New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-11-17
UNION PAc1rIc's YEAR.
Company Shows More Than 10 FER
Cent Earned on Stock in Year.

The report of the Union PACING RAILROAD
Company for the year ended June ~ SHOWS
earnings from transportation operations
equivalent to S.l2 per cent on the common
stock. and income from investments equiv
alent to S.is per cent, total OF 1901 per
cent. The report also shows an increase
In assets In the year in excess or the IN
crease in liabilities Of 81, lS,2Si, OF when
balance OF profit realized by the oregon
Short Line Railroad Company from the sale
OF Northern Securities stocks ana STOCKS
received in exchange therefor contributed
s9S,ISelS. Actual net increase In assets wa wa.
siOiso5,l4, against net increase In Hapii-
ties of S33, 1850.
The profits realized by the oregon Snort
Line Railroad Company from its Original
Investment I'm the 82i9ls.n shares or the
capital stock OF the Northern Securities
Company and from the sale OF the stocks
which IL received under subscription rights
TO the stocks of the Great Northern Raii-
way Company and the Northern racine
Railway Company received In the distri-
button of the assets of the Northern Sc
curities Company were s5s.6si,l57 IS. OF this
sum N.955,47s 30 was taken up by the ore
gon Short Line Railroad Company In us
profit and loss account In the year l9Oo:
the remaining s53,72s,67s 46 was taken over
last year. the profit being distributed as a
dividend on the shares Of the Oregon Short
Line Railroad Company. all of which are
owned by the Union Pacific Railroad Com
pany.
In the, year there was a net increase OF
41 miles In mileage of railways owned; OF
81 miles In railways owned Jointly; OF 100
miles In railways operated under trackage
rights, and OF 169 miles In sidings. On It's
total mileage operated operating revenues
and revenue from outside operations were
SIS, 9SS,1CS loss of sl,2ii,9A from the pre-
ceding year Net earnings after expenses
and taxes were S35,71l l26, compared with
S40,024.S35 In 1910, and surplus transporta-
ton operations after charges. 2l,59,l9O
loss of s,A4,ii9 from the year before. -.
After dividends there was "A balance OF
S,eOl.70S, against $3.50, SO in the year ended
June 80. 1910. Total income other than
transportation sources. chiefly interest and
dividends on securities owned, amounted 10
SIS, 396.57l a decline Of Sll5,4S. From this
amount YVES deducted dividends on stocks
Of the Union Pacific Railroad Company OF
= .663,S2S q per cent IN The common, leaN-
ing a surplus income from other than
transportation operations of Ss,7S2.II2. The
total surplus from transportation opera
lions and other income was N4,33i' 49,
against sl9.He.S4 in the. year before. o0-
and taxes Sl99.799 Expenditures for addl-
tons and betterments. including equip,
mcnt. charged to capital account amounted
to Sls.2s3l75. From proceeds OF sales OF
lands and money from interest and prin,
cipal Of bonds of the Union Pacific Land
Company there was received N,5O.Wo'
which was applied to the payment OF pet
terments and improvements not otherwise
81. Is3. 2S0 I'm the funded debt In the year
Net charges TO capital account were Wy
295, 635. Demand loans to the Soutnern "a
cifc were 5000 ,305. an increase or WHO,
1876: cash on hand at the end OF the year.
as shown in the statement OF current as,
sets. was sl217,O oil. and demand loans ana
time deposits. s2Ssoo,CoO. There was prac.,
tically no change in the year I'm the amour.
of investment stocks owned by the COM
pany.
No development in the report Is capable
of more significant Interpretation than the
enormous Increase in the profit ana loss
surplus in the last year. This lncreahse e
in surplus is equal to 30 per cent on the
outstanding common stock and convertible
bond equivalent 1t is true that or this IN
crease some si1, 10000 is a bookkeeping al
iteration. II is just as true, however thal
this bookkeeping alteration makes IL clear
that the company has s7l.llSs4 more avail naI
ried on the balance sheet. There Is no
mystery I'm this additional surplus but ~
is reasonable to suppose that the c0mpany
of riches together at this time.