Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1888-11-01
THE UNION PACIFIC.
The Management and the Finances

The Management and the Finances.
BosToN, Oct. Pat the Union Pacific
meeting to-day, VIM. b. Holcomb was
| chosen director vice Colgate, resigned.
Subsequently Holcomh was chosen vice
president to succeed the late Thos. ).
Potter as chief executive officer of the
Union Pacific system, resident at Omaha.
I. j. kimban was appointed general man
ager and G. S. Miller assistant
general manager. The president
stated Nd changes IL the organization
OF the Union Pacific were contempla
Mr.. Dickinson will continue as general
superintendent, j. A. Monroe, as general
freight agent, and j. S. Tibbets, as gen.
eral passenger agent. No change in the
organization of the St. Joe & Grand
Island was contem plated, or of the var
ious Utah roads. No appointment of
general manager of the Oregon Railway
q Navigation company would be made at
present. The duties of the Office would
be performed by Holcomb until other ar
engagements were made. Holcomb is the
present general manager of the Ore
gon Railway 81 Navigation company
to which position he was appointed on
recommendation of the late Thomas J.
Potter. He had previously been con-
nected with the Chicago, Burlington j.
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, first maturing November
LIST, was considered and without
final action referred to the ex-
ecutive committee with full powers.
The question of paying a dividend was
not raised, nor was there any discussion
as to the resumption of the dividends
by the company, either now or hereafter.
The matter was IN no way alluded TO.
The company now has no floating debt
for which provision in cash has not been
made. Funds to the amount of $780,,
600 have also been provided to pay for
a large amount of new equip
ment recently ordered, only a
portion of which has yet been
delivered. The company has no work of
construction now going on. The extern
sion of the Salina, Lincoln & Western
road to Colby, about 175 miles, was COM
pleted on the Goth inst. The money
needed to pay for this work has been pro-
vided. During four years, between June
80, 1884, and June 80, 1888, the surplus
income Of the system to the amount of
$13, 100000, was put into property.
About 1000 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 floating debt of the company,
it's mileage and its debt per mile &C.
| companies the statement. From this it
appears that entire funded and floating
debt has been reduced since June 80,
1884, from $155, 446, 666 to $14S,626, 159
including all accrued interest to the
government and that in this same time
the mileage has been increased
from $4,419 to $4,764. The debt
per mile stands at $31,191 as
against $35, 40. There has been slight
increase in the debt since December
1887. The increase amounts TO $780,
937. The result of the financial opera
tion Of the whole Union Pacific system
for the II months ending June 80, 1888,
is, gross earnings Of the entire system,
S59,029, 453; surplus earnings. 81, 159, 636;
toral income, 81, 259,4 S2; total expenses,
81 1907, JOB; surplus less United States
requirements (approximate) $3,635,579