The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-11-13

DISBURSEMENT OF
THE UNION PACIFIC
SOUTHERN PACIFIC AND SANTA FE
COME TO TERMS.

Latter Secures All for Which 1t Has
Been Contesting, Which Means
That the Southern Pacific Has
Hu,nblel Itself Considerassly--E2-
pert Littie's Report on the Santa
Fe Has Been Made Public.
| WASHINGTON, Nov. 12.-Hon. Wade
Hampton, commissioner of railroads,
has made his annual report for the year
ending June 80, 1894, to the secretary of
the interior. The commissioner calls at
| tention 10 the effect upon railway earn
| fngs Of the financial and industrial de-
preston which, before reaching the
United States, had Frustrated every
industry in South and Central America
and in Mexico He notes the fact that,
notwiths landing the depression, the
Union Pacific, which includes the Kan
sas. Pacific. is the only one Of the bond
aided railways which, during the period
mentioned, passed into me hands OF re
ceive1s. The dismem6srneat OIL TINS
splendid system by TIE operation under
Isaparate raceivership Of the oregon
Railway & Navigation company, the
Denver. Leadville & Gunnison, and the
! Denver and Gulf, and the Fort w oFth
I & Denver CITY Railway companies Is
commented on as furnishing the most
| gloomy chapter OF railway literature
| that has been published during the past
| year.
The accounts of the bond-aided com
psn;s,s were examined by the book
/ al
Francisco in the months OF June ana
! Juiv of the current year and the
! q n7,,,n+ found due to the United States
! carefully ascertainad.
| A personal inspection OF the proper
ties; of the Union and the Central "a
! cific railway companies by the commls-
sione.r showed them TO be in excellent
J nhvsical condition. Tho Union Paclnc
! Railway company, including the han- :
! sas division, Shows d decrease OF me-
/ EARNINGS. as compared With 1877, OF
81, 105,O56. The amount founo que 1 tHe
! United States under the act OF leos
: KANSAS division, and in the act OF
1878 Union Divfsion), was Sl3I,89o less
than for the previous year
| the Central Pacific Railway COM
nan7- for 1898 shows a reduction OF 500
/ 700 as compared with 1892, but the
a,,7c11nt,;of transDortatiC-t services rem
dered the government CWhicn IS az
/ credited to the United States IN ascer-
tanning the percentage OF. net earn
! ings), was S110,624 in excess OF the pre-
vious year. consequently the amount
| found due the United States is SIZES IN
excess of 1892.
! The net earnings Of the Sioux City Il
/ Pacific Railway company in 1893 was
] s106. $50 in excess of 1892, the amount
/ expanded for new construction and
| equipment purposes not having tas IN
! 1892 reduced the net earnings to an
amount insufficient to pay the interest
on the first mortgage bonds. The
amount found due the United States,
therefore, under the acts of 1862 and
1864, was $5,7T9 in excess of the re-
quirement for the previous year.
! The Central branch Union Pacific
Railway company shows a decrease in
net earnings as compared with 1892, of
I S1O0,112, and corresponding decreases
! in the amount found due the United
States under the acts of 1924 of S.
01O
| The commissioner calls attention to
| the fact that in the case of the Union
! Pacific Railway company, Kansas Pa
cific bonds to the amount of 500, 600
will mature on November, !, 1885, and
/ between that date and January I, 1899,
/ the balance of the subsidy bonds, ag-
grega ting about $2,899, 512, will also ma
| ture, for whose payment or redemp-
! ton the company has practically made
| no provision.
| In the case Of the Central Pacific,
! the aggregate of whose liability
amounts to upwards of $50, 00O, 900. the
company has provided a sinking fund
! for the redemption of the first mort
gage bonds, the funds at present avail
| able for that purpose amounting to
nearly $6,00O,000.
J referring to what is known as the
| ''Reilly BILL the commissioner is OF
the opinion that on the basis of op-
| erations for the year 1893 Ito say moth
ing of Strike year of 1s9D there Ell is
! grave doubt of the ability of the com
panies to meet the requirements of th;,
bill u Ills
lie recommends the adoption of an
afnendment to the Thurman act. bv
providing that the amount of net earn
lilgs TO be retained and applied to the
liquidation of the mortgage indebted
ness be increased from 25 to 80 Der
I cent. lie renews the recommendation
OF last year that the Thurman act be
amended 50 as to embrace within its
| provisions all of the Pacific railways
which have received from the United
| oOIte'.' III eiieA VI SpuS u ucliUn.
| The Pullman strike of 1894, having.
! in the opinion of the commissioner.
! furnished a powerful argument in ia
vor of the right of the government. at
all times, to control the carrying of the
mails and to enforce the provisions of
the interstate commerce law, he rec
ommends that Congress take into con-
sheraton the propriety of creating a
national board of arbitration, to whom
all questions in dispute between the
railway corporations and their en-
ployees shall first be submitted before
action is had and whose decision, in
respect of all questions submitted,
shall be final.
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