, 1888-10-25
COMING TO THE FRONT.
Meeting Of the Union Pacific
Directors.
VIM. q. Holcomb Chosen Vice
President.
Work Of the Road for the Past
Twelve Months.

BosEoN, Oct. 24.-At the Union Pa
ciic directors meeting to-day VIM. H.
Holcomb was chosen director, vice Col
gate resigned. Subsequently Holcomb
was chosen vice president to succeed the
late Thos. j. Potter, as chief executive
officer of the Union Pacific system, resi-
dent at Omaha. Thos. l.. Kimball was
appointed general manager, and G.. L.
Mellen assistant general manager.
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 general freight agent, and j. S.
Tebbets general passenger agent. No
change in the organization of the st. Joe
& Grand Island was contemplated or the
various Utah roads. No appointment of
a general manager of the Oregon Railway
& Navigation company would be made at
present and the duties of the office would
be performed by Holcomb until other ar
raugements we're made.
Holcomb is the present general mana
ger of the Oregon Railway & Navigation
company, to which position he was APP
RIllbSo Oh AhC ACSOIlL AOIdullOh vi LhO
late Thos. j. Potter. He had previously
been connected with the Chicago, Bur
lington & Quincy road, and later with the
Chicago, Burlington & Northern.
The question of advancing money on
the part of the Union Pacific to meet the
coupons of the Denver, South Park &
Pacific lists, maturing Nov. l, was con-
sidered and without final action referred
to the executive committee with full
powers. The q uestion of paying a divi.
dend was not raised, nor was there any
discussion as to the resumption OF divi-
dends by the company, either now or
hereafter. The matter was In no way al
luded to. The company now has no float
ing debt for which provision in cash has
not been made. Funds ($3, 900, 000) have
also been provided to pay for a large
amour of new equipments recently
ordered, onlya portion of which has as
yet been delivered.
The company has no work of construc-
ton now going on, the extension of the
Salina, Lincoln & Western road to Colby,
about IT'S miles. was completed on the
Goth inst, and the money needed to pay
for this work had been provided. During
the four years between June 80, 1884,
and June 80, 1888, the surplus income of
the system to the amount of $l3, 500, 900
had been put into property. About 49,
900 tons of steel, also during the period
named, have been put into the tracks Of
the system 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, accom-
panies the statement. From this it APP
pears that the entire funded and floating
debt has been reduced since June 80,
1884. from Sl55, 446, 666 to $l4S. 626, 159,
including all accrued interest to the gov
eminent, and that in this same time the
mileage has been increased from 4,4l9 to
4,764.
The debt per mile stands at S3l, 1911,
as against $35, 10. There has been an
increase in the debt since December, 1877.
The increase amounts to 81, 436, 937. The
result of the financial operation of the
whole Union Pacific system for the twelve
months ended June 80, 1888, is:
Gross earnings of the entire system.
500, OPS, 453; surplus earnings, 81, l59,-
1856; total income $l2, 259, 4S2; total ex
penses, $780,, lob; surplus less United
States requirements (~approximate),
50 525 57Q