New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-01-27
WASHINGTON.
CONDITION OF THE UNION PACIFIC RoAI

CONDITION OF THE UNION PACIFIC ROAD.
ANNUAL REPORT OF THE PREsIDENr-FINAN-
CiAL STATEMENT OF THE YEARS WORK
DIRECTORS
lGBHERAJ PRESS DISPATCHI
WASHINGTON, Jan. 26-The annual report of
the president OF the Union Pacific Railroad Company
made under oath in September last and recently cOmmu-
nicated 10 the Senate, shows the Of the stock
holders, the names Of the directors and all other officers
OF the Company, and that subscriptions have been
oeved for 367 $40 shares at par value OF $50
which there has been paid in the amount of s3s62,3Oo
There has been received from the transportation Of pas
sengors for the year ended June 80 1872, the sum Of
SO61sO5; from the transportation OF freight A12265l
and from miscellaneous sources. t7lTll.
The entire cost OF the road the unadusted balances
with contractors included, is. including fixtures tl4,
25s5S5 The Indebtedness of the Company is t75s9i5l2
including s2 237 900 OF first mortgage bonds. and s27
2S65l2 United States loan Similar information is gwen
OF the Central Pacific Railroad in the report OF ts
President from which 1t appears that the amount OF
stock subscribed Is s596AOOO, and the amount actually
paid in is si2S9O The amount received for the trans
portaon OF passengers for the is 3962O5l9; for
transportation OF freight 1913 GAG. The expenses Of the
road for the year S37S32 49, The indebtedness OF
the Company is sSc9OO132 including $27s55G9O United
State Government bonds s25ss3OOo OF first mortgage
bonds of the Central Pacific Railroad Company, and
$685. 900 OF land bonds.
The Government directors OF the Union Pacific Rail
road Company John s. c. Harmon, J. II. Willard, James
F. Wilson, and David $. Kuddock. made thorough
animation of the route in August last and report to the
Secretary of the Interior that they found the road s
equipment and the appointments necessary TO the mau-
tenance thereof in condition highly satisfactory They
say Probably no eqaal number OF consecutive miles OF
railroad in the United States found In better con-
dton The efforts made by the General superintendent
TO prevent renewal Of the snow blockade Will. In our
judgment If he is allowed to perfect them, prove sue
cessful and satisfactory. This being assured, and
coupled with proper and Legitimate management OF the
affairs of the corporation, local. general, and financial
do not doubt the capacity OF the road to be equal to
all just demands upon it, including the Governments lien
result They say that the annual meeting OF the Com
pany should be held at the head OF the road Instead
in NewIOrk and Boston, and there should be established
the fully authorized and responsible officers OF It's oal
management. The records and accounts OF tho Com
should there be kept, to the end that those VINO
charged with the Of the interests OF the Gov
eminent in the affairs OF the Company may have some
place to look for information. Then IL would be IN
thoir power to discharge their duties faithfully ana
properly. but now it is not
The directors call special attention to the contract
with the Wyoming Coal Company, 1t being alleged Dy
members OF the Union Pacific Railroad Company that
nine-tenths Of the whole of stockS5O0 OOO-be
longs the Company. The contract gives to single
corporation for a term of fifteen years all OF the coal
lands belonging to the Union Pacific Railroad Company
thus establishing fuel monopoly along the entire me
road The price stipulated TO he paid for the coal
exorDtan the average for the fifteen years being over
81 per tun at the mine. The directors say the contract
is a bad one. and report the general facts in
the that the Government may, have
them IN possession, and 10 the end that
come proper remedy may be devised. In the course OF
report they say: I'VE have herein expressed the
opinion that the Union Pacific Road, If properly man-
aged can be made meet all just demands upon H. IN
Guiding the Government lien IL 10 not an exceptlOhay
expensive road 10 operate. with prudent management
located at the head of the road and clothed with he
necessary power Of making itself thoroughly familiar
with the character resources and needs OF the country
tributary to line, most gratifying increase In the
resources of the Company cO0ld in our judgment, DO
effected"