New-York tribune., 1907-05-10
PACIFICS BIG ISSUE.
Continued from first page.

for the ending June 80 1907 would be apprOxi-
! mately Si46s7.ooD and fixed charges including re-
for depreciation of rolling stock. Ss92901o,
| leaving a surplus over fixed and other charges OF
S25,76s 900. From this would be deducted dividends
OF per cent preferred stock. s. $4,000 and .
per cent the common stock. Ss.ss2Oo0, leaving a
surplus after payment of dividends OF slSloSOo9
Mr.. Hartman said that in his opinion the actual
figures would show greater results. rather than
less He continued:
At the present time the floating at 5 debt Of h The
Sl425O,co Is due the Union Pacific Railroad Com
pany. This floating debt was incurred in the fol
lowing manner: Two years ago the short term two
five year AZ per cent bonds amounting 10 SSoeNoo
@ Rsd ayn ON apd @ @ S pnsod bonds Th
Southern Pacific Railroad Company has ms retired out.
ssiS7oO0' leaving unsold bonds in the treasury OF
S6,t7loO0. The Central Pacific Railway Company
has paid three nstalments OF notes due the United
States government releasing refunding @ bonds OF
that, company to the amount Of SsS22 go which
ury against which nothing has been sold St4"2
Galveston, Harrisburg San Antonio second
ture against which nothing has been issued SS.
$4,000. which more than accounts for the floating
other than the above the company has the fol-
lowing assets aSains wCn the[e v n no ~! $500 @
principally of oil companies in California. so st1O;
OF completed railway for about 1.SS5 miles partly
under construction and for change of gauge Of the
Southeastern California lines: for acSuIsition ~
lines s14 7es oN0: for electric railways prncl-
2540oo; for steamships. S255 900: for real estate
S1335TOOo: making total expenditures uncapitaIizei
H40oo0G0 IN round numbers.
UNION PACIFIC STATEMENT.
Al the meeting Of the Union Pacific directors
which was held after that Of the Southern Pacific
board. Mr. Hartman said. statements were sub
mitted showing estimated earnings over operating
& zen DdncnT g the TegG f9G ending ling June 81 1897 Of 81
debt, sSs5,Go; sinking fund requirements. s12 an:
oc surplus Of &pproximateiy a s S S6ssSi Wi re re-
main In, In addition to the above income tho COM
than from investment securities sS42s0 50: income
steamships 2Ho6 which viii bring % the tntsi
9come or the company up to- say: $50 $4,000 Mr..
actual returns would be greater rather than lass.
up on very conservatives lines After paving maze tbs
dividend on the preferred stock s0oooIo and the
Woud Be so somehns I moTe tha% fGSk S2er thsT s5
above all requirements Of every kind
Tho Union Pacific Railroad Company ss the
holder Of about As per cent Of the Southern Pa
cihc company's stock will have to take about SIS.
Coe00 OF tho new preferred stock which the direc-
tors OF the latter company yesterday decided 10
offer to It's stockholders. and that amount viii be
added 70 the Union Pacifcs present requirements
bringing them up 10. say. S5 COO which is about
the amount which will be realized from the sale at
80 Of the SO 00o ooo bonds to offered next month
10 the stockholders
HOW MONEY WAS SPENT
The floating Indebtedness of the Union Pacific
Railroad Company, President Hartman went on
was incurred for the following expenditures. which
have not been capitalized: Construction and ncouisI-
ton of lines $40 l72.OO0; payments on account
of the San Pedro road, $lSO5OOco: steamships Man
chura and Mongolia. $512sOoO; rolling stock s9Sa2
COO; lands and miscellaneous real estate saOSNcO0
a total of S6S. SIS. 900
The chairman also submitted to the board n |
showing that the company owns $50
$1,000. face value, of bonds charged on the books
at $71654Ooo; S27.75aOo0, par value Of investment
stocks and rights costing s1S $4,000 standing on
the books at SSs273.OOO; s70.623 600 par value OF
other stocks charged the books at $40 sll ONo /
The entire free assets. excluding the amounts ad |
vanced for new construction and the unmortgage1 |
railroads therefore In figures s2ls coo ODo
Tho company also has 1.62S miles of completed |
road unmortgaged. against which IL Is expecting 70
issue and hold In it's treasury s7OOoO0o to $50 900 600
Of first mortgage bonds. The Union Pacific systsu
Mr. Hartman said. would do financing this /
year beyond the programme now announced
PROFITABLE INVESTMENT.
AS TO the investments of the Union Pacific svstar,
n the securities of other roads, Mr. Hartman said.
We have not sold any securities except Great |
Nor N1dthern h ana Northern Pacific The Hi stocks
,ent their cost; the reinvestments made @ nth Ter
he money received from the sale of those st"ck
Union Pacific receives at present 7S Der sep, ie me
me total cost OF its Investments including its
The Southern II Pacific m stock worth on MAY 4
IUa ast saIurday: i eost 900. the value
stocks WHICH Si have been sold there has been re
iSiVea S 1, sos COO The market value May OF
,ne ia diill STOCKS A SUI owned by the Union PacIhc
SStem aalG Tas mang with the value of the
Hin stocks acquired was SSi9sl 900 which III bsins
leuucted from S+i55iOo, leaves profit realized o.
stocks in which the money realized froD, tS Inc
o,arht % vas reinyested cost SlS1 s2O0o The