The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1884-09-25


New York, Sept. l7.-At the quar-
lerly meeting of the directors of the
Union pccilic railway, this afternoon,
President Adams presented II report, of
which the following is Il summary:
To tho Directors of the Union Pacific Rail-
| rod umpHuN:
q NrLEMEN:-In view of tho many
unauthorized statements which have
been put forth, both publicly and pri-
Natciy, in regard 10 The financial out
come of the operation of the Union Pa
elite system during the past Year it
seems advisable to submit something
authentic. | have accordingly caused
the following statement for h year,
ending June Both last, to he prepared.
The period covered includes tho last
half OF the compnny's fiscal year, 1883,
and the first half of 1881. This
depression. The depression was mere
especially fell by the Union Pacific sys-
ton, owing to the construction OF com
peting roads and the prevalence of war
rates. The influence of this new con-
strurtiOu of the complication which
grew II oft, has not yet ceased. The
Twelve months in question, covered
therefore as uniarorable Il period as the
Union Pacific system is likely to pass
- ~ VIZ ~ NFF wv w
served that during this most exception
al period, after paving every liked
charge, including tho requirements of
the CoInpany's sinking fund and all liza
| bilitics TO the Government, the surplus
income of the system is applicable, di-
vidends amounted to ODD per cent. upon
the company's capital stock. Earnings,
Excluding st. Joseph 4 Westerly vi,
aj1 ,4Si; expenses, Excluding st. Joseph
Il Westerly sl5,is2, 70l; taxes, Excluding
ST. Joseph K Western) ssZ2,552; surplus,
! earnings of the entire system, SlO,i52,2 go.
Income from Investments outside of the
system, S6l9,dl7. Expenditures, 1896
2lS, which, deducted from the surplus
earnings and income, leaves S3,70j,62S.
Deduct the United States requirements
aud add the amount received from the
trustees under the kansas Pacific con-
! solidated mortgage on interest account
aud II balance Of S3.l79,7OI, applicable to
the dividends remain. The fixed charges
Of the Union Pacific system, including
an estimated allowance for and
payment to the United States, under the
provisions of the Thurman act" the
amount to $IY3,DU per month, dur
ing July. Therefore, (the total
for which returns have beer received,)
net income OF the company over II
above all fixed charges was at the rate OF
moro than II per cent. per annum on tho
coinpsny's capital stock. 1t is proper
to add that the earnings of the suzanne
months are always much larger than
those of the winter. Those of the second
half of the year are generally about
~ per cent. more than those OF the first
half. The Oregon Short Line will he
completed to Huntington, the agreed
pOint of connection with tho Oregon
hallway a. Navigation Company's road,
by October Is. By November lst, con
aection will be effected. There is every
yosson to believe, that this. will imme-
diataly result in a large Increase tranic,
moth in Oregon Short Limo and Union
Pacific. The latter will thus be re-
lieved Of a heavy financial burden,
longer than was anticipated. Land sales
have been larger than ever before, and
deducting cancellations, it amounted to
<,sl9,4OO aores, for which $l5,273,+8 WAS
received. President Adams thinks
that tho expenditures on account
of the Nevada Central rail
road should be stopped. If such
payments were ~defsulted, no injury,
could occur to the Union-P Pacific beyond
= possible loss Of the property, which is
no apparent service to it.
The resignation of Second Nice-Presi-
dent and General Manager :. ii. FL.
CLARK, and it's acceptance by the Execu-
tive Committee, is finally touched upon,
With the recommendation that Clark be
employed in some less onerous position.
The entire afternoon session WAS TAX en-
up with the vexed question Of proper
apportionment of Nebraska business,
Without reaching y result. The motion
" III then renewe ed tn form u pool on
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 tho Burling-
ION, which had once refused to consent
10 the formation of any pool until the
Nebraska question WAS finally
disposed OF, and the meeting
adjourned till tomorrow morning, |
when an effort will be made to decide
lpon the percentage. 1t was agreed in
ass the lines could not agree upon q
proper apportionment, the entire ques-
/ on should be referred to Joseph f.
fucker IS arbitrator, whose finding was
To be binding. Tomorrow the Nebraska
question will again be taken up, AS it APP
pears there is no possibility that the
Colorado pool will he formed till the
Nebraska question and the exact atti-
Jude of the Tripartite Is determined.