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IMMENSE PROFIT OF UNION
PACIFIC.
The Wall Street Journal of Oc
tober 11 contains some highly inter
esting figures showing the earning
power of the common, stock of the
Union Pacific Railroad. The rather
startling statement is made that the
common stock of this road earned
during the last fiscal year 21 1-4 per
cent. In other words, after all op
erating expenses and the 6 per cent
dividend on the preferred stock were
paid, there remained out of the gross
earnings $41,576,168, which is equal
to a little over 21 per cent on the
$195,479,100 of outstanding common
stock.
In a discussion of these figures the
Wall street daily says:
‘‘These are startling figures. Un
derlying them there is a wealth of
reserve earning power that can be
duplicated by no other railroad prop
erty in the West, and perhaps in no
other important railroad property. It
is not alone that Union Pacific in
the fiscal year just closed expended
more money for maintenance of way
and structures and equipment than
in any previous year, which means
that it is maintained on a scale of
liberality which is not equaled by any
other important railroad west of the
Mississippi rivfer, if, indeed, any
where else in the United States: but
that, furthermore, its earning power
is protected by the earnings of vari
ous railroad properties, east and west,
in which it is dominant and upon*
which it might call at will for larger
distributions.”
The Journal prints a table of the
comparative gross receipts and expen
ses of this road for the years 1902
and 1907, which shows that the gross
earnings of the road in 1902 were
$47,500,000, while five years later
they had grown to the enormous total
of $76,000,000; and that the operat
ing expenses per mile in 1907 were
but $1,542, while the gross earnings
per mile were $8,020. The total re
ceipts of the Union Pacific for the
last fiscal year, which included its
income from stocks and bonds held
in other railway properties, amounted
to nearly $90,000,000, or nearly $16,-
000 per mile of road.
Notwithstanding that the showing
made by the Union Pacific in the late
fiscal year is really a phenomenal
showing, it is safe to figure that the
current fiscal year will be productive
of even greater results.
The meaning of these figures is
clear, to wit: Not only is the 10 per
cent dividend on Union Pacific com
mon protected as to earnings, as few
if any dividends of the more import
ant railroads of the United States
are protected/ but it appears inevit
able lhat unless the country is to run
into a prolonged period of depression
Union Pacific common will become in
some form or other a 12 pei cent
stock, unless the management decide
during the next year to make a dis
tribution of free assets to the stock
holders, a development of which there
is a very fair possibility. One or the
other is reasonably sure.
In a discussion of the same subject
in another column, the Wall street
paper says that this feat of the Un
ion Pacific has never been equaled
by any other American road, and that
it is not probable that any other great
American railway system will ap
proach the Union Pacific in earning
power for some years to come. .
WATSON’S WIIKLY JBFFIMONIAN.
TAKES A KNOCK AT LINDSAY.
New Hope, Ga., Oct. 21, 1907. ’
The friends of some of our legis
lators think it would be better For
them to commit “liari kari” and
obey the voice of the majority rather
than commit suicide.
Johnny, git yer hat and come on
an' jine the Union. All things are
now ready and the door is wide open.
\We enjoyed Col. Flanigan’s call
down of the mighty Mr, Paul Lind
say. Wonder if he really totes the
other R. F. D. boys in the palm of his
hand? Martyr that he is, sacrificing
that ‘‘little home’’ for a reputation
and $1,500. Had it not been for Tom
Watson there would be no room for
an R. F. D. organization. But poor
little Martyr, hasn’t sense to know it!
Don’t you believe that the boys are
going to sacrifice all their cotton for
less than cost. A drive ovefi the
county will convince the bears that
lots of people are not being bluffed.
The true Union men are found jn
every hand who are men enough to
demand their price for the staple.
Any number of sympathizers .are
found standing by the minimjim
price—men who have not taken the
obligation.—Gwinnett Journal.
THE HONOR IS WATSON’S.
It makes us sick and tired to lis
ten to the whittling dry goods box pol
tician argue that a southern congress
man can’t do anything in Washing
ton with the republicans in power.
If a congressman is a great man he
can do something, otherwise he’ll
amount to no more than a garden
seed peddler. Tom Watson did more
in two years than any other southern
congressman has done in all the time
that he has been in office. Page 1759
of the Congressional Record, Febru
ary 17, 1893, shows that Tom Wat
son secured the first adoption of a
resolution in favor of the present ru
ral free delivery system and secured
an appropriation therefor. Mr. Wat
son has often said and published over
his own signature that he would give
SI,OOO to anybody to show that this
was not the first amendment and the
ftnst appropriation made in behalf
of the present rural free delivery sys
tem.
An incident within our own recol
lection will show how much prejudice
there was against Mr. Watson’s plan
to deliver mail to the farmers along
in the nineties. Postmaster W. C.
Cole asked a certain well known pub
lic citizen to draw up a petition to
secure a R. F. D. Route from Law
renceville and was laughed at and
told that the scheme would bankrupt
the government. Well, the rural free
delivery of mail hasn’t bankrupted
anybody and is the greatest blessing
to the country people secured for
them jn a quarter of a century.
The. Journal editor never voted
for Tom Watson nor would he do
so now unless he would run for of
fice as a democrat, but that doesn’t
alter the fact that he is a great man
and in some respects the greatest
man in America. Certainly as a po
litical speaker and writer, he has no
equal in this country, not excepting
Bryan ? Roosevelt, Hoke Smith, Joe
Bailey, John Sharp Williams or any
body else.—The Gwinnett Journal.
PLEASE BE PATIENT.
Several of our friends have com
plained of not getting The Co-Opera
tor regularly. We have examined
these complaints and find in almost
every instance that the papers leave
this office. A few. days ago a friend
in Fort Worth complained that he
had never received a copy of the pa
per, although he subscribed for it
the first week in August. On exami
nation, we found his name entered
correctly, the first week in August,
and the paper mailed to him each
week. We are now investigating
this case and other cases. It does
not seem possible that the postmasters
would attempt to prevent the deliv
ery of the paper to our subscribers,
even though we do teach a new, and
perhaps to some of them a strange,
doctrine.
A Missouri postmaster, who also
runs a grocery store, uses the sam
ples we send to our agent for the
paper, for wrapping paper in his
store. We will also investigate this
fellow.
We know it is bad, and w edo not
blame any one for kicking if he fails
to get the Co-Operator. We want
you to kick, friends. If you will keep
on kicking we will get the matter
fixed, even though we have to add ex
tra force in our office to look after
this work specially. We are very
anxious that all our subscribers get
the paper each week. You will con
fer a great favor on us by kicking,
and kicking hard, till we every
thing fixed as it should be. If the
fault is in this office, we have yet
failed to find it.
(The Jeffersonian sympathizes with
our friends of The Texas Co-Opera
tor. Let all our readers peruse the
above carefully and then, “be pa
tient.”)
SOUTHERN BANKS ARE NOT
TOUCHED.
(Continued from Page One.)
condition than they are to-day. The
panic in New York has not been felt
here at all.
The impression that the cotton
men of this vicinity are panic strick
en over the present outlook is false.
On the contrary, they are holding
their cotton for higher prices.
The fall trade among the merch
ants is brisk and lively.
Mississippi Banks AU Right.
Hattiesburg, Miss., October 27.—■
Bankers here who were not inclined
to express opinions last week, now
say freely that the outlook is very
hopeful. They are a unit in declar
ing that nothing in the financial sit
uation has thus far unfavorably af
fected this section.
Nashville Not Bothered.
Nashville, Tenn., October 27.—New
York’s latest financial excitement has
not shaken confidence locally. The
Nashville banks are, naturally, care
fully scrutinizing the paper offered
them, but legitimate enterprises and
industries are experiencing no diffi
culty in securing ready money.
While demand for local securities is
not brisk just now, there is no pres
sure to sell and no material change
in quotations is noted. A prominent
banker tonight declared that the sit
uation here was entirely satisfactory.
Richmond Not Alarmed
Richmond, October 27. —Richmond
financiers are not alarmed over the
depression in stocks and the strin
gency of the money market. The
feeling that the storm is over ia uni
versal. *
A number of purchasers have lost
heavily on account of the decline,
but there have been no failure, snd
very few have been forced to sell at
the low price. The banks have had
sufficient money to protect their cus
tomers, but have steered a very con
servative course in the matter of
large loans.
Savannah Is Confident.
Savannah, Ga., October 27. —It is
with a feeling of confidence that the
bankers of Savannah view the re
sumption of business in the great fi
nancial centers * tomorrow. The be
lief is general that the worst has
passed, and that there will be rapid
and general improvement in the sit
uation.
“The determination of the clear
ing house associations of New York
and Chicago,” said a prominent
bank president today, “should, and
no doubt will, serve to relieve the
pressure upon the banks, place more
currency at their disposal, and cause
a rapid passage of the financial
stringency. The crop moving period
is approaching its close, and soon the
money centers will be free from the
strain this season always occasions.
The movement of cotton in the South
will soon have been accomplished,
and foreign mills’ payment for the
yield will render money easy. ’ ’
Plenty of Money in Texas Banks.
San Antonio, Texas, October 27.
The financial situation in New York
has had absolutely no effect upon
banks and financial institutions in
this city. Money is not tight in San
Antonio, nor according to bankers
will it become so. All of the banks
have an unusual amount of money on
hand, it was said today, owing to
the fact that the/ no longer use New
oi k as depository tor large amounts,
and because of the prosperous condi
tions existing in this section of the
country.
Galveston, Texas, October 27.
Summing up the financial situation in
Galveston, T. J. Groce, president of
the Galveston Clearing House Asso
ciation, and president of the Galves
ton National Bank, said today:
There are no disturbing factors
in the local situation. The banks are
working along quietly and conserva
tively, insisting on the gradual liqui
dation of outside obligations without
any pressing or harassing methods
and emphasizing the necessity of co
operation in gradually relieving the
situation. The feeling is quiet, and
there is no savoring of a disturb
ance in the atmosphere.”
Dallas, Texas, October 27.—Offi
cials of national banks in Dallas de
clare they have plenty of cash for
any contingency and express no un
easiness over the situation. Money
here is at 8 per cent, the rate having
been raised from 7 per cent during
the week. According to the state
ment! of the State Banking Commis
sion made a few days since, the State
banks of Texas have 33 1-3 per cent
more cash on hand than they had one
year ago.
Houston, Texas, October 27.—There
is a feeling of gneral confidence
among Houston bankers. The con
solidating of the Merchants and
Planters’ National Bank with the
Union Bank and Trust Company yes
terday, is considered a strengthening
of the banking system of the city.
The troubles in the East have had
a tendency to make the bankers here
more conservative. At the same time
there are ample funds to handle all
commercial interests.
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