New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-02-21
Called bonds not presented for
naXmaIIf
6l.OO0 90 2,564,27l %

" G1,000 90 2,ob4'Efi 20
d, soo,,r, ~ r,nrsea debts 81 ,289 S7s Of
Against which the resources OF the connIpaaS,
excluding Investment accounts ana i Po1Js
and stocks of other companies appnchoS
thereto as follows: GOO ,sosl
Accounts rcceivs5ie ........... ls29,s22 10
Company's stock and bonHS . eeo o.9o4
Sinking funds with trustees to o.oo
' lay es.lSd PGad,.:.,.... , gSG9 go 90
Due from. other cqmPanies on ac' %, eaoes
F1S mSefial and socs 3IO7s86 t5 s19sNs
Floating dObt November 90 lss2..-..... s3o9lIGO67
Or,ittinr from these Offsets the items "Companys
stocks and bonds owned by the company SZ.502'-
90 o. and fuel material and stores hand" Sd
OO7 $50 80 total Sj.37Os2S co. we have TS46l9s9 "
We ind that considerable differences OF opinion eNlsc
among railroad officers as what constitute proper OF
sets to floating debt In the present ease, the OcII3
of the Union Pacific Railway Company having dlSlueu
their liabilities into two casses-the funded ana nn-
funded floating debt, the former Of which IS ose. o
the property covered by mortgage-haye assumed nor
all her other assets even those not c0nsi9ereu ria
Immediately available Ike fuel, ha'erMi
on hard etc. are me Go,tl n1lG dnSt lis
question. the ono hand, whether the deduc'o Ut
all these items from the gross amount o na 4 ,
ana the statement Of balance as the z. l, Ian
do not convey erroneous idea ~ - ie trl co'iloh
of the company; and on the other mana w ic
ment OF the floating debt Whlch ohIls 10 Inf
items az Offsets does not do the company an apparent
tits undoubtedly true that the current value OF the
supplies. fuel, material and stores PioVueu ioI wv t
anon Il railroad dminishcs the future cNP i'1,o
cure such supplies ana frequently reckouea III I5
road reports asset IN OlilnutOh VI A'"'iNr
This item amounts to S30O7.so6 y. - -. an,
1t is likewise true TINT The companys own p9hd, uIu
capable of being converted INTO cash and the proc
applied to The reduction Of unundrd llaoHucs' iHS'0
We i,el that we should be reuiss in duty did We MOI
express disapprOya OF the course OF the conpns
Office rs In allowing so large floating debt 10 accuau
late The company have rot only large surplus earnings
but securities great value We are decidedly OF tue op
ion that these securities should he sold III advance o
inc IeqGlinenti oi ne va Inc tin"ncaI danger in
ntvt PnA q
60 ~" ON t6ose scruritics cannot compensate
Tor the risk involved by such policy athouE II Is IN
doubtedy true that these securities nave largely "u-
vauced IN value since their respective issues
FEEDING LINES.
To our inquiry concerning the construction cos' ana
condition OF the owned and leased by the company
we have received answer except as to the Union
Pacific Kansas Paclc and Denver Pacific the statistics
concerning which contained in the reports OF the
Commissioner Of Railroads, on file in the Department
and do not need to be repeated mere Concerning the
cost condition etc. Of the feeding lines controlled and
virtually owned by the Union Pacific, We have no NOR
nation in detail. Upon the merely superficial view Of
the workings OF the system that has been permitted us.
indeed upon obvious general prnclics, w" heartily
appr,ye the policy of the company In bdi.dnE branch
lines therein agreeing With HE Commissioner Of Ia l.
roads and all OF our predecessors Who nave referred 10
the subject The gloss OF investments i'm those
lines given above under the head OF Investments.
We are informed that the cash outlay was about
S17Oo0,0O0. From the detailed statement 81 lhe
earnings and expenses If the company |hcd IS part
of the report II appears that ior we e.,'eh months
ended November 80 they were 40 follows
hiSi::.,.s 275tas s. s97o9 g me asl j.
Net caIainss i29gI42o 80 i5Io-i9s G. Inc aaogoi -
Iao appears that TIC earnings Of ne I9n.as D }
tn Oregon Short Line was operated II loss %
s2l,G94 20.
BONDS.
After reviewing the various issues, the report con'n-
ues:
since the consolidation. the Union Pacific Railway
Company has issueI no bonds. A bond similar To- the
collateral trust bond OF 1879 at ono time con'm-
plated and as lcreubeforr stated was ready to c s-
sued a. we learned through uuoic cal fourCr- hIi BON
questions being raised ~ 70 o." rEaI'y' Tor '"a' ana
other reasons, Its issue vas suspended.
DIVIDEND DECLARED.
On the 9Th Of December s-2. Mr. Have. the Govern
reut director appointed upon the Executive Committee,
having seen published notice Of the declaration 81
dividend Of q percent upon the stock Of the company
wrote 10 the Secretary making inquiry concerning the
authority by which II declared he not having re-
Slyed NOTICE Of any sq"d or special mee1e Of lhe
said: II was our custom under the former Board OF
Government Directors not 10 summon abs ut iu-mncf7
OF the Executive committee, hut 10 .rhd ID we ''E'Iu
ment director rving ON the conniict an "cci-lonAl
OF the committee are held on hrci noc anu i i'N"'cu
business 81 rOutiuc Character II u often 'cfN
difficult 10 IA day when quorum can ATTEND d. j.
your wish, viii cause YOU tobe nothed OF AL future
meetings OF the committee
II
above described o ahiiuilv ignoring on' oi ne mcu
bcrs Of the Executive Committee when meeilnr7 OF
proceeding tn declaration ~ dyldcndsis exceedingly
H., and orcu Ia soriou- conpaint Ne are quite firmly
sctled in the belief that the provision ln The compiu-
n,, the Vrcniiye CoIrntie. vi,i bear no other con
siIucion tnan that 81 i, his duty 20 ac, ON the commit
tee II thai provision has auf mean n M al We niti
con sder the inquiries made n reference 10 the mat
Ter i'm question as not only mpcrtuen ucrr--
sary aud proper and quite within the scope OF our OH
CONDITION or TIE ROAD
In consequence OF the delay IN the organization Of TIE
Board already referred 10 there has zen official in
spccicn Of the road except by Mc-r-. bromley aud
Parrish who went over the road IN December. 1--2 II
If hardly to ne expected tuat a critical ,archIug
examination OF the road and = equipments iarpjnt
mrut- could be made 10 O. g limited lime allowed even
br ainecha icaI g much less by persons compar
lively inexperienced in the detail, OF railroad maua.c
meut We assured, rai the duties Of The
COMMISSIONS If Railroads include lu large measure
those which formerly d,vo.ycd upon the Government
directors and especially The Outv o.! mechanical lh-;cr
ton For detailed statistics aud luc.s h'crnius Tie
management of the road and IL system OF frcdrr- con-
etc You refer d 10 the very iuli report n tha
WeInay add tLerto boz general way from report OF
Mc--r- Bromley ana Parrish "a "e. a' That "i H. Hog
over lt I'm, Mii"'o NY , =" "' di,.Ip VA rn.5
" ID compare iay1ra u.s. IN H rr-pcc,- with any oAcr
s"n d ,.u III 'st,eI fd ,,it ali lt.,l rail-
Throughout the entire cn4t of the nala Line; tie grades
ana curves are being reduced 10 q minimum as rapidly
a. possible the stations veil Ordc Cd ana IN good
condition; the equipment well keep w. and the who c
management prudent ana economical 90 the same time
ina. II is cl'cfprisng and progressive Of the
fidelity zeal Of the ON ci-, each one of
whom seems TO have personal PRIDE in i- successful
and prosperous operation too much cannot Doc taI. nor
III tuI- place personal reference To- li- ci!r
executive officer and the great s'rVicc hc h"r r. dcicd
the company and the Government believer IN the
Success the outset, and one al ltH iound
ers he ~, steadily nainiInc1 his iaiih IN H. in'elci
his capital and for -cycutccn years gwen II almost
lir entire and t., he, 81 MS ab liuc-. For only
twO ycar- has Dc received compensation or
his Service. IL have ever dhc.cI with
him lccInlug any dCta 0i policy or management, Wc
lave never doubted las tiucertY 0f purpose OF hi.
earnest devotion to tie best ere-t- al the rOaJ.
FAST TRAINS.