Show Where the railroad dollar goes II Practically all the money the railroads t take ke in i is immediately immediately lately put back into circulation Railroads do a I large rge volume volume vol vol- ume of busin business ss on a narrow margin of net income Out of every dollar earned from operation by the railways of the United States there was wag absorbed in 1922 by Wages and Salaries cents Fuel Fue I 94 9 cen cents Other operating and maintenance expenses expenses expenses ex ex- including such guch items as rails and ties loss and damage cents Taxes 15 5 cents Net Operating Income cents 1000 cents Out fo this cents of net operating income cents went for interest on bonds and other fixed charges leaving leavin 15 cents for stockholders Adding 69 cents of income from outside sources net corporate income was 84 cents of which 49 cents was paid in dividends leaving 35 cents available for appropriations and surplus Gross earnings of the railroads in 1922 were 1567 more than in 1917 This and more too was immediately paid out again as follows in added wages to railroad in added cost of coal mostly miners' miners wages for additional taxes additional for materials a and d supplies largely representing wages The stockholders and bondholders of the railroads got none of the increase It is significant that good times are always coincident with heavy buying on the part of the railroads and that bad times are periods of light railway purchases The Union Pacific System is one of th the most important fa enterprises west of the Missouri River Its nearly and their families constitute a buying power which is the main reliance of many businesses The purchases purchases purchases pur pur- chases of the Union Pacific System from firms located on I Ithe the System or which have offices on our lines aggregate millions of dollars each month t I IThe The railways are planning ng to spend hundreds of millions of new money during 1924 to better serve the public Our transportation movement durin during 1923 is the outstanding g in industrial h. h accomplishment of the year The waste of the year 1920 1320 with its car shortages shortage its derangements and price levels stoppage of industry probably amounted to not less leu than a billion of dollars and the American people and no economic fabric could have stood that loss that did not have a total income in excess of sixty billions s. One great contribution to the business stability of the past year has ba been the fact that we have hive had a free and regular and orderly m movement movement move move- l' l ment of transportation From transportation From address addless by Secretary of Commerce Herbert Helbert C. C Hoover January 9 C. C R. R GRAY Omaha N Nebraska braska President February 1 1 1924 THE UNION PACIFIC SYSTEM 1 w L l t 1 M Fa f i. i M w i rl i fir r rr I r t II I I I Twenty Yeah Yeat of Successful Automobile ie Building January 28 28 Bi uck ick celebrate its IU twentieth birthday roud a ud at ea Buick Butch i is i. of its growth within the short space of or two decade it ii is nr not t In its ita va vast vait It o Oi that takes take its greatest pride Rather it i u is m to what the these thee e att indicate D R position cf of I i has haa been achieved solely by the e. e to o Of of uc 2 Ii en es tin ain in th the tho hands hand of more mere than a U jr JT liu lion t owners la it th u d lle geln gasn in th then r satisfying lIT contort and in ii their r year by year yeu of every demand of or Buick cars eat car 4 helve w won n the place t tJ ey ry o a From F the Ule rich blk background round of or experience with with all aU of r its un on unequalled QueUed equalled d turing turin facilities facilities and and inspired by bl a it deep tense en enuf 1 obligation t t- t to Buick friends friend o owners owner ora and the general m Buick Buirk WIlt wil seek t ev ever v r to tn maintain en an e even n higher level t tte e confidence of t tte e pubic public it now enjoys enjoy t KOPPS KOPP'S GARAGE GARAGES Guaranteed Workmanship 1 I 1 tm t I ni I r rr when b te r u lo no bl I art ra built Buick Balek will build hem I. I Let nothing influence you but the judg judgment went ment of your own owe eyes I I I I Let place a New Edison in your home for fora a few days without obligation on your part Try to arrange to have any talking machine placed there at the same time Then YOU decide which is h 13 the best phonograph The New Edison London Console shown above embodies embodied the same superior Re-Creative Re qualities found in the more expensive models of the New Edison group encased in an attractive cabinet finished in soft brown mahogany A delight to both eye and ear yet ear yet the price is within the reach of the modest purs purse Only the New ew Edison dares the test of direct comparison with the living lhing artist When may we place a New Edison in your home LEIGH FURNITURE E CARPET hARPET COMPANY |