The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-09-18
BUSINESS NOTES.
Report Of President Adams on the
Union Pacific.
EMPLOYERS EQUITABLE ACTION
A List OF Assignments, Suspensions and
ksductions-NoA Assistance Asked at
the Clearing House-Toae of
the Stock Market.
Union Pacific Railway.

1erly meeting of the directors of the
Union Pecitic railway, this afternoon,
President Adams presented report of
which the following is a summary:
To the Directors of the Union Pacific Rail.
road Companyi
GENrLEMEN:--In view of the many
unauthorized statements which have
been put FORTH both publicly and pri-
vately, in regard TO the financial out
! come OF the operation of the Union Pa
citic system during the past year, il
| seems advisable to submit something
authentic. | have accordingly caused
| the following statement for the year.
ending June 80th last, to be prepared
| The period covered includes the last
| half of the company's fiscal year, 1883,
and the first half of 1884. This
| period was one general railroad
depression. Tho depression was mere
especially fell by the Union Pacific sys-
| tenn, owing to the construction OF com
peting roads and tho prevalence of war
| rates. The influence of this new con
struction of the complication which
grew out oft, has not yet ceased. Tho
Twelve months In question, covered
| therefore as untavorable period as the
Union Pacific system is likely TO pass
through. 1t will nevertheless be OBJ
| served that during this most exception
III period, after paying every fixed
charge, including the requirements of
the company's sinking fund and all liza
bllities to the Government, the surplus
income of the system is applicable, di-
vidends amounted to 5.2 per cent. upon
the company's capital stock. Earnings,
(eXcluding ST. Joseph & Westerly $28,-
H0I, ,4Si; expenses, Excluding st. Joseph
u Westerly Sl5, ,lS2,7Ol; taxes, Excluding
st. Joseph u Westerly SS22, ,552; surplus,
earnings of the entire system, $40, ,452, go.
| Income from Investments outside of the
system, S6l9,6l7 Expenditures, $7,27G,-
DIS, which, deducted from tho surplus
earnings and income, leaves $3,7g5,62S.
| Deduct the United States requirements
and add the amount received from the
| trustees under the Kansas Pacific con-
solidated mortgage on interest account
and balance of S3,l79,70i, applicable to
the dividends remain. The fixed charges
of tho Union Pacific system, including
an estimated allowance for taxes and
payment To tho United States, under the
provisions of the Thurman act,n the
amount to $4,000 per month, dur
ing July. Therefore, Uhe total
for which returns have been received. ,
net income of the company over and
above all fixed charges was at the rate of
more than 2per cent. per annum on the
company's capital stock, 1t is proper
to add that the earnings of the summer
months are always much larger than
those fthe winter. Those of the second
half OF the year are generally about
~ per cent. more than those of tho first
half The Oregon Short Limo will be
completed to Huntington, the agreed
point of connection with the Oregon
Railway & Navigation Company's road,
by October 10. BY November LIST, con
nection will be effected. There Is every
reason to believe, that this will imme.
diately result In large increase traffic,
both IN Oregon Short Line and Union
Pacific. Tho lattor will thus bo re-
lieved of Il heavy financial burden,
which II has been forced to carry, much
longer than was anticipated. Land sales
have been larger than ever before, and
deducting cancellations, 1t amounted to
i,Sl9,iOO acres, for which $l5,273,lS6 was
received. President Adams thinks
that the expenditures on account
of the Nevada Central rail
road should be stopped. If such
payments were deiaulted, no injury
could occur to the Union-Paciiic beyontl
a possible loss of the property, which Is
no apparent service to il.
The resignation of Second Vice-Presi-
dent and General Manager =. II. IL.
Clark, and its acceptance 10y me Execu
tive Committee, is finally touched upon,
with the recommendation th3t Clark be
employed In some less CnCrOus position.
The entire afternoon session was taken
up with the veXed question of proper
apportiOnment of Nebraska business,
without reaching n result. The motion
was then renewed to form pool ON
California business, one pool composed
roads east of the Missouri river, and one
of roads west of the Missouri river. This
was agreed to unanimously, which was
a concession ON the part of the Burling-
ton, which had once refused to consent
To the formation of any pool until the
Nebraska question was finally
disposed OF, and the meeting
then adjourned till tomorrow morning,
when an effort will be made 10 decide
upon the percentage. 1t was agreed In
case the lines could not agree upon a
proper appOrtionment, the entire ques-
ton should be referred to Joseph Il.
Tucker as arbitrator, whose finding was
to he binding. Tomorrow the Nebraska
question will again be taken up, as It ap-
pears there is no possibility that the
Colorado pool will be formed till the
Nebraska question and the exact atti-
tude of the Trlpartite is determined.