give
to Us the accommodations needed. A bill has been
introduced into Congress to secure to the railroad
nine sections OF land about five miles west or Ogden
on which the TWO roads may establish their depots,
machIne shops and all the necessary side tracks and
accommodations required at the Junction OF these
two great national roads We expect this bill will
soon pass, and we shall at enter upon the con-
structlOn OF the necessary structures for the
mOdatOn or our business. The earnings OF our road
for the nine months reported since 1T was opened
amount to SO, 3oO,O ,O0o We anticipate the ensuing
year that the gross earnings Of our road will reach
10000, and shall not be surprised should they
largely exceed this sum. The net income from this
Will pay all our interest, with handsome dividend
upon our stock, should we not need IL for improve
MenS upon oar road. / herewith present to you
statement from our treasurer OF your financial
condition.
Cost Of road Bl06 14J 978
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