The Providence news. (Providence [R.I.]) 1891-1906, 1894-04-25
union PACIFIC.
Awful Deficit Shown in Its
Annual Report.
Due to Financial Crisis, Wheat Crop
Failure and Business Prostration.

Boston, April 25.--T The fourteenth an
nual meeting of the stockholders of the
Union Pacific Railway Company, was
called to order this morning at 10 O'Clock
in Horticultural Hall. Half hundred
gentlemen were present, representing
about five eighths of the total Coz, ,509 shares
of the corporation.
Vice President Edwin K. Atkins OF Bos-
ton presided and Alexander Millar acted
as secretary. The first business OF
the meeting was the submission
OF the directors report for the
past year. 1t is about ten thousand words
in length and includes many tables. On
motion the reading of the report was dis
pensed with. The Boston News Bureau
furnishes the following summary of the
contents of the report:
The report for the year 1893 shows de-
felt on the whole system of =, ,595, ,Si1 COM
pared with surplus in the previous year
OF ~, ,0b9, ,s5s.- The heavy decrease was due
Go the silver crisis, the failure of the Kan
sas wheat crop, and the general prostra-
tion of business.
Revenue tons per mile decreased about
II percent, and the rate per ton per mile
about 8 percent, while the passenger mile
age decreased about 10 per cent. with a
decrease in rate per passenger mile OF
per cent. Tie and rail renewals were well
maintained.
Earnings the coal properties kept up
well, but cash receipts from land sales de-
creased 2S per cent. The report shows
that the control of the stock is rapidly
going abroad, 2S7, 1862 shares out of a total
OF Cos, 500 shares being now held abroad,
while on Dec. 81, 1892 cnly 201, ,0SS shares
were so held.
The Oregon Short line and Utah North
ern shows a deficit after charges on its
a surplus in 1892 OF s774,660. The
deficit of the Oregon Railway
and Navigation system was 81 ,992, ,459, in
1893. compared with s1,564,dI1, in 1892
making the total deficit of the Oregon
Short Line and Utah Northern z, ,230,Sl5
in 1898, compared with SS19,7Sl i'm 1892.
The deficit OF the Union Pacific, Denver
a. Gulf, including Fort Worth q
Denver City was s174, ,224 in 1893, compared
with surplus OF 70, $50 in 1892. Without
the amount received from the Union
Pacific on guaranty account, the deficit
would have been s957, 400 in 1898, compared
with S376,07 in 1892.
The report contains a fitting tribute to
the memory OF the late Frederick l..
Ames, so long director OF the company.
The ticket for directors was then reported
by the nominating committee and the
balloting commenced. The ticket
is unchanged from last year with
the exception that S. Endicott Peabody
OF Boston, president OF the American
Loan and Trust Company, succeeds Mr..
II. III. Cook OF New York, who retircs
from the directory because of i'll health,
and Gordon Dexter of Boston, succeeded
his father, Il. Gordon Dexter, who has
been on board since 1869.
On motion of Gardiner M. Lane, the
Union Pacific stockholders approved oil
the investments made by the directors OF
the year, amounting TO $4,000.
The action of the officers OF the company
in. extending the $780, 600 sinking fund s
per cent. bonds of the Union Pacific Rail-
road was ratified.
1t was unanimously voted that the
stockholders approve, ratlfy and conrm
all the actions OF their board of directors
and OF the executive committee during the
year. Tho meeting adjourned until 1890
p. m.
Among the prominent stockholders
present were: General FitZhugh Lee of
Virginia, Joseph w. Paddock OF Omaha,
u. Ellery Anderson OF New York, J. w.
Doane OF Chicago, Oliver Amcs, I'd, OF
Boston, s. II. III. Clark of Omaha and
Marvin Hughitt of Chicago.