The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-01-25
RAILROAD MATTERS.
The Union Paciiic Annual Report of I
Government Dft ectors.

Government Dtt ecfors.
WASHINGTON, Jan. A.-The annual report
| of the government directors Of the Union Pa
ciic railroad company states that they have
found no unwillingness, as charged against
the management Of the road, to furnish infor-
nation regarding the conduct of its affairs.
The report goes OF to say, Except In single
instance our wishes in this regard have been
| fully complied with, and even in this We are
Rot prepared to say 1t was seriously attempted
to withhold any knowledge Of the pending
transaction" The instance referred to was in
the proposed ratification of the Trpartite alli-
ance with the Chicago and Rock Island and
the Chicago, Milwaukee and st. Paul roads
concerning through business. This was by far
the most important transaction Of the year
against its rivals. The negotiations leading up
to this were entrusted to General Manager
Clark and are fully set forth in the report.
The report continues. "Thefe is no reason to
believe in this transaction that the executive
committee had any intention to usurp the func-
tions of the full board. BY vote OF the board,
the committee are clothed with full power to
perform this and similar acts and they were
only following precedents." The subsequent
ratification OF the agreement was then spoken
Of also the unanimous vote of the directors in
structing the general manager to take meas
ures to induce the Northwestern, Chicago,
Burlington and Qnincy, Wstaah, St. Louis
aud the Pacific, Sioux City and Pacific to come
into the arrangement upon the same or similar
terms, the result of which is not yet reached.
1t ia confidently hoped that the contract will
be accepted as the basis OF permanent
raugement between all roads concerned.
The funded debt of the company, after de-
Quoting bonds held in trust and bonds in sink
ing fund on June 30th, was $50, ,948, $3.50. show
ing au increase of $1,4e9,926. The floating
debt shows net reduction Of $3,62O227. The
increase in the earnings of all trunk roads is
gradual but constant and gives great promise
for the future.
The surplns earnings of the Union Pacific
Railroad and its branches for the ten months
ending October 3lst. are S11 1891 ,857, decrease
fIom last year uf $685., $3.50. Owing to the inn
provements made on the road bed, the de-
crease in the running expenses has been much
larger proportionaIly than the falling off in
the earnings. The number of miles OF road
opened was 4,340.
ment, against the decision of the courts, sp-
plies not ONLY the earnings of the main line
for government service bat tho whole system,
branch aud feeding lines included, to the pay
ment OF the government debt.
After stating that the total land grants Of
the consolidated roads are over ,000, 600 acres,
the directors say the policy of granting lands
on either side of the Transcontneutsl Railroad
line aud granting them on a liberal scale has
been more than justified by the history of the
versed by 1t 1t suits Ehe purposes of dsma-
gogues to consider such policy as reckless pro-
digalty and waste on the part OF the govern
ment and the results of such groundless csmor
have injured the interests OF the com mpany and
the government.
The land owes its chief value to the great
line of communication which is located upon
it. The directors believe that the govern ment
has already more than made good to itself the
actual value of the whole grant. The opening
OF the Pacific road, which was the condition
upon which this land grant was made, has
been of incalculable benefit to the country. II
tue corporation has protited by the grants, the
country also has been an enormous gamer The
directors are able to say, concerning the ad-
minisiration OF this property, that il has every
reason to believe il has been prudent and wise
The estimated value of the company's un-
sold lands is SIT 100000. Without recon-
mending any specific plan, the directors do not
hesitate to say that, in their Judgment, some
definite plan should be adopted whereby the
interests of the government and the company
should be mutually subserved and provision
made for such fair and equitable division of
the remaining lands as shall best promote their
speedy sale and utilization.
IL ls recommended to refund upon a satis-
factory basis the funded debt of $50, ,OOO, 900 to
avoid disastrous complications, aud certain
suggestions are made to that end.
In concluding the directors repeat their ex-
pressions OF confidence in the future OF the
road, and in its ultimate ability to meet all its
obligations to the government.
In the action of Arnold Leo against the Un-
ion Pacific railroad, Judge Wheeler in New
York, rendered decision which sustains the
demurrer and adludges the bill insufficient
The bill was brought to restrain the corpora
ton from employing its assets in excess of its
corporate powers.
Air Lime to New York.
BRDGEPoRT, Conn, Jan. 24.-Ground was
broken today in the northern part of this city
for the construction of the New York and Com
necticut Air Line. H. &. Parrott one of the
prominent directors of the enterprise, and who
has been long identified with the project,
threw out the first shovelful of gravel The
construction OF the entire iline is now under
contract, and work will at once follow at six
or eight points along the line.
Verdict Against the Boston &c Maine Rail-
road.
EXETER, N: a., Jan. M-In the Supreme
court to-day in the case of Charles H. Smith,
OF New Market, against the Boston & Maine
Railroad for burning the barn, hay and farm
ing tools of the plaintiff, March 30th, 1888, the
Jury returned verdict for the plaintiff of
$1,92S.85.