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Union Pacific Corp., the nation’s third-largest railroad...

Union Pacific Corp., the nation’s third-largest railroad company, reported slightly improved fourth-quarter and full-year earnings and cited marginally better conditions in the transportation and energy fields. The New York-based firm also has oil-refining, mining and property interests in addition to its 22,800-mile rail network. “Difficult market conditions were the norm in both the transportation and energy industries during 1985,” William S. Cook, Union Pacific chairman, president and chief executive, said.

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