Little Falls weekly transcript. (Little Falls, Morrison Co., Minn.) 1894-19??, 1894-08-31
run At A LOSS
LOST ALITTLE ON CONTRACTS,
But Had Profits Enough Left
to Pay Three Millions in
Dividends.

man was before the labor commission
for nearly three hours during the after
noon. Vice President Wickes, who: fol-
lowed his superior, occupied two hours
and will appear again.
At the outset of his testimony Mr..
Pullman made a careful preliminary
statement of his position toward the
commission and defining the motives
which had moved the company to estab-
ish it's manufacturing plant and homes
for workingmen as it had. In answer
to queries by Chairman Wright Mr..
Pullman told Of the contracts for work
undertaken by the company at loss in
order that the men might be kept at
work. He said:
Cup to the time of the strike we had
lost more than $780, 900 in pursuit of this
policy. I explained this personally to
the men when they were having their
conference with Mr.. Wickes, -
Regarding Arbitration.
Answering Judge Worthington, Mr..
Pullman said he did not have charge Of
detail work in connection with the
company's affairs, but that he was
president and received the reports OF
other officers. The judge asked:
GAS to this reported declaration Of
yours that you had nothing to arbitrate,
were you correctly reported?''
o7r
on that subject. They are contained
in the printed statement submitted
referring to the printed interviews pub
lished during the progress Of the strike.
During the questioning Judge Worth
ington brought out the fact that the
company's original capital stock Of
/ 81 ZOO, 600 in 1867
Had Increased to s36,ocO,oOO;
that the company had paid dividends
of 10 per cent during the first two years
of it's organization, 81 per cent during
the next two years and per cent annu-
ally since and at the same time had &C.
cumulated a surplus amounting to $685.
100000. He also elected the statement
that the stock of the Pullman Land as
ISOLATION was entirely in the possession
of the Pullman Palace Car company,
having been acquired gradually by the
investment Of the Car company's sur
plus earnings in the certificates of the
! Land association r>s$< 49, IA = -
Recurring to the stock of the COM
pany Mr.. Pullman said it represented
actual cash paid by the stockholders, as
the capital was decided and the capital
stock was increased for the legitimate
business of the company. There was
no ''water' in it and none of it repre-
sented stock dividends.
Was Successful Year.
'sNow, MIR. Pullman" said Commits
sioner Worthington, ''taking the whole
year through has the Pullman company
made or lost money?''
cit has made money!" was the
answer.
Commissioner Worthington continued
the questions:
"You have paid your regular divi-
dends?"
eyes, sir; per cent
"That is something like $2,800,OO
you have paid out in dividends for the
Year,"
eyes, but that includes the latter
part of the worlds fair season, which
was exceptional"
''Let me ask you, Mr.. Pullman,
whether you do not think company
that pays dividends of $4,000, 1000 could
not afford to share the losses Of it's en-
ployes who have worked for it so long?'
Couldn't Rob the Stockholders.
''The manufacturing business is sep
arate from the business of the sleeping
car company. see no reason why
should take the profits of the 4,20(
stockholders in the Pullman Sleeping
Car company and pay men a higher
rate of wages than was paid by othe,
companies for the same work. Because
we have been careful and accumulated
surplus do not see that it is a reason
we should take the surplus now ani
pay it out for exceptionally higl
wages"
s'Has the Pullman company durins
the years Of it's prosperity ever advanced
the wages of it's employees voluntarily
81 do not know as to that. It has al
ways sought to pay fair wages and tn,
!; fact that we have never had but on,
strike is pretty good evidence that tn
} men have been satisfied. - 50 49, = -
Didn't Cut His Own Salary.
"Was your salary reduced, Mr.. Pull
MANI ~ fzs%.~. z-pa...
/