New-York tribune., 1875-06-29

thsre arc those who cavil at the estimated figures
r;ven ont week by week in advance Of the official
rcport which is DELAYED by uniinportant details,
and by the making mp Of accounts with other COM
nanies The official figures prove that the estimates
have been under the actual receipts, as will be seen
by the following transcript, which have been able
10 get from the Company's books
estimated st9s S,a ear1lns' xsiGs sS5nl%s' OK
Marth..'.......... 792509 65 0ls,963 o.
Ap,il.............. 1,o17,794 SO 1,Oo5,Sl4 "a
Total. 80. =. So, ,s5o,s39 Is $3,21o0I47
2,s5O,s30 Is
Increase Of actual over estimated
earnings 1888, ,175 %
These figures show an increase in actual over esti-
mated receipts of nearly $4,000 per month, or at
the rate Of 81 OsG 900 per year. which is equivalent
70 per cent en- the capital stock.
In my communication of April 2, gave the fol-
lowing table:
Gross earnings last wear 000
Add gain this year go per cenD........ 3,l65,ooo
Total gross earnings. $l3'1i2'o000 o00
Operating expenses go per cent)-...... o'4oo,oVo
Net earnings. .:..............-..--.-. @99569'00N
Interest on bonds. o'~oo'oOo
Surplus applicable TO dividends, equal o, am
10 about ii per cent on the stock. $o,OZS,ooV
Ibased these figures on 80 per cent increase, but
the gain for the very month of April III when TINS
estimate was made proves TO have been 45es per cent
The investigations made during my recent 'rip
convince me that the estimates previously haae vi
the value of the lands was far below the mark. Inc
Comnanv has : 600 600 acres coal and mineral lands
and q 600 600 acres agricultural lands. Estimating
the coal lands at about one-enth the value of Penn
svlvopia coal lands ($1 900 per acre and the agii-
cultural lands at onehaf the average price obtained
by the Illinois Central Company for Its lands the
following is the result in round figures
Coal lands 500 per acre. 5000 00U 00
Agricultural lands, 50 per acre.....- oo'ooo'ooo
Total. ..........................-. -Tooo,VoV,ooo
Tl,is sum may seem amazing, but that in due time
II will be realized by the Company is as certain as is
the development and growth of the country. There
are many who have not yet fully awakened TO The
value of the Union Pacific property. Investigation
will show to them il has to me that it is the most
valuable piece of railway property on the Continent
and has the greatest future. If the railroad proper
could only earn running expenses instead OF earning
more than II per cent the lands alone would eventn-
.lly nav every bond and obi alton and leave over
5000 for every 500 share Of stock, even II AN tne
stock were issued which by law can be-
The Union Pacific Railroad Company has, during
the past few years spent large sums out OF net earn
inrs for the construction Of branch lines ana for
permanent Improvements on the main hne. III is
clearly due to stockholders that they should have
some representative for their money which has been
thus spent and expect to see the capital raised from
$4,000 600 to $50 OO0OO the difference of $14,-
600 600 being given to the stockholders in the form
Of a stock dividend, and to see the Conn any pay
regularly and easily to 10 per cent per ainum OF
tle enlarged capital.
again put the opinion on record that every securl-
ty Of the Company will sell above par lhe hrst
mortgages are 106, the Land Grants nearly par
and the Sinking Funds and stock the way to par.
Boston, June 26, 1875. sT0CKHoLpER