People's party paper. [volume] (Atlanta, Ga.) 1891-1898, 1897-11-26
SHOWS UP WELL.
Report of Government Directors of the
Union Pacific.

Report of Government Directors of the
Union Pacific.
The report of the government direc-
tors of the Union Pacific for the fiscal
year just ended has been submitted to
Secretary Bliss.
The physical condition of the railroad
shows marked improvements both in
the character of the roadbed and in the
condition of the equipments. During
the year 1896 $500 tons of new steel
rail have been added to the track, and
during the current year QS97 1900
additional tons have been purchased
and are now being placed upon the
road bed. The eastern portion of the
Union division is being thoroughly
ballasted and the property from Oma-
ha to the neigh borhood of Grand Is
land, ia miles, will compare favora bly,
with many of the frst-class Eastern
roads. The earnings and expenses for
the Union Pacific railway proper
Il 1922 30 miles, for the IL months ended
June 80, 1897, and 1896, respectfully,
follow: Gross earnings, $14 044 Az for
1897, increase $961, 1873; operating ex-
penses SO AS, 1855 for 1897, increase
S677,2l3; surplus IS sol, 421 for 1897,
increase $1S3 9l5; taxes $573, $40 for
1897. decrease SIS Os9 surplus earnings
81 927 6S1 for 1897, $4,735, 657 for 1896,
increase $192,OO5
The report goes into detail as to the
proceedings that led up to the recent
sale under foreclosure, and under date
of Sept says from the then expected
realization from the foreclosure sale of
the railroad property and of the sink
ing fund of S45, 1854 O59 it would follow
that the loss of the United States will
be about S25. 900 900.
The government directors repeat
their approval of the course of the de-
partment of justice in accepting the
proposition of the reorganization COM
mittee and in the foreclosure proceed
inQs AS the government directors
have always been firmly convinced
that the ownership of these railroads
by the government would be most in
furious to the people, would result in
gross inequalities and Determinations
in favor of the territory served by
them, and would be prolific source of
political corruption they find them
selves unable tt consider the subject
from the point of view of government
ownership, the report being addressed
to the single question of realizing the
best financial return to the government
for the investment. 1t is doubtless
true, the report says, that the reorgan-
ization committee and the depositors
Of bonds and securities under this plan
will realize a large profit and larger
than was expect ed by the original pro-
position The report concludes
"We deem it our duty to call atten
ton to the fact that foreclosure suits
have been instituted for the sale of the
securities under the three collateral
trust mortgages made by the Union
Pacific Railway company. In view of
the remarkable advance in the market
value of many of the collaterals inclu-
ded in these mortgages. it is quite pos
sible that the foreclosures will leave
SURPRISES applicable to the part pay
ment of the general debts of the Union
Pacific Railway company.
sit is, therefore, to the interest of the
United States to secure to the Union
Pacific Ra lway company all such as
sets or SURPRISES as may result from
the foreclosure of the collateral trusts,
and all property of every form which
is not covered by the mortg gees made
by the company, to the end that the
aggregate of general assets resulting
to the company may form the largest
possible fund for part payment of its
general creditors.
"(Signed) E Ellery Anderson, J W.
Doane. John Sheridan, VIM. J. Coombs,
.Tohp TT RrasS1ar -