Show I i I I mm LOYETT AT HEAD I OF BIG SYSTEM I II I Elected to Succeed E H Har Harriman Harriman I riman as President of the Union Pacific MEETING OF DIRECTORS FINANCIAL REPORT SHOWS THE COMPANY IN GOOD SHAPE New York Oct Robert S Lovett was elected president of the tha Union Pa Pacific Pacific Pacific railroad to succeed the tiN late E K H Harriman at a meeting of the board of oC directors today toda The executive commit committee tee was reelected with Judge Lovett as chairman to which place he was elected as Mr successor a few weeks ago The other members of the executive committee are re Henry C Frick Marvin Mart in Hughitt Frank FrankA A William Rockefeller and anu Jacob H A L Mohler J C Stubbs Stubbe Julius and William m Mahl Mahi were appointed ap appointed appointed pointed vice presidents Stubbs and Mahl Mahi were also elected vie vide vi e presidents of the th Oregon Short Line Railroad company which is a subordinate company of the Union Pacific in addition to William H Bancroft who was reelected to the same office All Ail four are made mad members of the executive committee of the Oregon Short Line Railroad company com pan Financial Report The annual report of ot the Union Pacific Railway company for Cor the year ear ended June 30 last lost shows Gross revenue from transportation operations an increase of 2 net revenue from transportation after aft r payment of operating expenses and taxes an increase of Income other than from transportation I operations including interest t on bonds and stock owned an increase of After Arter the payment of dividends of 4 per percent percent percent cent on the preferred and 10 per r centon cent centon centon on the common stock the total surplus from transportation operation and from other incomes for Cor the year was an increase of 54 The report sets Bets forth Corth that since the close of the fiscal year the remaining shares of ot Great Northern Iron ore properties prop properties properties have been sold and real realized j from the sale With the exception of 7 49 shares par value each of I Northern Securities company compan stubs the company compan has sold all the stock of the Northern Securities company of the Great Northern Railway Hallway company compan and of the Northern Pacific Railway company campan re received received received in the distribution of the assets of the Northern Securities and the stock subsequently acquired by subscription tion rights The sum realized from Crom these sales amounted to Big Balance on Hand There was appropriated during the year ear for Cor additions betterments equipment ter terminal terminal terminal minal properties and for Cor the construe construction construction tion or acquisition of or new lines the sum of The expenditures for ac account account account count of these improvements amounted to leaving Ol unexpended which amount has been brought over oer in into into into to the current fiscal year The annual report shows that during the year the Union Pacific sold Chicago Milwaukee St SI Paul common stock amounting to S par value alue all aU of Its Great Northern stock par value 53 3 and all of its Northern Pacific par value The company acquired shares of Illinois Central Cent Mil during the year ear |