The New York herald., 1879-03-06
THE UNION PACIFIC RAILWAY.
BosToN. March 8, 1879.

BosTos. March 8. 1879
The annual meeting of the Stockholders of the
Union Pacific Railroad Company for the choice of
directors for the ensuing year and the transaction of
other business was held here to-day. Among those
present were Jay Gould, Russell Sage David Dows
and Addison Cammack of New York Governor
Evans. Of Colorado; superintendent Clark. of
the Union Pacific, and President Lovel, of
the Colorado Central Railroad. The meeting
was called to order by Sidney Dillon. Of
New York. and organized by the choice
of Seth Turner. of Randolph. chairman, and
Henry Mcfarland secretary The metins voted
to proceed to the election of fifteen directors, which
resulted in the election of the following: Sidney
Dillon. New York; L. Gordon Dexter. Boston;
Elisha Atkins, Boston; Russell Sage. New York;
Solon Humphreys, New York Jay Gould. New York;
John Sharp. Salt Lake City; s. IL. II. Clark. Omaha,
Neb; David Dows New York; James II. Kecne. New
York; w. L. Scott Erie Pa; f. II. Baker Boston;
Frederick L. Ames Boston; Addison Cammack, New
York; w. A. II. Lovel. Golden. Colorado.
The largest stockholder in the company is Jay
Could who voted in his right upon 123,T0o
shares and 10000 shares by proxy. Sidney Dill
lon holds 81 700 shares Russell Sage $50 Oliver
Ames 81, ,000
At meeting of the Board of Directors, held this
afternoon. the following reelected Sidney
Dillon, president; Elisha Atkins vice president;
Henry Mcfarland, secretary and treasurer; 0. W
Mink. assistant secretary and treasurer.
ANNUAL REPORT.
The report of the directors the operations of
the company for the year ending December 81. 1878.
The number of miles OF railroad in operation was
1o4e 25. The gross earnings including those of the
Omaha Bridge S13, ,121 .272 5S and operating
penses, including taxes S5,376,5S6 49, leaving bal
ance of S7,7446s6 80. to which must be added the
interest collected investment securities amount
income $7931,672 05. The operating expenses
were 40 9S per cent of tho earnings Tie disburse
ments on account of interest on bonds aud dividends
ainountingtto five per cent sinking funds, &C. We're
$6.623s90 80. leaving surplus for future use
amounting to S1,307,7S1 25. reduction of S63s.o0O
on the funded debt leaves the amount Of that debt
at S50.1sso0o. The earnings and expenses of
1875 compared with 1877. show increase
of earnings and decrease of expenses. the increase
in the surplus earnings having been S3iS 1902 or and
the decrease i'll the percentage OF expenses 90-l00
There was decrease in the passenger earnings Of
S4S1 SOB 75 this being in through business III the
of 225s l3l miles. The increase in the freight
earnings was 5O5, l4l SO. largely derived from local
business. The stock business continues to increase
OPERATIONS OF THE ROAD.
The present length of the road laid with steel rails
is 2S3 miles. Fifteen thousand of steel rails
have contracted for to be used during the pres
ent year. and steel rails will be substituted for iron
fast as the tracks need renewal. No trains have
been delayed by snow during the year. The consruc
ton for the amounted TO S27l ,739 49,
The equipment now consists of lI2 locomotives, 1G5
passenger. baggage and sleeping ears and 1926 freight
coal mined was 2T5 795 tons, an increase of 35 TONS
The sales of land amounted to 31S,903.47 acres
ian of 2l9s 1857 60 acres average price of
S4 SS per "a decrease of 9ai cens), realizing
Sl557 0s2 80 ian increase of 213,34 30 The sales
during 1877 very small account OF the grass
hopper plague The total sales OF land to December
81 1878, ,J39 2969S acres, at average price
OF 81 Al $40 per acre.
AUXILIARY ROADS.
The Omaha and Republican Valley Railroad has
been extended distance OF 1877 miles during the
year. and will be extended ten miles further. The
Utah and Northern road extended during the
year 100 miles, making its total length 1s9 miles,
from Ogden to the northern terminus.
LITIGATION WITH THE GOVERNMENT.
The questions between the government and the
company are fast being determined. The result OF
what is known the "Five per cent case will as
follows Due the government to December 81, 1878
$2373 436 Co. due from the government, the amount
withheld pending the determination of the question
at ISSUE $3,l45,419 70: balance due the company
S77l,9s3 o. After several years of uncertainty and
legal contest with the government the corsruc
of the government ami the company under the
contract of the government with the company
the United States Supreme Court has made several de-
csions setting forth fully the relations of botn and
settling finally these questions. The decisions i'll
most have been favor of the company, and
it is to be congratulated that it may stand upon
these decisions and know for all time what its obli-
cations are and the amount of the fixed charges
against it. The claim of the government and its
construction of the charter has been the only cloud
upon the securities of the company These decisions
determine all claims and clear away every doubt.
The meeting then adjourned.