Omaha daily bee., 1888-10-25
HOLCOMB SUCCEEDS POTTER
AS Chief Executive Officer Of the
Union Pacfic System.
ANNUAL MEETING OF DIRECTORS
Thomas l.. Kimbali Appointed Gene
eral Managcr-FinacialC Condition
OF the Road-No Allusion What
ever to Dividends.
Union Pacific Changes.

BosToN, Oct. 24.-At the Union Pacific
directors meeting to-day William II. Hol-
comb was chosen director, vice Colgate, re-
signed Subsequently Holcomb be was chosen
wee president, to succeed the late Thomas j.
Potter as the chief executive officer OF the
Union Pacific system, resident at Omaha.
T. l.. Kimball was appointed general mana
ger and c. S. Miller assistant general mama
ger. The president stated that no changes
in the organization of the Union Pacific were
contemplated Mr.. Dickinson will continue
as general superintendent; j. A. Monroe as
general freight agent and j. D TeoDts as
general passenger agent
No change in the organization or the 81.
Joseph Il Grand Island was contemplated,
or of the various Utah roads. No appoint.
ment OF general manager of the Oregon
Railway and Navigation company would be
made at present; the duties of the ofhce
would be performed by Mr.. Holcomb until
other arrangements were made.
Mr.. Hocomb is at present general man
ager Of the Oregon Railway and Navigation
company, to which position he was APP
pointed on the recommendation OF the late
Thomas J. Potter He had previously been
connected with the Chicago burlington 81
Quincy road, and later with the Chicago,
Burlington Il Northern.
The question of advancing money on the
part Of the Union Pacific to meet the cop-
pons of the Denver, South Park " Paciho
and without final action referred to the
executive committee with full powers.
The question of paying dividend
was not raised, nor was there any
discussion as TO the resumption of dividends
by the company, either now or hereafter.
The matter was in no way alluded TO. inc
company now has no floating debt for which
provision in cash has not been made. A fund
of $4,000 600 has also been provided TO pay
for large amount of new equipment re-
Gently ordered, only portion OF which mas
as yet been delivered.
The company has no work Of construction
now going on. The extension OF the Salina,
Lincoln & Western road to Colby, about l15
miles, was completed on the 20th inst. Tha
money needed to pay for this work has been
provided. During the four years between
June 30, 1854, and June 80, 1883, the surplus
income of the system, to the amount OF
$13 500, 600 has been put into property. About
SIS, 900 tons of steel have also, dur.
ing the period named, been put INTO the
tracks Of the system, in place OF iron:
A table showing the condition of the funded
and flo atng debt Of the company, Its mileage
and debt per mile, accompanies this state
ment. From this it appears that the entire
funded and floating debt has been reduced
since June 80, 1884, from $l55, ,446, ,666 TO
sl4s, ,626 l59 including all accrued interest TO
the government, and that in this same time
the mileage has been increased frem 4,4l9 to
4,764. The debt per mile stands at $3l ,l9l, al
against S35, ITO. There has been slight lp-
crease in the debt since December, 1887.
| The increase amounts to Sl2, 436, ,937.
The result of the financial operation OF
| the whole Union Pacific system for the
| twelve months ending June 80. 1888: Gross
| earnings of the entire system, $50, 029, 458;
surplus earnings, Nl, ,159, 1886; total income,
$l2, 259, 4S2; total expenses, $1,5O7, 1903; sur.
| plus less United States requirements zap
| proximate), $3,535,579.