New-York tribune., 1908-12-11
TPEARNSl6.23PERCENT
RsDor4 Shoes Striking Transporta-
fiou and Financial Results.

~. -eport of the Union Pacific Railroad Com
,-, for the year ended on June 80, 19E. shows
rs earnings of s76.02s22 decrease OF s269S7S
-, the year before. and net earnings Of SSl 900.
- 9 decrease of se1s26l1. The company earned
e. SO To- dividends. aE6 after the payment on
,be r-efer-ed there WAS balance equal to 1913
-s- cent the common stock, comparing With
"a pe- cent in the preceding year The surplus
sner all charges against income was H2.iSS.757,
.eainst s1oss7Ss2 in the year before. The surplus
efte- fixed charges from transportation sources was
s7S ss 7os While other income was e.76S.574 the
Istter being equal 20 81 per cent on the common
crock
n the year the company sold 50. T2SeO par value
~ Great Northern preferred. 100000 Northern
Pacific common and s6saono subscription certificates
II Northern Pacific stock. The total proceeds Of
sales Of Northern Pacific. Great Northern. etc.
stocks June 50 Sl34 .eS4. leaving profits
over the original Investments Of $50 1s6 POL
ING TO Ss55Ss.7S3 and this there should be added
similar stock unsold worth present prices Sl4-
eaen'. that the profits, actual and potential.
s5'tins from the Northern Securities investment
we're about $50 0e0.0oo
In the year the Union Pacific sold s2S50.e00 st.
PAU common and purchaN4d = ike amount of sub
scrfption certificates to ST. Pa common. Tt add
e 10 its treasury holdings S5rooo Illinois Central
IN the Union Pacific report for the preceding year
there tabuated Investment securities worth
ss q December 3 1ao7. se2s40S.7eo. These same
securities now held, plus the proceeds Of the Great
Northern -Ncrtherr Pacific stocks sold in the late
yea are worth at present market prices over $780,
saooe. an increase in value between December,
49,. and December. 1905. Of s72.o9aeoo
The purpose OF the Union Pacific in 1905 was TO
SCI its high priced Northwestern stocks yielding
less thar per cent and TO invest in others. Ac-
oordngly It invested Sl2 sS.21 IN other stocks, but
meanwhile sold Vs Northwestern stocks TO an ex-
tent yielding Sll7 7s6a79s that apparently it had
gone in debt But the last year the original Pur-
rose Was carried out, and the proceeds now real
Ted from the sale OF the Northwestern stocks
more than balance the cost Of refreshments
The total value OF the active investment stocks
N the Union Pacific treasury Of June 80 last
vas S2S7.59aOt9 which. together with $S5e-5Zo par
value bonds and s4734e240 stocks in companies nor
II the Union Pacific system OF value OF S1o.''''-
b ma es the total value Of securities IN me CoIi
T,ao;4c treasury ssz 500 a,o nearly all OF which are
unpledEed and free assets
The balance sheet shows current assets and ad-
,roes Of sl2l 294e1 and current Liabilities OF Soz
"a ga an excess Of current assets OF SoSfe'lo'-
.--,-- the current assets are demand loans Of
..rz Southern Pacific of S4S76.3S9 June 30 last
however. while in current EaoiIhes Of the Lhloh
E,e.ffc there $HI59645 loans payabIe lhls
sfr4-,rv means that the Union Pacific has financed
-fe large construction operations Of the Southern
Pacific. as heretofore The greater part OF the
mans Of the Union Pacific 10 the Southern Paclhc
IA. heen paid of since the end OF the last year
h. southern Pacific financing, and in addition the
1-ricu Pacific has sold S5oeoo9 bonds so thaI II
,s well fixed for cash to-day
The proat and loss surplus Of the company
amounts 10 S6S 97S52S but this excludes approx
l-ns+e,v So Gyaeo OF and profits applied 10
-,As Improvement Of the property. so that tIle
.szz-eEate o. the profit and loss surpluses is ap-
s-.-oxir7ateIy SS1oaoo The surplus earnings OF
-ts T-rior Pacific since 1895 from transportation
orestions have been sic 56S5is and In this period
ne company has paid its stockholders 81 7luZf2 IN
sIf5ends. and has had q surplus over DIVIDENDS
spai5 Of s9s,e56l;5-
II 10 zhis surplus from transportation operations
r. KS IS SO there be added the seo6eo$0 prohts
y 1be Northern Pacific Investment. and also be
ss5s5 ne enhancement in market value OF lis
sartbarr Pacific investment Of S55.eoe0, the tolaI
r-uHts of the Union Pacific amount 10 $Si1 foh"F'
afR97ich the stockholders have got s122 l0S4S and
-5e balance IS to be found in the comPanFs proht
-zrs loss surplus its treasury and ply seal prop
erties.
IRE gross income OF the company since 1873 mas
Increased from S COO TO So 76Stoo; its net IN
7rre srreabe 10 charges from slS,110,S54 to S4''-
ys1lr5 rs dividend disbursements from N'S'l5o 10
sss. %, 2 year while its fixed charges to-day are
r-s--5~afI,- the same - 1904
The c7--usrv's transportation results are equaIly
e good as its financial operations, and the more
ore ara1vzes the figures given in the report me
more amazing they appear n view q me 1a-'
t5s- not many years ago the property vas IN re-
re.ve-s' hands