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November 15, 2007 4:45 PM, EST

UP to Increase Dividend

Union Pacific, the largest U.S. freight railroad, announced it is increasing the quarterly dividend it pays to investors.

UP, Omaha, Neb., will increase its quarterly dividend by 26% to 44 cents a share, and is payable Jan. 2 to stockholders of record as of Nov. 29, the carrier said Thursday in a statement.

Jim Young, chief executive officer of UP, cited the company’s record financial results in 2007, driven by “productivity initiatives and capital investments,” as reasons for bumping up the quar-terly dividend.