The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1888-10-25
THE UNION PACIF &c.
The Directors Meeting in
Boston.
HOLC9MB SUCCEEDS POTTER.
.. Healthy Showing OF the Mammoth
Syst em-The FinRL cial State
ment, L tc. tic.

x Boston, October 24.-At the Union
Pacific directors meeting, to-day,
William II. Holcomb was chosen a
director, vice Colgate, resigned. Suisse
-quently Holcomb was chosen vice
president, to succeed the late Thomas
J. Potter, and as chief executive of the
affairs of the Union Pacific system,
with residence at Omaha. T. L. Kim
ball was appointed general manager aud
G. S. Miller assistant general manager.
The president stated no changes in the
organization of the Union Pacific were
contemplated. Mr.. Dickinson will con-
tinue as general uperintendent, J. A.
Munroe general freight and ]. b. lib
bets general passenger agent. No
change IN the organization of st. Joe
& Grand Island was contemplated, nor
ON THE VARIOUS UTAH ROADS.
No appointment Of general manager of
the Oregon Railway & Navigation Com
pany would be made at present. The
duties of the Office would be performed
by Holcomb until other arrangements
were made. Hoicomb is at present
general manager of the Oregon Rail
way II Navigation Company, to which
position he was appointed on the
recommendation of Thomas J. Potter.
He personally has been connected with
the Chicago, Burlington Il Quincy road
and later with the Chicago, Burlington
d Northern. The question of advance
ing money on the part of the Union
Pacific to meet the COUPONS of the Den
e. flo rSfc tt1r
ing Novem Der lst, 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 dis
cussion as to the resumption of divi-
dends by the company, either now or
hereafter. The matter was in no way
alluded to. The company now mas no
floating debt for which provision i'll
cash has not been made. A fund of
So 600 QUO has also been provided to pay
for the large amount of new equip
ments recently ordered, only a portion
of Which as yet have been delivered.
The 1mpany has no work Of construc-
;, tor now going On. The extension of
the Salina, Lincoln q Western road to
pleted on the Goth inst. The money
needed to pay for this work has been
provided. During the four years be-
tween June 60 1884 and June 80, 1883
THE SURPLUS INCOME OF THE SYSTEM
to the amount of $13, 100000, has been
put into the property. About $1,000
tons of steel also, during the period
named, had been put into the tracks of
the system in place of iron. A table
showes 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 ap-
pears the entire funded and floating
debt has been reduced since June Both.
1884. from $155 .446 666 to $I48 ,626, 159, IT,
cluding all accrued interest to govern
ment, and that in this same time the
mileage has beeL increased from 4 .419
to 4, 764.
THE DEBT PER NILE
stands at $31,1N as against $25, ITO in
in 1884. There has been an increase in
the debt since October. 1887, amounting
to 81, 436 937. The result of the fnan-
cial operations OF the whole Union Pa
cific system for the twelve months end
ing June Both, 1888. are: Gross earnings
of the entire system, $29, ops, 453; sur
plus earnings, $l1, I59 1856; total income,
$12 ,259, 482; total expenses, 81 sos 103;
the SUI plus, less United States require
ments, approximates So, 535 $40.