The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-04-28
GOULD THE WINNER.
He Beats Boston Stockholders
of Union Pacific.
CLARK is ELECTED PRESIDENT.
Porefgn stoekhoIders' Agents Play
Faise-The Annual Report-Changes
on Lake shore Road.

of the stockholders of the Union Pacific
opened this morning The investments
during the year by the directors and the
acts of the directors were approved, also
the DrexeI- Morgan indenture Of last year,
under which three-year 6 per cent. notes
were placed, and the kansas-Paciac trust
indenture of s.. 00O, 900. The meeting then
took recess pending the deposition OF
ballots for directors. The result OF the
balloting, which was not announced until
this evening, was the election of the fol-
lowing directors: Frederick l.. Ames,
Edwin f. Atkins, Samuel Carr, Henry III.
Cook, p. Gordon Dexter, Sidney Dillon,
Granville ". Dodge, Marvin Hughitt,
Henry B. Hyde, Joseph H. Willard. Alex
ander f. Orr. James Sharp, Gardner NJ.
Lane, Jay Gould. Russell Sage. The meet
ing then adjourned.
6. II. II. Clark, of Omaha, general man
ager of the Union Pacific, was on the
directors ticket, but was defeated by Gard
ner NJ Lane. from the opposition. Two
other directors besides Lane on the oppo-
sition ticket were Charles c. Jackson, OF
Boston. and Marcns A. Hanna, of Cleye-
land, who were defeated.
The foreign ticket appears TO have been
atitdttu w fDlCa. tlSNt4DI W a.
decided in favor of Gould by the proxy OF
Borthwick, Wark d. Co., of London, Tor
about d. 900 shares. This house had given
a proxy to Bossavain. but later to l. q ;.
Wormser, their New York correspondents,
which. it is said, they requested should
not be made in favor of Gould. The
Wormsers, however. turned the votes TO
Gould, thus turning the election and re-
tanning Missouri Pacific officials In the
management Of the Union Pacific.
At the directors meeting subsequently
Samuel r. Carr resigned as director and ).
II. II. Clark, Of Omaha, was chosen Tor the
vacancy. Sidney Dillon declined re-eiec-
tion 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 +. Atkins was
made vice president, to succeed Mr.. Clark,
and the latter was made member OF the
executive committee in place Of Russell
Sage. Comptroller Oliver 81. Mink, Treas
urer James g. Harris and other officers
were retired.
The annual report of the Union Pacific
was submitted to the stockholders at the
meeting. 1t shows that for the year 1891
the gross earnings were $40. 6s7. 900, against
$50, ABS. 900 in 1880; surplus earnings 81, Si6,-
600, against s., 2Si, 600 in the previous year.
Proceeds from other sources make the
total income SIC, AZ, 600. Dedncting the
total charges the balance is 81, 9l0, 900, an
increase of $4,000 over last year. The
gross floating debt has increased li,6OO,-
900, and there was at the close of the year
a balance in current assets of Sill, IsS. 600.
81 Iok ~ r.
the preceding year of $7,s74,o 900. This is
equivalent to decrease in the net floating
debt or an increase in the current assets of
sis.0ss.0oo The auxiliary lines show gross
earning of SPOOL, COO, against So. 61l, 900
in 1890. and surplus earnings of S., 692 900,
against 81. So. 900 in the previous year.
The following statement shows the re-
suits of the operation of the entire system
of s, $50 miles of railway, including the re-
suits from the operations of the steamers
of the Oregon Railway & Navigation Com
pany: Earnings. si4.oO6,0OO; decrease,
1851 600 Expenses, SIS, $50, 600; decrease,
1855 COO Taxes. 81. $50, goo; increase, ST.
600. Surplus earnings, S13, 745, 900; in
crease, 81, 4O6,0 900. The earnings from pas
senger traffic show a decrease of $S52. 600
or over per cent. This large decrease is
accounted for locally by the business de-
preston resulting from the crop failure in
1890 in the territory between the Missouri
river and the Rocky mountains and gen.
orally by the falling off Of the excur-
sion and tourist travel The total
funded debt is So, 100, 52S; the total
amount of cash receipts in all the land
departments were 1921, oO0 gross land sales
were sl3S,ooo. The company had. by can
collation., made net Increase on its land
of 2.i9o acres. The number of stockhold-
ers appears to be reduced. There were
1854 two years ago, $50 year since, and
4.6l5 at the close of 1891. The amount
realized from sales of bonds of the Oregon
Short line, Utah Northern, Denver & Gulf,
Omaha & Republican Valley and Oregon
Railway & Navigation Company aggre-
gated sT6o. eco, which was expended in pay
ment for the construction of lines, better
ment. improvements and equipment. con-
struction OF terminals at Omaha and Dem
yer. and the purchase of Oregon Railway
4 Navigation stock and bonds.