The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1888-10-25
THE UNION PACIFIC
w. H. Holcomb Made Chief
Executive Officer.
No CHANGE IN OTHER OFFICES.
Ho,eomb's Successor en- the o. L. q
\. Not Named-A Big Mortgage ON
the Southern Pacific Line.-Erni-
grant SHIPS Between Liverpool
and New oriaas.

BosToS. Oct e4.-At the Cnion Pacific
Of Portland, Or, was chosen director. vice
Colgate Hoyt- resigned. subsequently Mr.
Holeomb was chosen cepresidenf to
succeed the late Theodore J. Potter as
chief executive of the affairs OF the Union
Pacific system. resident at OMAHA. I'll
Kimha1 was appointed general manager.
The president stated that no changes in
the organization Of the Union Pacific were
contemplated. Mr.. Dickinson will CON
tinue az general superintendent, J. A. Nun
roe general freight and J. S. Tebbets gen,
eral passenger agent No change in the
organization Of the s.. Joe & Grand Island
was contemplated, or OF the varioGs Utah
reads.
40 appointment OF general manager Of
the Oregon Railway < Navigation compa-
uy would be made 81 present, the presi-
dent said. The duties OF the csiice would
be performed by Holcomb until other ar
Eangemeuss were made. Holcomb is At
present general manager Of the oregon
Railway & Navigation Company. 10 which
position be was appointed on the recon-
sncndszon OF Mr.. Potter. He has person
ally been connected With the Chicago
Burlington & Quincy road, and later with
the Chicago. Burlington & Northern.
The question Of advancing money on
the part Of the Union Pacific 10 meet cou-
pons on the Beaver, Southern Park 4
Pacific, maturing November /, was con
sidered, aud without final aetien referred
10 the executive board 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 COM
p4ny, either now OF hereafter. The matter
was In DO way alluded to-
The company now has no floating debt
for which provision ia cash has not been
made. Fands $500 ooo1 have also been
provided 10 pay for large amount Of new
equipment recently ordered. only n por-
ton Of which has as yet been delivered.
The company has no work of coustrHl fion
now going on. The extension OF the Sa-
lima, Lincoln 4 Western 10 Colby, about
10 miles, was completed on the 2nth inst
The money needed TO pay for this work
has been provided. Daring the four years
between June 30, 1854, and June 90 lSsS,
surplus income of the system TO the amount
of SIS, SO. 600 has been put into the prop
erty. About S5.o09 tons of steel has also.
during the period named, 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 il ap-
pears that the entire funded and floating
debt has been reduced since June %, 1884,
from SIS. ~, ,s66 to sl4s,6a6, ,159, including
all accrued interest 10 the government,
and that in this same time the mileage has
been increased from ssl9 to 9T6i. The
debt per mile stands at ssi .lel, as against
So, ,l7p. There has been an increase in the
debt since December ], 1887. The increase
amounts to 81, ,4sa5, ,9S7.
The result of the financial operation OF
the whole Union Pacific system for the II
M hE fEff Inn HCs
earnings OF the entire system, s29, ,029, ASS:
surplus earnings, sli ,l5s, $50: total income,
81. 81 ,4S2; surplus earnings, $iil. .592, SIS
total income. si2,25s, ,fS2: total expendi-
lures, 81, 50. .los; surplus. less United States
requirements approximately, 81, ,S35,579.