New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1871-03-09

cs. on &c bends ard get apart enough TO sinking fnnd
The facties opened by the railroad for reach
ing the mining districts have greatly stimqaEh sne oe
yeioprnent Of the mines. Colorado and Utah are now
opening OF the richest mines yet discovered III WI
country Our prospects of business with salt Lake Wy
and vicinity encouraging, and shall De uese
disappointed II IL shall not be more than double wh J,
last year. Our coal mines have proved iuy equai
to gine expectations both In regard W lhe
superior quality OF coal steam generator ana tne
tent OF the deposit 1t liz believed that there Is no better
can be more cheapy mined Iron ore OF very superior
quality and in vast Quantities mas ra 11sn We have
promise Of iron district here that VIII be aoe 70 com
pete successfully with the most favored localities OF our
seeking TO the transportation OF the teas anu k
Of Chiua and Japan, and ARRANGEMENTS have recently
been made TO large part OF this business over
land The great mutations which have taken place In
our securities in the months past perhaps demand some
explanation After we had saved the Government nll,
lions on the cost Of it, over the plains ana
70 tss PACING after we haa dPss o AMY S@
the safety OF emigration and the trans M
ement seven years earlier than required of us by our
charter, the action of some OF the departments Oh ne
government became so hostile to to shake the
first refused to receive United states Pacific Rarod
bonds as basis for banking and thus SCI nr T these
bonds In It's monthly publication OF tne Pup the
debt as i not pit portion road Of s efG thus El
parently indicating its then
but the deficit Of interest as If due by US and left nm
paid and then hardest Of ALL withheld from us all our
in and 9s ts s2 aSd S Sa Of which we
had hitherto been paid onehaf Of az under tne ass o
These s repeated peat 9Ts S in the mar
ket value OF our securities Both houses OF Oongress
finally reversed the action Of the Treasury Department
and Of the Attorney General and the result is the resor
alton Of the credit Of the road with great advance IN
all its securities. OLIVER AMEs, President,
Union Pacific Railroad Company.
The Directors subsequently elected Thomas A. Scott OF
Pennsylvania President Of the Company His long and
successful experience In railroad management Will no
doubt be OF great service to the Union Pacific In ac-
ceptng the position Mr.. Scott made the following adj
dress:
GENTLEMEN: In taking charge Of this important public
highway it, President IN obedience 70 the unanimous
call Of its shareholders and the action OF your Board
beg leave to state that far as my experience OF over
sO wears in railway life can be made useful TO the Board
and this shareholdng Interest, IL sha DC Ireey gwen
and trust the practical results IN inc 20 ay n No
found satisfactory. Asa condition preceaens w accept
ing the position made the following requremenIts:
First That all unsettled eontracts for the construction
and equipment Of the road should be adjusted ana paI
Second: That all the floating debt0f the oOpay snoa
o band annIicabIe 70 that purpose Both these cOnd
lions having been complied with, and satisfactory
aoYde for contingent wants accept the position, and
Viii epdeavor to give to il such time and attention as may
ne needfu in connection with the Board and ts Officers
70 insure proper management OF the affairs OF the Com
pany In order that may understand IN orleI Io.n
Snlawing summary from the official records presented
TO by the heads or departlnents 81. -, 20, n,
from a@r 5ay to fS Dec f 3d. 90 Total
Expenses lSSFTSn. Ian 1 90 80 '4 Tofa 49,
Net earnings, s294 s62 23 interest upon bonded uep.
land grant bonds, s2,s3l,125, leaving surplus OF
s1G739 80 land department. bonds per cent M
40 0OOOO0 annual Interest, $1,000; land sales, 291SO
proceeds 500; average price per acre. y 49,
on OF these sales the Company mas re- eyed ana
FOR fine remainder the Company holds land notes,
maturing in one two and three years, with accrued in
The condition of the Land Department may therefore
be stated thus: Bonds. S0400OC0; one years interest
thereon, SIPS 0OG total Sl l2sO0O Prncpal reaneed Dy
bonds redeemed s736,00 land notes on hand $6I66oO
| making $1,3l2,65O showing an absolute reduction OF
1880 after providing an amount equal to the interest
| upon the entire debt in the Land Department
The Company entitled, under the grants from Gov,
prGemped before the passage of the act from which
deduct the total amount heretofore SOLO, y2oJ leaving
hand asset, ll,1olH acres, Whch at an aver
age value of s. per acre. being 70 per cent Delow ln
minimum Government price for adjoining lands owned
by IL, should yield the gross sum OF 90 Ide,
therefore as may be required to be applied to the payment
aud redemption Of the land grant bonds and the interest
thereof and the balance Will 20 into the treasury as
received from time 70 time for the benet OF the snare
In looking over the data submitted to me, fnd as
before stated first that the gross earnings Tor the past
year show an aggregate OF s6255; mat tne ayetage
expenses for the last year-durlng which the WORKING
organization reduced to meet existing wants six
%rSr which n time the road has been thoroughly main
tanned and operated efficiently for that cost being about
The management to provide for and have a largely in
creased traffic, and keep the expenditures OF the year
ceived from Mr.. sckes, Chief Engineer aud Superin
tendent Of the line, that this can be effected
The arrangement recently perfected with the steam
shin lines upon Pacific coast and the steady growth
of California in wealth and population, must result in
added large increase OF local traffic, caused by the
rapid development Of the rich mining districts OF Utah,
Colorado, Montana, and other territories, the traf-
fc of which supplies as well as produc-
toni must 10 a large extent pass over your
line From present indications it would seem reasonable
to stmae gross receipts Of the coming year at a
minimum OF 100000, with u cost OF maintaining ana
operating the line this increased earning OF not ex-
ceeding say S50O leaving as net receipts s4oV0 10 pe
directed interest and dividends II so directed by the
Board exclusive OF the operations OF the Land Depart
ment. The completion OF inc DIldge across Ihe ssont
River al Omaha within tine present year. and Tor when
the means have been provided by the sale or bridge
bonds as specially authorized by act OF Congress will
greatly facilitate the movement of traffic. and relieve
incident TO transfer by Terry. Inc opera
tons OF the line for the hTst 20 months
sufficient TO meet the interest upon its entire bonded
debt This result cannot but be deemed by all pract-
eating a successful future. The yearly increase OF
traffic counting but little additional TO transport, and
give value your property not readily appreciated at
present
The earnings of the st. Louis and Iron Mountain Rail
road for the month of February, 1871, were:
81 90 35O...... sos 81 Increase 200 %
The following are the earnings Of the Cleveland
Columbus Cincinnati and Indianapolis Railway Company
for January and February:
January ................. $2oJW9 $27Ol49 $67o80
February. ....".....'.... ZZoSSS zoo'~ SSN
To,al...............Sl2gs67 sS8,91 siO6g2
Messrs wnsow Lanier & Co., agents of the Connecti
cut Western Railroad Co., Offer In another column The
first per cent bonds Of that company at 90
accrued interest. The road extends from Hartford t.
Mnlerton the Harlem Railroad thus connecting the
New gland railways with those OF the great West
by advertisement in another column IL VIII De seer
that Messrs. Aiger Brothers. general insurance agents
have recently been appointed To represent the CONNER
cl Assurance Company OF London also the Peoples In