The New York herald., 1921-04-13
NORTHERN PACIFIC
$19,O94,1SS
Road Pulls Through 1920With
Dividend Earned and SO
Cents a Share Over.

'She Northern Pacific Railroad COM
pany was able to scratch through 1920
with lis full ST dividend earned and 60
cents to spare for every share OF its stock,
according to its annual report submitted
yesterday 20 it's stockholders. It's net,
after taxes. amounted to $1,000, 1873,
equivalent to $3.50 a share, against s22,-
S36.736. or $3.50 a share in 1919.
The fifteen stockholders who attended
yesterdays meeting of the company
asked several questions or Howard
Elliott, its chairman. all of which he
answered. In reply TO one question he
said that he could not give any guar
antee as to whether the present per
cent dividend would be maintained on
Northern Pacific stock, but added that it
certainly would be paid IL earned. In
discussing the problem OF rates and
earnings on the railroads of the United
States, Mr.. Elliott expressed the opinion
that rates could not be advanced fur
ther Referring to the heavy shrinkase
in the volume OF railroad traffic, he
said that the Northern Pacific was doing
only about so per cent. of the business
that it usually handled a. this season
OF the year.
In addressing the stockholders at the
opening of the meeting. Mr.. Elliott said /:
II hope that the Interstate Commerce
Commission will approve at an early
date the plan for refinancing the Bur-
lington joint 4 per cent. bonds, which It
has under consideration" In reply to
another question he said that the COM
pany's directors expected that the divi-
dent received by the Northern Pacific
and Great Northern from their holdings
OF Burlington stock would be sufficient
to pay the interest on the proposed new
joint 6 1a per cent bonds. In reply to a
question as to whether 1t would be adj
vantageous to the Northern Pacific to
consolidate the Burlington-Great North
ern and Northern Pacific under the
transportation act of 1920. he said that
he though 1t would be. He pointed out,
however that the railroads had not re-
ceived any information from the Inter-
state Commerce Commission as TO what
groupings 1t would favor under that act.
He called further attention to the fact
that such groupings were not manda-
tory upon the railroads, but only per-
missive He said also that he did not
anticipate labor troubles.
Greenville Kane, Crawford Living
ston. Frank l.. Polk and George L. Slade
were nominated as directors OF the COM
pany TOT LtTeC years, IloiH npi ~ I, pIS
phen Birch was nominated for two
year term, and James n. Hill. =. Hay
ward Ferry. Charles u. Perkins and
Henry B. Spencer for ono year.
The con,panys income accounts OF
1920 and 1919 follow:
1920. 1919.
Ry. op. revenues. =. .S113.0sf407 500 l39.3
Ry. op. expenses. 10o,es3.s74 as,612 .aos
Net corporate incline 19,0a41s3 2s,S36. 130
Dividends .......... 17.360.000 1860, 900
Tr. to profit & loss. l,I34ls3 o.4'o''oo
The report shows the corporation TO
have capital assets of S743.989.933, of
which s1S6,643,7S1 are investments in
affiliated companies and s23.345.167 in
other investments. Its current assets
are placed at $63.67i,77s. and include
s9.77s,593 In cash. s6,155,299 In special
deposits and $14,372.325 in accounts re-
ceivable.