Seattle daily post-intelligencer. [volume] (Seattle, W.T. [Wash.]) 1881-1888, 1884-01-25


after deductinR the bonds held In sFus
and the bonds in tbs sinking fund o.
June 30, 1872. Was *825. 107 .O5l. and O,
June ~, 1888. $50 9&7 $50, showing al
increase Of $1.%39, 9B. The invest
ment accoont shows the amount o
stocks, bonds and other securities hels
as investments, 90, 1913. 40, fact vaIue
from which the company has derive,
an income during the year of sam,
963, and from other Investments an,
accounts we're resolved 800. 393. max
ing total Of $2,2sl,756 The fioatin.
debt statement shows total debt unde
the United States Railroad Commis
sioner's view, on June 30. 1882. of $40.
754 ,S92, and on June 30, 1883. 81, 1873. z49
under the company's view, June 30
1882, was Ga, s6s ,5ss. and on June 81
1888, ks,S44.44l. The total resources IN
1882 we're $l0.592. SIS, and in 1888, g,
68S ,9l6. The floating debt under TIA,
company's view Was reduced 4.524, 097
while the objects under the same vles
only sos $50, a reduction
of $3.6D.28. This revision. the Di
rectors say, vas Effected by pursuinR toe
policy recommended in their last Re.
port.
The policy of Strengthening the road
by extending aid to all branch roads Il
be operated a. feeding lines, and con.
a single system. has been pur.
sued. Some of these roads, which wore
operated at a loss in 1882, show large
profits for the past year. The increase
in earnings on all trunk roads is grad
nal bat constant, but gives great prom
lee for the future. The Oregon Short
Line, which connects with the Oregon
Railroad d Navigation Company, has
been considers bly, extended. within the
past year. The correspondence with
Willard, which resulted in a contract
with this Oregon Navigation Company
TO build . connection with the Short
Line route, is given in the report, and
there il no doubt that the contract will
be carried out. The earnings and ex-
penses Of the road and operated lines
for the ten months which ended Octo-
Der 81, 1888, we're: Earnings of Union
Pacific Railroad, gil. ABB, O37 !; all other
$7,lS7, LEO. Total, $24.622,
OF. Expenses of the Union Pacific
$S,344.9 25; all other branches,
b, S05,472. Total, *l3, y3o, 3y3. Surplus
Of the Union Pacific Railroad,
81, 0S9, $50 all other branches, $2,30l,
671. Total, &l1,39l $50. This shows a
decrease In the total surplus earnings
a. compared with the corresponding
time last year of &695,4SO. Owing to
the improved condition Of the road
beds and equipment the decrease in
expenses has been much larger
than the falling on IN
The number Of miles of road in op-
Grafton is 1910. Stating briefly" the
report says. it may be- said that the
opening up OF competing lines has had
the effect Of deprivinR US Of the growth
in business increase and in earnings
which We would have If these lines had
not been opened, but they have not de-
prived us of anything which We had be-
fore 81 q other lines were opened"
Regular quarterly dividends of Ia
per cent. have been declared from the
earnings without any impairment of
the surplus. The statement of carvings
on which the last dividend was declared
shows that for the quarter the gross
earnings were Is, 766 ,52l operating ex-
penses and taxes. $2.6S3, 739. aud the
surplus left over after paying the divi
dend, $542,5S5. Notwithstanding the
general depression in business the sur
plus Of tho road for November was
2l7s2 more than for the same month Of
1882. The company continue their
complaint to the Government against
the decision of the courts, which ap-
plies not only to the earnings Of the
main line for Government service, but
4. g.
oes on the whole systea, branch and
feeding lines included, to the payment
Of the d-bt to the Government. The
directors are not informed what action
has been taken CONCERNING the investi.
CATION that was to be made into the
effect Ut the construction by the Cen.
trail Pacific and competing lines Of
through foads. but IL seems to them not
unworthy serious consideration, as sf.
fectiug the present condition Of the
roads and their ultimate ability to meet
their obligations to the Government.
The original laud grant embraced
about II, 2OO,0 900 acres and the grants to
the Kansas Pacific and Denver Pacific
about 7,0C4 900 acres, making total OF
II, 204 900 acres to the consolidated com
pany. The policy of granting lands OF
either side of transcoutinental rail.
way line, and granting them too on a
grand and liberal scale has been more
than justified by the history of this road
and the States and Territories traversed
by it. II has not merely brought the
two coasts of the continent into olose
commus ion, but it has been the means
of more rapid development of tbs
country's resources than it was possible
twenty years 90 for the imagination t.
conceive. The directors are able to Say
the administration of thi.
property that they have every reason Il
believe that il ha, been prudent and
wise. OF the original grant to the
Union Pacific S,S77 1872 acres are unsold
and of the grant to the Kansas and
Denver Pacific Companies 5,236, IL
acres remain. There has been sold ane
Of in round numbers Of the
whsle land grant about 100000 acres
for about $l5,0OO,0U. Of the original
Union Pacific issus Of $40, 400, 0O9 worth
of bonds il is understood that some Is,
10000 have been cancelled by the pro-
cseds Of the sales. The estimated value
Of the company's unsold lands is $l7,
100000.
The directors cay that some definite
plan should be adopted whereby the in
terests of the Government and company
should be mutually subserved. and pro
vision made for such fair and equitable
division Of the remaining lands as shall
best promote their speedy utilization
The net proceeds Of the Union Pacific
grant was 81, 253, 1921 up to June 30, 1883
and Of the Kansas Pacific and Denver
Pacific $5,997 ,a;S.
The report embodies q communica
ton from President Dillon, which deals
with various matt srs now before ths
courts which relate to the Union Pacih'
Company. Il refers - tho contcm
plated suit in the Court Of Claims =
obtain q construction of the Thurman
Act and to the pending suits aRains
the Credit Mobilier. The only suit
mentioned in which the integrity Of tn
oompauy's franchises is directly ~
called are in the nature OF quo scdr
yunso proceedings brought-one agains
the Kansas Pacific. seeking to annu
the entire franchise Of that company
and the other against tho Union Pacific
seeking 20 Dust that COMPANY from "a
right 10 opsrate the Kansas Paci1
under the terms OF consolidation. IL
expected that the Supreme Court of On
United States will decide these GASES
the present sitting.
Tho bonds issued in aid OF the Unio
Pacific and Kansas Pacific roads, .
cured BY second mortgage, fall due
iSeaS Thev amount in priUcial and NJ