Show fY NION PA i ANNUAL REPORT 1 fc Document Furnishes Volume 1 i of Information Never Bec Bet Be- Be t c fore Given I S RING FIGURES B f. f v I 1 fi Ap An Array of Facts Which t i Taxes Powers of Comprehension CornS Com Corn ix S 4 L S Officials of th lie tho Union Pacific Pl railroad 1 ha have ent to slIt shareholder ehi l er completeS complete t S copies of the annu annual l of the thin company com corn 5 1 m J pany for o or tho the 1 your U endIng Junot Juno t t 10 in 1 Ln i Lila io report tho the officials of the rondII road rond II have e presented one of tho most documents that has ant financial tip ap- R. R r pea peare red during the current ye year r because L of ot the greatly r. Increased nse volume of or Information In- In inN fV N- N formation given Riven to the lie public especial especial- f t l iy ly concerning matters which heretofore f t- t S have hove not boon cn given In detail f Tho report shows show a n surplus earned r a available for Cor common dividends nn ani amounting to or per par parcent 5 S1 cent on tho thin company's 19 of ot ott it f t common stock toc r 1 But ut tho the Union Pacific and Southern J-i J y 1 P are aro practically one system tem To S i.-S th Union P cH c surplus thero should be added about of surplus l sr-f sr earned by b- the S southern Pacific In the tho y year ar In question but not hot paid to the thin r Union Pacific I r. r parent company S J This brings s the surplus el earnings s of tho the Union Pacific u up to 0 10 or S O. O 7 ncr cent on Union Pacific com com- mon mono S- S v Analysis shows that this result hasS has hashe S I he hoon ui accomplished d after afler continuing the Union Pacific properly on oil a higher hor T st standard of maintenance than Is lived hived I 3 up lip to b by Any important railroad system In Jn the United States Suites A predominant feature of the lie report Is the statement that In tho the pa past t ten years till thiO Uni Union n Pacific has haR earned 4 of r over and above o alt all i dl dividend end disbursements ments The Tho Union Pacific's profit and loss credit balance balanceS 1 S as of the date In question amounted to I In ad addition to this 63 J of or profits have e been expended S for Improvements betterments r railroad railroad rail rail- lJ- lJ road stocks and other purposes These earned profits exceeding which nr are arC now he held in hand handor handor or or h have hc c been reinvested In iii stocks stock and antI properties aro are equal to approximately 60 G CO a share lar on Union on common 1 ii u. u 11 11 i. i signs tho the report points Out ut that the thit market value alue of de tho the Gie Great t Northern and Northern North North- em ern Pacific stocks which wore wire sold un under under un- un der his direction yielded and If It the they had been held to date the shrinkage from that price would bo be that the market value alue of the reinvestments shows a a. t. t shrinkage of r 1 so that the net gain be because be- be causO cause of reinvestments is and lOd ho he says sn's further that the Great Northern and antI Northern Pacific stocks yielded per per- percent cent on the proceeds realized whereas the thic reinvestments yield per Ter cent There I Is a. a again to the Union Pacific of oC per an an- an num man UpiOn I n Pacific secrets are still sUIl further unfolded In tn this report Mr harriman si i that tha that t there hon been sold soll 16 r ti s o a o rth a a nv t 2 shares of oC Northern Pacific at an ern a average c of or a share coo shares of Northern Securities at t an anu average of or SO a a. share and Great Gren Northern Ore at 77 77 41 a share lie He says further that hint the Ule total profits to the thin Union Pacific as 08 a a. result of oC the orl original North Northern rn P Pacific In investment was as S In ca cash h. h plus Great Northern ern and Northern Pacific stocks on hand worth at current market prices approximately making the thenet thenet net profits of or about The Tho report also also- states that that miles of ot the company's system m are n nov v w free of mortgage age debt and are hold held holdas as asa a a free tree n asset As of or December 5 f last the Union Pa- Pa curc held hell Investment stocks in other railroads of a market value at tho present present pres pres- ent time of or the investment investment- return from Crom which is 1 O pet per annum and in addition to this has profits profit on account of or investment n op operations operations op- op 1 amounting to In addition to the fOle foregoing oln ties tieR may new securities have ha been heen a ad- ad ded to to- the company's s treasury during the year 11 tho the most important of or which are arc 4 per cent first mortgage mortgage mort mort- gage gc bonds of the San Pedro Los Angeles Angeles An An- Angeles geles Salt Lake Railroad company in tn repayment of or advances mCl made O the latter road and capital stock of oC the same com company pan together with various arlous other ether stocks and bonds homb Besides the called so-called Investment In se securities so- so mentioned above at present worth th the Union Ullon Pacific holds other securities in other companies com corn panics hot Including however howe an any securities of ot the tite Union Pacific system or oran an any of ot Its proprietary companies s fl of or par value Rlue and approxImately approximately approximately one-half one of th se consists of or bonds bond In other wordS woid the thc total tola of or the soS se securities so- so S I In the tho Union Pacific treasury at t the tho present time lime excluding securities ties tics of or the tho Union Pacific itself and proprietary pro pro- I companies has a value 1 toda today I o of approximately approximate The report cites the fact tact that the I fiscal year ear In question a decade of the company's operations since reorganization reorganization reorganization re re- re- re organization and anti points to th the fact t that Ita t Its itI gross receipts have Increased from to and Unit that Its surplus sot for Ol dividends dl has linK been mul- mul by four Cour showing an nn Increase from 9 n t to and suites states that in iti this period there has hns been expended cx- cx on the Union P Pacific for changes In line equipment Improving gla grades e etc otc etc and for terminal terminalS properties and amid lines now In course of or S or 01 In ill Viewed as a 0 whole this does docs nt not t merely I t tax the powers oe of compro- compro of ot the tho ordinary Individual In KJ th st gt atory stry r ry it tells teU of of or profits In the lie past rast decade over o and andall all aB the lie millions of ot profits o ha been distributed to the stockholder of the treasury holds of or securities in other railroads which are nrc yielding the Union n Pacific over o 16 p per r annum nn lm o of the property which Is pay pay- fiur Jn tagS 10 per cent dividends on 00 of or common tock stock anti and earning upI up- up I tiC of 20 O per ncr per cen cent l ther thereon on the the thoughtful stu student ent o of American Am Am- rn- rn finance who recalls recall the tho Un- Un lein nf n a decade callo a ago o. o and ha has w thed r clo development In lii this country In recent yan will find InS In S 1 ty an atra array o of facts anil amid figures figure which will wilh well nigh stagger ta r the Im Imagination Sm- Sm atlon |