St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-10-25
Union Pacific Directors Choose
a Successor to the Late
Tom Potter.
No Further Changes Contem-
plated in the Organization
Of the System.
A Financial Showing That
Will be Appreciated by
Uncle Sam.
Agents Want to Divert Euro
pean Emigrant Business to
New Orleans.
Snecial TO the Globe.

Special to the Globe.
Boston, Oct. 24.-William ii. Hol-
comb was to-day chosen as vice presi-
dent and chief executive officer OF the
Union Pacific railway company, with
headquarters at Omaha, to succeed the
late Thomas J. Potter. l.. T. Kimball
was appointed general manager and Z,
S. Miller assistant general manager.
Mr.. Dickinson continues as general SUI
perintendent, Mr.. Monroe as general
freight agent and Mr.. Tibbits as gem
eral passenger agent. No change is
contemplated in the organization OF the
Union Pacific or the st. Joe 81 Grand
Island or the various Utah
roads. No appointment of gem
eral manager of the Oregon
Railway & Navigation company will be
made at present. Mr.. Holcomb will
continue to perform the duties of that
office until other arrangements are
made. He has held that Office for some
time, having been appointed on Mr..
Potter'S recommendation. He was for
merly connected with the Burlington
system. The question of advancing
money on the part of the Union Pacific
to pay coupons of the Denver. South
Park d Pacific frsts, maturing Nov. l,
was considered at to-day's meeting, but
finally referred to the executive COM
mittee with full powers. The question
of paying a dividend was not raised,
nor was there any discussion as to the
RESUMPTION OF DIVIDENDS
by the company either now or here
after. The matter was in no way al
luded to. The financial outcome OF the
first six months of the current year to
June so, as compared with the same
period of 1887, is as follows: Earnings,
entire system, S13, 493.5S0: increase.
S471 ,6SS; total expenses and taxes, So
| 07S, 1874; increase, S201, 1884; surplus earn
ings, 81, Ais, 3S5; increase, S269, SO4; total
income, S4,791, 347; increase, $500. 099;
total expenditures, s., 700,114; decrease,
1851; surplus to this point, less United
States requirements, appr0Xlmates,
STA, 172; increase, $3.50, S01. The COM
pany now has no floating debt for
which provision in cash has not been
made. Funds ($3,OOO,000) have also been
provided to pay for large amount OF
new equipment recently ordered, p0r-
ton only of which has as yet been de-
livered. The company has no work OF
construction now going on. Inc eX-
tenton of the SalIna, Lincoln Il West
ern road to Colby, about 175 miles. was
completed on the Goth inst. The money
needed to pGy for this work has been
provided. During the four years, be-
tween June 80, 1884, and June so, 1888,
surplus income of the system to the
amount of S13, 800, 900 has been put into
the property. Some $1,000 tons Of steel
have also during the period named been
put into the
TpACEs on THE SVSTFM
in place of iron. A table showing the
condition of the funded and floating
debt of the company, its mileage and its
debt per mile on June30, 1884, and June
so. 1888, accompanies the report. From
this it appears that the entire funded
and floating debt has been reduced
since June 80. 1884. from S155, 446, 666, to
I S14S, 626, 159, including all accrued in
tereSt to the government, and that in
this same time the mileage has been in
creased from 4,419 to 4,764. The debt
per mile stands at $31, 191, as against
S35, 40 in 1884. These figures make the
strongest point i'll the whole state
ment. There has been slight
increase in the debt since December,
1887, a fact that is very natural, mas
much as the first six months of the year
are always the ''lean'' months. The in
crease amounts to 81 ,436, 937. The re-
suit of the financial operations of the
whole Union Pacific system for the
twelve months ending June 80, 1888, is:
Gross earnings entire system, S29, 029,-
453: surplus earnings. 81. 1886; total
income, S12. 259, 4S2; total expenses,
S7,507, 103; surplus less United States
requirements, approximate, S3,535,519.