New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-04-28
JAY GOULD VICTORIOUS
HE AND RUSSELL SAGE ARE RL-Eiho i''D
UNION PACIFIC DIRECTORS.
FOREIGN PROXIES USED DY ME7sRs. l. AND %
woRMsrR IN TErIR FAvoE-s. H. IL


CLARK ELECTED PRESIDENT
Boston. April o7-At the annual meeting " ,s,
,nion Pacific Railroad here to-day the CON- n..o,o,
Jay Gould end Russell sage from 'nc D
was decided in their favor , Tho
va" M, oo,,r ros onencd at 10 a. m. to-day Inc
Stockholders proceeded 10 ballot Tor o''.,'oo .,
Immediately. It voted to co'c 'n' 80.
,o.3O II was voted 10 approve inc INV
made during the year by the directors anu '"o ',
~ the directors; also the DreNeF ho'e"' '''u''
=, last wear nnder which the threc-year per ce"'
notes were placed, and the Kansas ra'l"c ir""' ~,
,ntures a. 600 900 bonds OK which went IN uhuer
tho came IL was voted 10 take recess hh'l l. ''o
while votes were being cast. The boaiu uche' "''
an buc paper, the Boisscvaln. or fOrisn' uchc' WI
willie paper -, .,x,
In the list of directors represented on 'hc i'rIis"
,cket tbe names OF MesSrs Could sage anu |ia'N Wv
NOT appear Mr.. Bossevain having been committed 10
the Shareholders whose proxies he held 10 Vo'e lor
go, ~ directors who would represent the Union
pacific shareholders and would have no interest III
tho Missouri Pacific, which Is CONSIDERED u DC h"V
connecting with the Union Pacific
After the polls closed n recess was 'aEch u'''
o'clock When the stockholders Teas'embed the Ill
spcctors reported that they needed TWO ho"'S "o'o
in which TO count the ballots, and recess nntli
- m vos tahen AT 5 p. m. the tellciS were not
rcodv 10 report and the recess was prolonged 10
6 O'Clock
The result Of the bnloting. which was not an
nounced until about O'Clock. was as follows for
directors whole number Of votes cast 4'93ie; lreu-
crIcl L. Ames Boston, 470,343; Edwin I. ArHlnS'
BOSTON 47o34s: samuel Carr, Boston, 4'o54o'
Henry n Cook New-Y0rk. 45T, $50 +. Gordon DeH-
fer BOSTON A7O3i7; Sidney Dillon New YORK. 49,
30: trcnvllle NJ. Dodge Council Buffslo""' a. o'"9'
Marvin Inehit, Chicago, 470,34s; cilnry u. Hye''
Ncw-Yorll 4zD,3i5 Joseph II. Ml!lara Oma"l' -''o'
40 4s Alexander F.. orr. New York. 4'O"fo Jhhes
l "A NJ,
Lane. Boston 1885, IG Jay Gould New York, 243424
| Russell Sage ScwYork, 2it7O0. They were de-
| clared elected and the meeting then adjourned.
| s. H. H. Clark, OF Omaha, general manager OF Tue
| Union Pacific Railroad on the directors uche''
but was defeated by Gardiner VI. Lane on the Oppo'
| sitlon ticket. Mr. Clark had 2if.13O votes. Inc
two other directors besides Mr. Lane the opposition
ticket were Charles C. Jackson, OF Boston. and Marcus
A. Hanna, OF Cleveland who had respectively 23i,6'o
| and o:i Gi2 votes but were defeated. The foreign
ticket appears 10 have been defeated by 10000 votes,
"a this l. the amount Russell sage received over Charles
| C. Jackson.
The election was decided In favor OF Mr. Gould by
| the proxy Of BOstwich, Work IL Co. OF London. Tor
| about 10000 shares This house had given its proxy
AT first to Mr.. Dossevan.. but later gave proxy To
l. & ; worrnscr their New York correspondents which,
II Is sad they requested should not be used In favor
| OF Mr. Gould l. q : WOFmscr, however, banded the
vote, over 20 Mr. Could thus turning the election
| and retaining Missouri Pacific officials In the manage
meut Of the mon Pacific.
Tho director, subsequently met az the Equitable
binding FOR organization. samuel Carr resigned a.
director AID > II. II. Clark Of omaha, Neb.. Was
chosen to Gll the vacancy Sidney Dillon declined re-
election 10 The presidency and Mr. Clark elected
I'm his riacc Mr.. Dillon being ELECTED chairman OF the
inard a place created for him. Edwin F. Atkins was
made vice president 20 .uccced Mr. C.ark and the Int
ter was made a member Of the Executive Committee
I'm pllce Of Russell Sagc. Controller Oliver W. Mink
Treasurer James g. Harris and all the other officers
weGo reelected.
Tho annual report, submitted To the stockholders
| ,,cay shows for the year 1901 gross earnings Of
| sl9Gs7 73, as against S20i31 COS In 1880. The
surplus earnings -, s46,i1l against S'.-'4'' ~
tho previous year Proceeds from Otacr sources make
the total income sIo442,j2l. Dcduciins total
| charges a balance OF $t.0i0.3so IS shown, when Is
m increase OF S23 last year. Tie gross float
,na debt WIS decreased during the year SliG0o.1is.
and there was at the close Of the year. balance IN
current assets OF Sll1es. s2t against net floating
debt at the close Of the preceding year Of $1s'4ol
This Is equivalent n decrease IN the net hontng
debt or mn increase I'm current assets. OF slSOd''6o
| The auxiliary lines show rrOSs earnings OF S-3,-
OF .c40 against s2e.Oli.Oio In $500. and snrplr,
earning, OF 5000 5j7 again, - 32j the previous
| year.
The following statement shows the results Of the
operations 81 the entire system o. e,l419' miles of
railway including the results arising fr9m the opera
| lions o. the steamers Of the Oregon Railway ara
Navigation Company EAinlngs Si1oOj,73o. decrease
ss3i 40: cxp,nscs s2-G-O5i-. dc'rase sl.oj5.3'r;
taxes ~. $50 ljl. iucfcls, $l7,2i3; surplus earnings
sl3.7ij.73O Incca,c GI.AOG.GGi total Income SD
9io.0jl increase $I,Ol9..03. charges. Ili.o7j,oi3:
balance Of income for year Sl.OG5.Oio. against "A
deficit OF s275O36 In 1900. an Increase Of TlJioo'
The earnings from passcngcr traffic have not boon
satisfactory. For The year they show decrease oil
|
carried one mile shows decrease OF G7ls2.G26 pas
scngcrs or l4.3 per cent. As compared with the pre-
cednc yeai the report says. the decrease in the pas
| ,cngcr business OF 1901 may DC said 10 have been
general II was noticed IN all cns'c, 81 business, and
apparently confined t. particular localities. This
large decrease Is accounted for locally by III" business
depression resulting from the crop failures in 1890 In
the territory between the Missouri River and the Rocky
| Mountains and generally By the falling OF IN eN
curslon and tourist travel.
The total funded debt is S227.'2s .i22 During the
year 1901 the system has rallied from the sale o!
| $4,000 In Oregon Short Line and Jtah r'orthcrn
Railway collateral trust bonds, 100000 In Oregon
Short Line and Utah Northern Railway Company con
soldatcd bonds e5s. 900 In rnlon Pacific. Denver and
Gulf Hallway Company consolidated bonds, Tll 600
In Omaha and Republican Valley Railway Company
consolidated bonds and 100000 In Oregon Railway
| and Navigation Company consolidated bonds about
100000. The amount realized together with other
income Of tho system. has been expended in part FOR
construction Of new lines bettcrments, Improvement
and equipment. construction OF terminals at Omaho
md Denver purchase OF Oregon Railway and Naviga
ton stock and purchase Of equipment trust bonds.
The reduction In expenses has been general, TIC
largest item OF reduction being In reduced expenses OF
locomotive fuel. S3S3.03O. The coal company earned
s3io,7.i, paid Interest of SlG6GG6. wrot of for de
probation goo, Co., paid dividend OF 100000. and
carried forward II surplus OF %1J.i23.
The Union Pnclnc land department had due IL on
land sales - T27 ,5h9 aud the Kansas Pacific Railway
nrd department had due IL Si.0T29DG. both including
accrued interest. The total amount Of cash receipt
In all land departments during the last was
sGo1.s 25. Tho gross land sales SlIs. O50 and
the net land sales. after cancellation ~ OH. and
tho company had BY the cancellation made net In