The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1885-01-10
THE UNION PACIFIC.
What the New Administra-
ton is Doing.
THE GOVERNMENT MANAGERS.
An Interesting Report OF the condi-
ton of the Giant Monopoly 10
Other Notes. 1raA ~
The o. p. Railway.

! WASHINGTON, January S.-The annua
report of the board of government ai
rectors of the Union Pacific railway
company was submitted to-day to the
Secretary of the Interior. 1t is under
stood to have been drawn up by Merri
| man, of Iowa, secretary to the board
and signed by all the members. The
directors criticize, with considerable
severity, the former management of
the road, more especially. in the
practices and policies of the company
pertaining to the controversies with the
government, those respecting the con-
duct of the traffic department and those
relating to some features of its financial
management. y" There has been rsdi-
cal change in the administration, and
the new management is credited with
making honest efforts to " eradicate the
evils heretofore existing.' This effort
Mey regard "as promising, sub
stantial and Fictitious result. if
II the execution of the presently de-
ciared plans and policies of the admin
istration are not In some way interfered
with or prevented" Stress is laid upon
the Importance of placing the respon-
slble executive management of the road
in the person of the general manager
This has not been the case heretofore.
and there has been consequently con.
fiict OF opinion between the
directors and the local manage
ment. The government direc-
tors, basing their convictions upon
pretty thorough investigation of the
conditions and characteristics of the
road, feel impressed to express the
opinion that the directory has not been
familiar with its real requirements and
the scope of its interests. In fact.
those interests are not readily compre-
hended. The government directors feel
confident that the Union Pacific direc-
tors, immersed as they have been in
their private affairs, have not
sufficiently, in a practical man
ner, acquainted themselves with
the interests in their keeping,
and the management is at present en-
ploying and applying, every device in
the way OF economy that the most
scrupulous care can suggest or in
genuity invent The immediate and
temporary result of this, up to this
Union Pacific has reputation of being
exceptionally conservative in the mat
T 1sP statement Of those i Issued DURING DURING
the year last past, being only
''trip" passes and not including Fan
nuals," show that the lowest one
week s issue was $13, I'D, and the highest
$2l, 452. The. computation is. upon the
basis of the regular passenger tariff
rates. Measures to correct are de-
manded and, it is gratifying to say,
have been inaugurated. 1t is within the
knowledge of the, government directors
that the president and general manager.
recognize the necessity of popularizing
the road sofar as they may, though the
obstacles in the way are, numerous
1t is in constant feariof adverse legis-
lation on one hand and the constant
determination on the part of the public
to have remedial legislation on the
other, that tends to render the railway
securities of uncertain value, the oper-
alton of the roads OF uncertain success,
and greatly increased difficulty to their
management Securities that should
have certain and stable values
are thus frequently converted
into simple mediums of specu7
lation. An examination of the stock
holding of the Union Pacific develops
some very interesting and some very
important features. There are 60S,6 S5
shares of 500 each. The Boston stock
ledger, which, in 1875, contained the
names of only ninety-five holders, re-
presenting 81, 121 shares, now contains
5,145 names, representing more than
231 900 shares. In 1875 the average
to each shareholder was 706,
now it, is forty-four. Of the
ninety-fye then only thirty-three
are now on record. 1t thus
/ 80
those which hold stock to-day, were not
holders in 1875, not one in the $50
present Union Pacific stockholders were
owners OF stock in 1875. There are now
7,713 holders of stock. In 1875, there
were scarcely as many hundred. At
that time, the holdings were in large
! amounts; now 3, $50 out of this total OF
/ 7.713persons hold ten shares or less 8, 44s
| hold between ten and 100 shares; 393
between 100 and $50 shares; 1855 between
251 and 500, and 156 more than SOC
each. These comprise women, (mainly
in New England, 2,346 holding sole
shares, trustees and guardians 1927
holding 1852 shares). and banks, (hold'
| ing as cola teral Ii $3.50 shares. The in
debtedness of the company to the
government is assuming enormous
proportions. Nearly every conceivable
question connected with the ,ransporta
! ton problem, so-called, is coming to bt
involved in this issue between the com.
pany and government. Each of these
y is serious question; each addresse:
itself to careful legislative consideration
During the period of the prosperity o
the road. which is described at some
length, the bonded and floating deb
was increasing The earnings were dc
8 voted to dividend purposes or t.
the acquisition of lateral lines o
extensions, paying or non-paying, unit
the maximum of the company's bondet
stock and floating Indebtedness hat
reached, June 80, 1884, the enormou
sum of SIS, ll0,020. Assets to meet thi
were: Cash, $1.192,O70; company
stock and bonds, s., or 1853; sinking fun
in the hands of trustees. $50, 1000, an,
bills and accounts receivable, 50, 913 AIS
making anet debt of sc, 977, 0O0.e BY tn
operation of the policies inaugurated b,
the new administration this net was Te
, duced, up to September Both, 81, 1853, 16s
or to IS, 1877 900. This is result owe
which the administration is disposed I
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