Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1867-11-22
500 MILES
eF THE
UNION PACIFIC RAILROAD,
RUNNING WEST FROM OMAHA
ACROSS THE CONTINENT,
ARE NOW COMPLETED.
500 MILES

Tho Union Pacific Railroad Company have
huita longer line Of railroad E the last eighteen
months than was ever bziit By any other conpa-
ny ia the same time. and they VIII continue the
work with the same energy until it IS completed
The Western Division is being pushed rapidly
eastward from Sacramento by the Central Pacific
Company Of California, and it is expected that
THE ENTIRE GRAND LINE
to the Pacific will be open for business in ls7e.
More fAan 0ne-tlfrd of tie cork las already been
done, than OFefhiTd Of tkc rSole iiBe y Hois
5a rsHniRg order aHd more i8bsrers are aoe e#-
pteysa HPon il thaa erer before. More than
FORTY MILLION DOLLARS IN MONEY
have already been expended by the two powerful
companies that have undertaken the enterprise,
and there is no lack OF funds for its most vigorous
prosecution. When the United States Govern
nent found II necessary 20 secure the eonstruc-s
ton Of the Union Pacific Railroad, 10 deTelop and
protect Its own interests, il gave the Companies
authorized 10 build il such ample aid as should
reader its speedy completion beyond q doHbt.
The avsilable means Of the Union Pacific Rail-
road Company, derived from the Government and
lis own stockholders, may be briefly summed up
as follows
UNITED STATES BONDS
Having thirty years to run and bearing six per
cent currency interest toe rate Of SIC, 600 per
mile for 5I7 miles on the Plains; then the rate
Of S4s,ooo per mile for l50 niles through the
Rocky Mountains; thence at the rate Of ss2, 600
per mile for the remaining distance for which the
United States takes second lien as security. Ths
interest these bonds is paid BY the United
States government, which also pays the company
one-haf tho amount Of its bills in money for trans
porting its freight, troops, mails, Ac- The re
naming half Of these bills is placed 70 the COM
pany's credit, aud forms sinking fund which
may finally discharge tae whole amount Of this
lien. The claims against the government since
April cf the current year amount 10 four and one
half times this interest.
FIRST MORTGAGE BONDS.
BY lis 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 more, aud only as the road progresses. The
Trustees for the bOndholders are the Hon. E. D.
Morgan, L. 5. Senator from New York, and the
Hon. 0akes Ames, Member Of the G. s. House Of
Representatives, who are responsible for the de-
livery Of these bonds TO the Company IN strict &C.
eUrdanee with the terms Of the law.
3-THE LAND GRANT.
The Union Pacific Railroad Company has
Land grant or absolute donation IRON the govern
nent Of 500 acres to the mile on the lire ofths
Of the road, which viii not be worth less than
sl.50 per acre at the lowest valuation.
1.-THE CAPITAL STOCK,
The authorised capital Of the Union Pacific
Railroad Company is SI0o, o,000,0 zoe, Of which over
S5oe0, goo have been paid on the work already
done.
THE MEANS SUFFICIENT TO BUILD THE
ROAD.
Contracts for the entire work Of the building
gI4 miles Of frst-elsss railroad west from Omaha,
comprising much Of the most difficult mountain
work, and embracing every expense except suE-
yeying, have been made with responsible par
f--F,. IL Ell ~ n,,-s7,
at the average rate Of sixty-eight thousand and
ffty-eight dollars tS6S,O5s) per mile. This price
includes all necessary shops for construction and
repairs Of cars, depots, stations and all other in
eidental buildings, and also locomotives, passen-
ger, baggage, and freight cars and other requisite
rolling stock, TO amount that shan not be less
than S5,600 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 10 be S90,000 per mile.
THE TOTAL COST OF ELEVEN HUNDRED
MILES WILL BE AS FOLLOWS:
9l4 miles at SOS, ,2o5,ol2
IS6 miles at 500 900
Add discounts on bonds, surveys, &e...4I I50e, 600
Amount. 4I5, ,012
As the [. S. Bonds are equal TO money, and the
Company's own First Mortgage Bonds have
ready market, we have as the
AVAILABLE CASH RESOURCES FOR
BUILDING ELEVEN HUNDRED MILES:
e s. Bonds ,S2s, 600
First Mortgage 2s,32s,oe9
Capital stock paid in on the work now
sos, ,I5e
Land Grant, I4,oS0,0o0 acres, at 81 so
per acre-...----.--.. ,l2e,0Oe
To.aI................................. 1850
The company have ample facilities for supply
in RR6riaueu that ma arise IN for
construction This may be done wholly or in
part by additional subscriptions to capital stock.
Active inquiry has already been made for
portion Of these lands, and arrangements are now
proposed to offer part OF them for sale. While
their whole value viii not be available fer 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 S. 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 Paeihe Railroad is
finished the immense business that must flow over
il, as the only railroad connecting the two grand
divisions Of the North American continent, VIII
be one of the wonders Of railway transportation;
and as il viii have no eompetitss it can always
charge remunerated rates.
EARNINGS FROM WAY BUSINESS.
Durng the quarter ending July 81, an average
Of S25 miles Of the Union Pacific Railroad was
in operation. The Superintendent's Report shows
the following result:
EARNINGS.
Passengers, Freight Telegraph and
Mails. SIzS,755 %
Transportation Of Contractors Mate
rials and 479,2sS IL
Total ,2O9,O3s II
EXPENSES.
Fuel, Repairs, Offices, Conductors,
Trains $3.50 o5SV w
NET EARSIS6s to balance S0I,5eS %
Total ~V'5V9o -
The net operating expenses on the commercial
business for the quarter were S23T, 1855 80. The
account for the COMMERCIAL BUSINESS
stands as follows:
Earnings for May, June and July....-S723.755 81
Expenses .....--.'-...s- 2S7,9oo 81
Net Proft................. f,..sS4S5,7 7s9 o.
The amount Of Bonds the Company can isshe Oh
S25 miles, at $4,000 per mile, is S5,2o0,000 In
tsrest in gold three months, at per cent, on this
sum, is SIS, ,000 add 40 per cent. premium, TO cor
respond with currency earnings, is Sl9e,2oe-
showing that the net earnings for this quarter
I H. orth