Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1867-12-13
800 Nj lies
500 MILES
or THE
UNION PACIFIC RAILROAD,
RUNNING WEST FROM OMAHA
ACROSS THE CONTINENT,
ARE NOW COMPLETED.

The Union Pacific Railroad Company have
built longer line Of railroad in the last eighteen
months than was ever built by any other eompa-
ny in the same time, and they will continue ths
work with the same energy until il 10 completed
The Western Division Is being pushed rapidly
eastward from Sacramento by the Central Pacific
Company of California, and il is expected that
THE ENTIRE GRAND LINE
to the Pacific will be open for business in 1870
More thGa oHe-tAird Of tie tcork has already bees
DONE than oRe-skird Of fhe wAolc line - now
IN running order, and more taB0rers tow eps-
pioyed upon il than before. More than
FORTY MILLION DOLLARS IN MONEY
have already been expended by the two poHe1u
companies that have undertaken the enterprise
and there is lack Of funds for its most yigorou
prosecution. When the United States Govern
ment found it necessary TO secure the construc
tion of the Union Pacific Railroad, 10 developG
protect its own interests, it gave the CompRnie
authorized to build IL such ample aid as should
render its speedy completion beyond a doubt.
The available means Of the Union Pacific Rail-
road Company, derived from the Government and
its own stockholders, may be briefly summed up
follows
UNITED STATES BONDS
Having thirty years to run and bearing six per
cent currency interest at the rate Of $4,000 per
mile for SIT miles on the Plains then at the rate
Of SAs,ooo per mile for I5o miles through the
Rocky Mountains; thence at the rate Of $4,000
per mile fer the remaining distance, for which the
United States takes second lien security. The
interest these bonds is paid by the United
States government, which also paySt the company
onehaf the amount of its bills in money for trans
porting its freight, troops, mails, &c. The re-
naming half Of these bills IS placed to the com
pany's credit, and forms sinking fund which
may finally discharge toe whole amount Of this
lien. The claims against the government since
April CT the current year amount to four and one
| half times this interest.
2.-FIRsT MORTGAGE BONDS.
BY its charter the Company is permitted to is
sue its own First Mortgage Bonds TO the same
amount as the bonds issued by the government,
and no more, aud only the road progresses. The
Trustees for the bondholders are the Hon e.
Morgan Z. s. Senator from New York, and the
Hon Cakes Ames, Member Of the U. 6. House Of
Representatives, who responsible for the de-
livery of these bonds to the Company in strict
cordance with the terms Of the law.
3.-THE LAND GRANT.
The Union Pacific Railroad Company has
Land grant or absolute donation from the govern
ment of l., 500 acres to the mile the lire ofthe
Of the road, which win not be worth less than
Si.50 per acre at the lowest valuation.
4.-THE CAPITAL STOCK.
The authorized capital of the Union Pacific
$4,000 000, 00e have been paid on the work already
| done.
THE MEANS SUFFICIENT TO BUILD THE
ROAD.
| Contracts for the entire work of the building
9l4 miles Of frst-class railroad west from Omaha
comprising much Of the most difficult mountain
work, and embracing every expense except sur
/ veying, have been made with responsible par
| ties (who have already finished over 500 rniles),
| at the average rate Of sixty-eight thousand and
fifty eight dollars ($6S05s) per mile. This price
inciudes all necessary shops for construction and
repairs OF cars, depots stations and all other in
cidental buildings, and also locomotives, passen-
ger baggage, and freight cars and other requisite
rolling stock, to amount that shal not be less
| than $4,000 per mile. Allowing the cost of the
| remaining one hundred and eighty-six Of the
| eleven hundred miles assumed TO be built by the
Pacific Company to be 100000 per mile.
THE TOTAL COST OF ELEVEN HUNDRED
MILES WILL BE AS FOLLOWS
9l4 miles at Sos, ,05s .s62 90, ,0I2
1856 miles at $50, 600 74D 0G0
Add discounts on bonds surveys, &c......4,5oooO0
Amount ................... .............Ss3, ,4I5OI2
As the L. S. Bonds are equal to money, andthe
| Company's own First Mortgage Bonds have.a
ready market, we have as the
! AVAILABLE CASH RESOURCES FOR
I
L. S. Bonds 32s 600
First Mortgage 2s,32 900
Capital stock paid in on the work now
....................... 5yS69,75G
Land Grant, 14,esG,oOO acres, at 1850
per 10000
Total ..........S85, ,145 75O
| The company have ample facilities for supply
| ing any deficiency that may arise in means for
| construction. This may be done wholly or in
part by additional subscriptions to capital stock
Active inquiry has already been made for a
| portion Of these lands and arrangements are now
| proposed to offer part of them for sale. While
their whole value viii not be available for some
years to come, they will remain very important
source of revenue to the Company. The lands Of
the Illinois Central Railroad Company are sell
ling at from So TO Sl2 per acre, and other land
grant companies in the West are receiving equal
| prices for similar properties
FUTURE BUSINESS.
! The most skeptical have never expressed
| doubt that when the Union Pacific Railroad is
| finished the immense business that must flow over
it, the only railroad connecting the two grand
| divisions of the North American continent, will
be one of the wonders of railway transportation;
and as it viii have no competitor Il can always
charge remunerated rates.
EARNINGS FROM WAY BUSINESS.
During the quarter ending July 81, an average
Of 325 miles of the Union Pacific Railroad was
in operation. The Superintendent's Report shows
| the following result
EARNINGS.
Passengers, Freight, Telegraph and
Malls...... SIZ5s155 34
| Transportation of Contractors Mate
rials and 479,2sS Al
Total. ,2O3,o ,o3s Al
EXPENSES.
| Fuel, Repairs Offices, Conductors,
Trains, @593,35O W
NET EARNINGS to balance..........-.... s07,5OS 0S
Total. 2OS 03s 95
The net operating expenses on the commercial
business for the quarter were $237, 1855 so. The
account for the COMMERCIAL BUSINESS
stands as follows:
Earnings for May, June and July 81
Expenses &" q +" ..,..s.,....... 237,966 SO