Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-03-06
THE UNION PACIFIC.
Annual Meeting OF the Stockholders
and Election OF the New Direc-
tOry-RepOrts OF the Opera
tIOns of the Road the
Past Year.

Boston, March 5.-The stockholders of
the Union Pacific railroad company in annual
session to-day elected tne following directors
tor G the ensuing ns! year s. Dillon New York
Boston; Russell Sage, New York; Scion
Humphreys, New York; Jay Gould, New
York; John Sharp, Salt Lake City; S. Fl. H.
Clark, Omaha; Davis Downs, New York;
James r. Keen, New York; VIM. L. Scott,
Erie, Pennsylvania; E. H. Banker, Boston;
New York; w. A. H. Loveland, Golden,
Colorado. The largest stakeholder is Jay
Gould, who voted in his own right upon
123, 700 shares and on 10000 shares by
proxy; Sidney Dillon, q, 700 shares; Russell
Sage, q, $50 shares, and Oliver Ames, 81
600 shares. The board of directors later
elected Sidney Dillon president, Elisha At
kins vice-presdent, Henry M'Farland secre-
tary and treasurer, o. W. Mink assistant sec
Rotary and treasurer.
The report of the board of directors covers
operations for the year ended December 81,
1878. Number of miles of railroad in opera
ton, 1912 2-5. Gross earnings, including the
Omaha bridge, $13, III 1892; operating ex-
penses, including taxes, 1916, $50, leaving
balance of $7,744, 696, added to which is
the interest collected on investment securi-
ties, amounting to $186,985 making total
net income of $7,961,67 Operating ex-
penses, 40.98 per cent. of the earnings Dis
dividends amounting to five per cent, and
sinking-fund, $6,623, 800, leaving a surplus
for future use of 81 ,307. ISL. reduction of
$638, 900 on the funded debt leaves
the amount $50, 188.OOO. The earn
ings and expenses of 1877 and 1878 compared
show in the latter year an increase of earn
lngs and decrease of expenses; the increase
in surplus earnings being $348, 1902, and the
decrease IN the percentagelof expenses 80.
There was decrease in passenger earnings
of $4S1 ,S03. In through business in local
travel there has been an encouraging in
crease of 2 258. l31 miles. Increase IN freight
earnings, $505, al, largely derived from
local business, and the stock business con-
tInues on the increase. Present length of
road laid with steel rails. 23S miles, and
5000 tons of steel rails have been contracted
for to be used during the present year,
and steel rails will be substituted for
iron rails as fast as the tracks need re-
newal. No trains have been delayed by snow
during the year. CONSTRUCTION expenses
for year, S271, 739. The equipment consists
of 172 locomotives, 166 passenger, baggage
and sleeping cars, and 1926 freight cars, all
in good order. Amount of coal mined, 275,-
1875 ton, an increase of 315 tons. The Omaha
and Republican Valley railroad has been ex-
tended l37 miles during the year, and will be
extended ten miles further. The Utah and
Northern road was extended 100 miles, max
ing the total length 189 miles from Ogden to
the northern terminus. The questions between
the government and the company are fast be-
ing determined; the result of what is known as
the five per cent. case" is as follows: due the
government to December 81, 1873, g, 373,-
436; due from the government-amount with
held pending a determination of the question
at Issues, las, 419; balance due company,
S771 1888. After several years of uncertainty
and legal contest with the govern
ment as to the construction of portions
r
the company, the United States SUI
preme court had made several de-
cisions setting forth fully the relations of
both and settling finally these questions. The
decisions, in most cases. have been in favor
of the company, and it is to be congratulated
that 1t may now stand upon these decisions
and know for all time what its obligations
are and the amount of fixed charges against
it. These decisions determine all claims and
clear away every doubt.