The morning call., 1892-04-28
THE RAILROADS.
Annual Meeting Of the Union Pacific.
The Grand Trunk Directors.

Boston, April 27.-The annual report of
the Union Pacific was submitted to The
stockholders at the annual meeting to-day.
II shows for the year 1891 gross earnings of
Sl9,6S7, 900, against $50. ass, 900 in 1880. aud
surplus earnings of s., S46, 600, against
600 the previous year. The proceeds
from other sources make the total income
$40, i!2. 009. Deductng the total charges,
there is a balance Of 81, 10000, an Increase
of S23. coo over last year. The gross tlGat-
ing debt is decreased S14. 600. 000 and there
was n the close of the year a balance in
current assets Of Sl1, 1SS, ,0o0 against the net
floating debt at the close of the preceding
year of S6S74 900. This is equivalent to
decrease In the net floating debt, or an in
crease in the current assets. OF S18.O65.0 co.,
The auxiliary lines show gross earnings
Of S23.0ll,0 900, against S22.6l1, 600 in 1890,
and surplus earnings of S5692. 600, against
S4,S63. 600 the previous year.
The following statement shows the results
of the operations of the entire system of
SILT miles of railway, including the results
from the operations of the steamers of tie
Oregon Railway ani Navigation Company's
earnings, S44, OO0, coo, decrease OF SOIL 900;
expenses, S2S csc, 600, decrease of $3.50
600; taxes, 81 5S0, 000 an increase of $1,000;
surplus earnings. SIS, 600, an increase of
81, 100000; total income, 81. $4,000. an in
crease of SI9lqO00. charges. S142T5. 600:
balance Of income for the year, Sl,065, coo,
against deficit S275,0 600 in 1890, an increase
of 81, $4,000
The earnings from the: passenger ira f1ic
SHOW a decrease OF $50, coo, or over per
cent. This large decrease is accounted for,
locally by business depressions, resulting
from crop failures in 1890, in the territory
between the Missouri River and the Rocky
Mountains, and generally by falling off
Of excursion and tourist travel. The total
funded debt is 1927, ,52S, coo. The total
amount OF cash receipts I'D al the land de-
partments is 1927, eco; gross land sales.
Sl3S, ,000; net sales, after cancellation,
S197l. The company had, by cancellation,
made a net increase on its lands of S2490.
The number of stockholders appears 10 be
reducing There were 1914 two years ago,
1890 year since, and 46l5 at the close OF
1891.
The amount realized from the sales OF
bonds Of the Oregon Short Line, Utah
Northern, Denver and Gulf, Omaha and
Republican Valley and Oregon Railway ana
Navigation Company, aggregating S760.000,
%as expended IN part for the construction
of line bettermeDts, improvements and
equipments, cOnstructiOnal terminals of the
/ Omaha and Denver, and the purchase Of
the Oregon hallway and Navigation stock
and bonds.
The annual meeting of the stock holders
OF the l Mon Pacific opened this mofning.
The investments made during the year by
the directors and the acts Of the directors
were approved. Also the DreXel- Morgan
indenture of last year, under which the
three-year per cent notes were placed,
and the kansas-Pacifc trust indehture,
S5,000,000 bonds Of which went under the
same.
Could Gains "A Victory.
The result Of ths balloting which was not
announced until this evening. was the cleo
tion Of the following directors: Frederick
i. Ames, Edwin I. Atkins. Samuel Carr,
Henry Ii. Cook, +. Gordon Dexter. Sidney
Dillon, Grenville NJ. Dodge. Martin Hughitt,
Henry B. Hyde, joseph II. Miard, Alexan-
der L. Orr, James Sharp. Gardiner II. Lane,
Jay Gould and Russell Sage. The meeting
then adjourned 5. II. II. Clark of Omaha,
the general manager Of the Union Pacific,
was on the directors ticket, but was de-
feated by Gardiner NJ. Lane from the oppO-
siticn ticket, bnt he will probably be placed
on the board by other directors and may
possibly be elected president The two
other directors besides Lane on the opposi-
ton ticket were Charles c. Jackson of Bos-
ton and Marcus A. Hanna of Cleveland,
Ohio, who were defeated. The foreign
ticket appears TO have been defeated
by 10000 votes. The election was de-
cIded in favor Of Gould by the proxy
Of Borthwick, Wark IL Co. of London, for
about 26.000 shares. This house had gives
their proxy to BOissevain, but later gave it
to /. and 5. Wormser, their New York cor
respondents. which. it is said, they requested
should not be voted in favor OF Gould. The
Wormsers, however. turned their votes TO
Gould. thus turning the election in his favor
and retaining the Missouri Pacific offic ials
In the management Of the Union Pacific.
Clark Elected President.
At the directors meeting, subsequently.
Samuel K. Carr resigned as a director, ana
). If. II. Clark of Omaha was chosen TO fill
the vacancy. Sidney Dillon declined re-
election TO the presidency, and Mr.. Clark
was elected in his place, Mr. Dillon being
elected chairman of the board. a position
created for him. Edwin f. Arkins was
made vice president, to succeed Clark, and
the latter was made member Of the execu-
tive committee, In place If Russell Sage
James G. Harris and all the other officers
were reelected.