Show SHO HARRIMAN AS REAL WIZARD IZARD Bestrides Financial World Like Colossus Astonishes Others FIGURES ON RAILROADS Union Pacific Nets Enormous Profits Compared With Others I BY lIT lY THOMAS C. C New York Aug 23 When When hen Southern South South- f em n Pacific crossed par this week all al financial markets of the world worl re resounded resounded resounded re- re sounded with the of ot K E. H. H liar Har- riman who tool took up UI tho the road when it had small earnings earning and ant small smal security issues selling at small smal prices s and In Increased Increased Increased In- In creased It to a mighty might proposition with wih big earnings big stocks H and nd bond Issues and the thc bl big prices In Wall Wail str street treL et Harriman bestrides the finan n- n cia cial 1 world worM like a a colo colossus sus and other railroad managers manager are arc astonished at atthe atthe the tue results ho attains In the interest of or his companies Earnings of Union Pacific for the year yeal ending July I 1 1908 were 76 3 Of or tt this sum Mr r Harriman's management spent pent in costs of oC operating ing In betterments maintenance and equipment 4 U 70 t Operating betterments renewals maintenance and equipment only absorbed 65 55 percent per percent cent of the tho gross ross revenue This Is a most wonderful result Union Pacific saves Byes for fOl tuxes taxes dividends interest and surplus 45 per cent or twice the amount saved sved h by New ew York Central and 30 per cent more than is saved 4 b by the Southern Pacific P. and SO 80 per percent percent cent more than the tho Burlington saves 4 Three per cent is paid out In taxes 4 and Union Pacific has still si 1900 for tor interest and dividend Canadian Canadian Cana Cazia- 4 dian Pacific had a gross grog revenue for tor forthe 4 the same samo period of oC and anda 4 a net of ot not counting Income in income In- In 4 come como from steamers or subsidiaries 4 Enormous Net ct Profits Union Pacific claims a net profit prof of oC 42 per cent of ot the tho gross gros after it has paid three per cent of ot tho the gross gros in taxes Canadian Pacific shows up with a net of 30 30 per cent after Its taxes have been paid and as the world knows Canadian Pacific never hides or conceals or Juggles a 3 single Item Hem of or receipts or expenditures Southern Pacific reports gross earnings s of oC 13 or 2300 a mile Union Pacific earnings are U a a mile This report shows Southern Pacific spending 69 per pcr cent for maintenance betterments betterment and cost of operation and saving sving only 31 per cent for taxes Interest dividend and surplus Three per cent cent or 01 9 for tor or taxes and 28 23 per cent centor or remain for disbursements disbursements disburse disburse- ments on Southern Pacific The disbursements call for about Cs in en keit cal n Pol is j really not ot er earning n its t d dividends vid c Southern Pacific is disbursing in taxes Interest and dividends 3 33 per percent percent percent cent of ot Its Is gross revenue an and its is net netIs netIs netis Is only 31 per cent cent Now the net result rosul Is that Union Pacific earning the tho same amount per mile mUe of railroad as Southern Pacific nets 1700 a 1 mile mie more than Southern Pacific This is most wonderful bookkeeping book book- keeping or most wonderful operating genius How Is It that Union Pacific makes net out of ot 2500 gross per ver nilo mia and 1 Southern eaves only Jon Northern c Does floes Northern Pacific has beon been saving savinG a mile mie out of or a u gross revenue of at 2600 a mile mie Mr Harriman Harrman knows how this la is il done lone at the expense of ot betterments maintenance and equipment equipment equipment equip equip- ment also the tho Burlington ton uses Northern North North- em ern Pacific tracks from Billings Mont Mont to Seattle and Portland Burlington pays the tho Northern Pacific for this privilege privilege lege with wIh the result that the Burlington Hurl Burl ington now saves sakes only onh 24 per ler cent net not out of Its Is immense gross earnings earnings Great Northern i Is saving 40 per cent of Its Ita gross earnings of a mile mHo for taxes Intel interest est dividend and surplus surplus surplus sur sur- plus but Its Is step daughter the Burlington Burl Durl- ington IB is sa ln saving only 2 24 per cent net of Its Is gross earnings N of a mile mie If I Southern Pacific only saved 24 Z- Z per percent cent like the Burlington ono one could understand Union Pacific saving 24 4 per Ier cent But Dut with wih Southern Pacific saying say sa sav- sav Inc ing 31 per cent a profit of 45 5 p per r cent of Union Pacific out of the tho samo m gross earnings per mile Is amazing The Tho Soo I Is tho the stepdaughter of at Canadian Pacific but the Soo Zoo saves SR 33 32 per cent and disburses only 25 per percent percent percent cent of oC Its gross earnings It I Is run honest honestly op openly lY with no gerrymander gerrymander- Ing lag or Juggling In toe the accounts Themore The Tho more one analyzes this turn In Union Pacific tho the moro more amazing It Is Where re Hill Slant Stand Stands It I Is Indeed a a marvelous result and Mr Harriman has ice 10 t it up for three aut whole years Mr Ir lull Hill Hi Is the tho only other othor man who has ever come near pushing this feat fent but Mr Hi Hill has haa hal milked Burlington ton to do It I and has let his hla railroads run down to near tho point of disaster while Mr lr Harriman Hariman has kept his hi Union Pacific tracks cars and steel bridges to the tim point of ot por- por ecton and Southern has his been grafted on until its Is net profits dwindled to 24 H per er cent and until its Is rails rais and roadbed were dangerous to life and limb like Iko the Burlington ton ICo But lut suppose Union only made 33 32 per c cent nt net and had to pa pay out three per cent In taxes Its net saving In that case would be only 2 a u year The rhe average net s of or all al fairly and honestly managed railroads in tho United d States and ond Canada run from 30 per cent to 35 per POl cent Union Pa Ia cU ct 40 o per ter cent net and Northern Ja- Ja Pacific's 1 TJ ii per cent net are arc tho the two grand exceptions SomA people In Wall Wal street think that Mr Ir Harriman Hariman will wil 0 Union Pa- Pa elite and Its tributary clo country prostrated pros pros- very much an as ni Ja Jay Gould left tho the Erie Eric and its Jl countr country But BUl those who know Mr Harriman best beet sa say that he wants his hla railroad system to bo his bin monument Ho ne has all al the money ho ic wants and he proposes to punish his enemies by proving that no J Is the tho ever greatest seen railroad man tho the world has I |