Union Pacific Railroad

The Government Directora of tbe Union Pacific railrcad havo Bubmitted .heir report to the Secretary of the In;erior. The protection of the road r.ow againat obstructions by snow haa been carried to such a degree of perfection that impedimenta to the operat.ion of the Une írom that cause will be no greater n the future than way be expected oh any of tho Unes bet ween Chicago and New York. KARNINfiB AND EXPENSES. The gropg earnittga of tlie road lor the year ending Juue 30, 1874 $10,216,760 16 For the year ending Juue 30, 1873. ... 9,633,965 09 Increase tor 1874 over 1873 $ 612,795 07 Operatiug expenses for the year endino Juue 30, 1874 5,112,400 25 Leas surplus interest and principul . . . 22,611 08 $ 5 089,789 17 For year eiidinR Jiwe 30, 1873 $ 4,697,999 B6 Increaieof 1874 over 1873 301.78901 Net income for year emling Juuo 30, 1874 6,156.970 99 Fur j ear CDdiDR June 30, 1873 4,i,35,695 53 IncrpaBOcf 1874 over 1873 221,275 46 In view of the general depression wiïich feil upon the business of the country following the panic of September, 1873, the resulta presented by the earnings of the road are gratifyinp;. As showing the steady inerease of business and earnings, ve may mention that for the raonths of July and August, 1874 (covering the time from the close of tbe fiscal year to the cloee of our insptction of the road), the groafi earnings were $1.892,559 16. Por the same period in 1873, 81,714.111.18. Excess in favor of the two mont-lis of 1874, $168,447.38. The total expnuBeB for the said two months In 1873 $838,129.38 For Baid months in 1874 757,914.83 Dccrease in favor of 1874 $ 8U.214.55 The net earnings for the year endino June 30, 187-1, being $5,156,970.99, by deducting the interest on the first mortgage bonds (whieh the company claim ibouid be done), and premium on gold at 10 per cant., $1,797,642, we find that .be amount on which the government 'or the year wouVl be entitled to 5 per cent. is $3,359,328.99. Five per cent. on this amount is $167,966.44. For the year ending Aug. 31, 1874, ;he company sold of its granted landa 269,292.28 acres, at an average prico Der acre of $4.91J, making a total amount of sales of" $1,314,644 33, of which $121,274 78 was paid in cash, the balance of $1,136,499.59 being evidenoed by " time contracta." The original issue of land-grant bonds was $10,400,000. August 31, 1874, there had been retired $1,445,000. Bal-' anee of land-grant bonds outstanding, $9,955,000. Total number of aores sold to August 31, 1874, 1,069,040.96. Total proceeds of sales to that date' cash and time contract, 4 913,513.52. During the past year the company has issued 8 per cnt. f unding bonds to the amount of $10,541,800. The larger part of these bonds, to wit : $10,522,800, have been used in retiring the 10 per cent. income bonds. The income bonds issued amounted to $3,355,000. Of income bonds there is yet outstanding, $586,000. The Directora do not hesitate to reafflrm the opinión expresed in f ormer repprts of the Government Directors, that the Union Pacific raihoad, with a localized business management with proper and suffleient power, can be made to meet all of the liabilities whioh rest upon it, including every dollar which the government has invested in it.