, 1900-01-09
.SlJ,6I2,l9V
d. G.931,S71

Surplus for the years. S,7i0,3I9
1t is apparent that the surplus shown
includes some Implications, as between
the surplus of the subsidiary companies
and the other income" OF the Union
Pacific. received as dividends on its
holdings of stock in those companies.
All Of the stock of the Oregon Short
Line and the Oregon Railway and
Navigation company is not owned by
the Union Pacific, consequently no,
quite the full amount of surplus shown
accrues to the Union Pacific stock
holders. The difference, however, prob
ably does not exceed a few hundred
thousand dollars.
The report shows that the authorized
capital stock of the Union Pacific COM
pany is now 800, OOO, 900 preferred and
500, 17S,S 500 common. The full 4 per
cent annual dividend, to which the pre-
feTred stock has claim, Galle for $4,000
coo and the surplus remaining for the
common stock, on the basis of the
earnings Of the three companies for
the period covered by the report, is ap-
proximate,y $4,000, 600, or about 49, per
cent on the cOmmon shares.
In the report details of operating eX-
penses are not given, consequently ex-
act statistics relative to the OUTLAWS for
maintenance cannot he shown. 1t is
well understood in Omaha. however, by
railroad men who are ]cOnversant to a
certain degree with the affairs of the
Union Pacific, that the company dur
ing the year put into the road for ad-
ditions and betterments about 81 600
900 in excess of full requirements for
bare maintenance. The report shows
by a foot note in the supplementary
statement that upon all three proper
ties during 1889 the sum of 1885,
600 was expended at the cost of earn
ings for permanent improvements and
equipment.
An excess Of current assets over cur
rent and accrued liabilities amounting
to 81, l09, 900 is shown in the balance
sheet. Among the liabilities stands the
sum Of 81, 800, 600, set aside for the divi-
dend on the preferred stock hat was
paid in October. Considering this
amount as a current liability, for which
cash in hand must be allotted in order
to meet it a net floating debt of approx
imatpIy SiOO 0OO aDnpars
Train and traffic statistics show that
in the freight department average earn
ings per train mile were $2.46, the av-
erage per ton per mile being 1915 mills,
The average freight trainload, includ-
ing company freight. is set down at $40
tons. Passenger earnings per mile av-
erage 50 cents.
The publicit which has been given
this report has created more thar pass
ing interest in the railway world. Dis,
c~ussing the Union Pacific from the
standpoint Of the showing made by this
annual report the Railway Age, a rec
ognized authority, says:
"The present Union Pacific company
affords an excellent Illustration Of a
great railroad working out Its own sal
walton freed from entangling alliances
with the government. The plan of set
t,emcnt with the United States and
other creditors proves to have been
particularly happy, partly, however, OF
course, because of the extraordinary
prosperity OF the period. The new cor,
poration took possession of the main
line on February 1 and of the Kansas
Pacific lines on April /, 1898. During
the last eighteen months the OmahI
and Republican Valley roads, The
Julesburg district and some othe'