The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-04
UNION PACIFIC AFFAIRS.
An Extraordinary Meeting of the
Directors Called.
INFRINGEMENT In ORDER.
Physically The Road Is in Exceptional.
ly Good Condition.
Bed Rock Has Been Reached-The Force
VIII Have to Be Reduced and Salaries
Will Have to Be Cut-Train
Service Discontinued.

OMAHA, Aug. 3.-An extraordinary
meeting of the board of directors of the
Union Pacific has been called for next
Tuesday at Boston, and while officials say
that the session has been ordered only for
the purpose OF decreasing salaries, it Is
limited in inside circles that the action
taken will be a great deal more important
than the alleged object. Comptroller
Oliver w. Mink has been on the ground
for several days here, doing everything in
his power to cut expenses to the lowest
limit. Owing to the sickness of President
Clark, Mink is the executive head of the
company. Speaking of the situation to-
day he said:
physically, the Union Pacific is in ex-
cellent condition. but financially we are
compelled to retrench in every depart
ment. We have met our August interest
and other obligations falling due on that
date with money to spare, but so gloomy
is the outlook that our attention is wholly
directed toward cutting down our ex-
penses. When | was in Omaha several
weeks ago things looked more hopeful
than they do now. Nebraska and por-
tions OF Kansas promised magnificent re-
turns, but the enormous trackage OF the
Union Pacific west of North Platte gives
little hope of yielding satisfactory returns
for ninety and possibly for 120 days.
SThe western section of this continent
is in condition that absolutely requires
from us the most aggressive attempts at
retrenchment. The movement of COM
modities has stopped, to our great detri-
ment. Our yards are filled with empty
freight cars, our engines are lying idle in
the round houses, due to the stagnation
in business. -
"Then you have reached bed rock?''
ssThe bedrock has been reached, but we
will be compelled to reduce our force still
further, and may possibly have to cut
step which we will discuss very conser-
vativeIy before taking, but will probably
have to be considered. Mr.. Clark's well
known sentiments regarding men in his
employ will postpone this action to the
last moment, but when all other sources
fail to meet requirements then
the last resort must be accepted
as inevitable. AS to receivership it has
not been thought of. We are meeting
obligations as they fall due. Our credit
is first-class, and physically we are in
good condition. but there is nothing com.
ing in. Commodities are not moving
corn is not yet harvested, wheat is prac.
! tically failure in Kansas and Nebraska
Colorado has shut down her silver mines
and the country west feels the force O
the situation.
"There are conditions and not theories
/ that confront railroad men and they mus
| be met. Following up the order for re
! trenchment some sixteen hundred mile
of passenger service will be discontinued
on Sunday next, trains between Ogder
and Portland being taken off. This will
give only day servsce, the night servic'
being Abandoned AS an example of thu
somberness that exists in railroad circles
it is stated by gentleman who know
that $50 telegraph operators have beer
discharged from the service OF the UnioI
| Pacific.