New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-03-09
UNION PACIFIC.
A YEAR OF GREAT PROSPERITY,

A YEAR OF GREAT PROSPERITY
ANNUAL MEETING AND ELECTION OF oFFICERs-THE
REPORT SHOWS $7,O12,0O0 OF NET EARNINGS
IN lS75-TnE ROAD IN GOOD CONDITION
GENERAL REVIEW OF THE AFFAIRS OF IHf
ROAD.
BosToN, March S.-The annual meeting of
the Union Pacific Railroad Company held here thu
morning. Mr.. Gould offered resolution that the con
between the Company and the several persons who
we're or are benenciaries trustees what known
the oakes Ames and j. W. Davis contracts, and the as
signrnents thereof aud who may execute the same be
by the stockholders and the Treasurer au
thoriEed 10 execute the Adopted.
Another resolution by Mr.. Gould, approving the con
tract between the road and the ckhoders OF the Credit
Mobier OF America, adopted.
The Treasurer authorized to executes in behalf Of
the Company, the draft OF bill in equity against the
Credit Mober Of America advised by counsel for the
purpose Of sserng the claims OF the Company against
Credit Mobilier and EN- lining the prosecution OF
suit by the latter corporation against the Union Pacific
Railroad now pending In the Supreme Court Of Massa
chusetts.
The following officers were chosen:
Presdent-sidncy Dillon.
Vice Prcsident-Eisha Atkins.
Road of pPectors0Iyer Gacs Elisha ATKINS Sidney Dbl
Ion g. Dexter benjamin r. Bates oliver Ames - James D.
Baker to father name H. II. Clark
81. Dodge
Each of the directors received .2s3 votes The
uua report of the Company makes the following show
ing:
The actual gross earnings for 1875 were s1l993.
1872 90; operating expenses, including taxes S4,9s2
O47 05, leaving surplus earnings OF S7Oll7S6 IA, the
Uprng expenses being IL b4Oo per Of the gross
ralnngs Compared with the year previous there has
been Of the gross earnings OF 81 i339ol 9
AN increase expenses OF 1927 o. increase IN sur
plus, 81 3O6G07 50. The gam in the commercial pas
sngcr business during the year was $4676l4 90 being
II $500 per cent commercial freight earnings, galu
$685. lS o. beng 10 $500 per cent The GONernmeuS
business shows decrease In passenger receipts OF
SsZ244 Os being % $500 per cent The mail earnings
have not changed In amount since Jul l. 1873 bolns
S3l5 per mh per annum The ratio OF expenses to earn
ings last year considered very small. This year
has been decreased from 40 SOo per ceut to Al eo
Accomplished in the face Of ne eftraord nary expenses
incurred during the Spring floods. There haS been
expended t0r new construction during the year,
S50b365 90. Part OF this for II new locomotives,
III secondcass passenger cars 50 new freight ears and
a number Of buildings and bridges on the line or tire
road he road IN high state Of efficiency, aud
though the Winter OF ls7576 has been unprecedentedy
severe less delay to e tnan usual has been expert
enced Tho necessity Of maintaining costly snowsheds
has greatly obviated by widening cuts and raising
SsnEs. The providing for extraordinary Hoods aud the
general protection nom damage by snow aud water will
add important savings in the future operating expenses
of the road These improvements, aud the reduction in
the cost fuel adj 10 the belief that for the next year.
on the volume Of business, Notwithstanding the
extraordinary expenditure account Of the severe
Winter even further reduction OF the per cent o the
operating expenses smay be attained.
A rangcments have been made during the year with
the Kansas Pacific Railroad that Its system Of rail-.
roads ia Kansas and Colorado working In harmony
with Union Pacific and its SYSTEM which is proving
mutually beneficial to both. The equipment Of tue road
ample for the present business and consists OF
lGi locomotives, l67 passenger and baggage cars, aud
| 5000 freight cars.
The total amount of land sales for 1878 was ILL.,
Oi3o acres. average price Of - 90 per acre
lie tO,al amount land sold since the organization OF
department was l,Os2,sJ5 acres, at an average
price OF "a AZ per acre. amounting 1886 O44 o. The
total amount Of land bonds Issued and sold by the
Company $lO,dOO,UUO Ihe amount retired ANA can
ccled 10 date In S2,76S,000; remaining outstanding,
1887 900. There In tue hands OF the Company Otes
contracts, bearing interest, which are Ia applied
fast due paid to canceng outstanding bonds
the amount Of S3O7200I IS, leaving 10 be provided by
utnfe sales 46l949S 80 thus showing that tus por-
lion the bonded debt of the Company Will In
time be entirely paid of aud cancelled without encroach-
| ing upon tue rsvcnues ol the roSd.
The question OF the construction OF the acts or Con-
gress under which the road built which have been
| matters OF difference with the government are being
rapidly settled by tine courts but Tar IN most cases
the decisions are upon the basis claimed by the Company
The ate decision OF he United states Supreme Court.
deorerng that the interest upon the Government bonus
is paid the time and In the manner OF the prlnci-
pal OF the bonds Qeying haf Of the Government trans
poraton To be pad To the Company has lifted IRON the
property tho only weight that rested upon H. by hat
decision there due the Company from the Government