St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-12-02
THE UNION PACIFIC.
Annual Report of Gen. Johnsto

Annual Report OF Cen. JOhnst TOM
the Commissioner of Railroads.
WASHINGTON, Dec. 1.-The annual re-
port of Gen. Joseph E. Johnston, commits
sioner of railroads, has been filed with the
secretary of the interior. and was made
public today. Of the Union Pacific rail
way the commissioner says that on his an
nual tour of inspection he found the track,
bridges. culverts. work shops, rOundhOuseS,
etc, OF the company in excellent condition;
the ties well levelled, the rails (steelJ ac-
curately and firmly laid, constituting this
a first class road. and proving the
efficiency of the present management.
The financial state is summarized as fol-
lows: Total debt S159, 439, 1872; capital
stock. $50. SOS, 500; total stock and debt.
1920. 307. 1872; total assets. 1858, 945, 1853;
surplus, $33. 637. AT. Among the items of
assets is one of S21, 604, al as claimed by
the company repaid to the United States.
The commissioner says that the reports of
the treasury department show
SETTLED ACCOUNTS AND MONEY PAID
into the treasury June 80. 1886. aggregat-
ing $50. GA. 414. or 1929, 727 less than the
amount claimed by the company. The
credits of the company are increased. how
ever. by accumulated interest on sinking
fund investments $44S. 500; total credits
June 80, 1885. SCI, 122. GA. The gross
earnings of the Union division for the year
1856. United States and commercial.
amounted to 122l5.4S4 expenditures al
lowed under the Thurman act, 81. 761. sos.
leaving 81. 453, S79 as the net earnings. of
which the government is entitled to 25 per
cent. or S1.l13. 400. The amount found
due from the Kansas division is Sal. 019,
making total of 81. 254, 4S9 due from both
~ TDcfaad nf DIVIDING I'm nit,or,
and expenses of the Kansas division on
mileage basis as heretofore, the amount
found due by the commissioner was based
on actual location, as between the aided
and nun-aided portions of the road, and re-
suited in an increase of 49,. 672 in the gov
eminent requirements. The funded debt
of the Union Pacific Railway company,
June 80. 1886. was Sl75. 06S 1S9 as against
SI76 AL. 797 the year before, a net decrease
of 81, 393 SG7.
THE REVENUE
of the Union Pacific company for the year
ended Dec. 81, 1855. was S25. 066. $50, eX-
penditures S21. 944, 944, surplus So, I21, 932.
surplus excluding expenditures for new con-
Btruction and equipments, So. 344. PSI. The
net earnings were IS. 404. SO. against S.
941. 900 in 1884. The net earnings for its
auxiliary lines for the year 1885 were ST.
962, IA, against 81, SAT, 200 i'll 1884. The
company operates twenty-one branch lines,
on nineteen Of which it has a controlling
interest, although each has independent
organization. The total mileage of
the branch lines Dec. 81, 1885, was 1857.
The bonds outstanding amounted to $40
342. 900, of which the Union Pacific owned
S24. 0S0. 900 which cost the company S2O,-
ass. 253 The total capital stock outstand-
ing (par value) was S42, 257. $50. of which
the Union Pacific owned S34. 216. 600.
which cost it S11. 562 334. The net cam
ings of these auxiliary lines for the year
ended Dec. 81. 1885. amounted to 81, &c.,.
491. The annual interest on bonds was
So. GOA, ITO. On two roads dividends
amounting to SOL, 900 were paid on stock.
all Of which however was owned by the
Union Pacific railway company, making a
total for the year of 81 665, ITO, or a de-
felt from the business of the year of ST.
22S. 61S. That portion Of the deficit how
ever which represents unpaid interest upon
bonds owned by the Union Pacific COM
pany is mere book account, or charge
against the several auxiliary roads payable
In their future earnings, and not
MONEY ACTUALLY PAID OUT
bv the Union Pacific Railway company.
The secretary of the interior. in giving out
ments concerning the deficit:
1t is claimed by Mr.. Adams, the president
of the company, that this deficit is apparent
only, representing not moneT paid but book
accounts Of interest which has accrued on
securities largely held by the Union Pacific
company itself. 1t is further claimed that
during the year the auxiliary lines as a whole
nor ONLY paid their own operating expenses
and 81 .3OU 600 in addition thereto, but also
contributed to the main or aided line of the
Union Pacific some S5,0OO.0O0 worth of traf-
6c which otherwise il would not have re-
ceiVed.
THE FOLLOWING STATEMENT
shows the amounts produced under eXis ting
laws. and also the interest paid the United
states on account of the subsidy bonds, Oh
JnJv l. 1878: Union Pacific interest ac-
count. Sc. SCI, 494; sinking fund account
S. sos. O4O: total. S12, 262, 535: interest paid
Inv the United States. SIS. O92, $50; Central
Pacific, including Western Pacific inter-
pst account. 81. GO 4O1; sinking fund
eccount. 81, 949. $50; total, S5.579. 1884; in
terest paid by the United States, S12,-
69o 056. The commissioner ADDS:
In nv previous report it Is remarked that
che condition Of the sinking flu nd shows that
she law of 1878 is inadequate to the objects
Tor which it was enacted; that of producing