Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1867-11-28
S0O MILES OF THE UNION

S00 MILES OF THE UNION
WV PACIFIC RAILROAD, Running
West from Omaha across the continent, are
now completed.
The Union Psciho Railroad Company have
bnlt longer line OF railroad In the last eight
cen months than was ever built by any other
company in the zane time, and they will con-
tinue the work with the same energy until IL
IL completed, The Western Division IL being
pushed rapidly eastward from Sacramento by
the Central Pacific Company OF California, and
Il ie expected that the entire grand line TO tie
Pacific will be open for business In 1870. More
than one-thlrd OF the work has already been
done, more than one third of the whole line Is
now IN running order, and more laborers are
now employed upon 1t than ever 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 ss most vigorous prose-
cutiou When the United States Government
found II necessary TO secure the Construction
OF the Union Pacific Railroad, TO develop and
protect its own interests, II gave the Com.
panies authorized TO build II such ample aid az
should render its speedy completion beyond a
doubt. The available meaus Of the Union Pa.
cine Railroad Company, derived from the Gov
eminent and its own stockholders, may be
briefly summed up as follows:
Limited States Bonds having thirty Years
to run and bearing six per cent. currency in
terest ut the rate of $4,000 per mile for SIT
miles on the Plains then at the rate of $4S 900
per mile for $50 miles through The Rocky Mouu-
tains; then at the rate of S32 coo per mile for
the remaining distance, for which the United
States takes a second lien as security The in
terest on these bonds is paid by the United
States government which also pays the com
pany one half the amount OF its bills in money
for transporting its freight troops, malls, &C
The remaining half of these bills is placed to
the company's credit, and forms a sinking fund
which may finally discharge the whole amount
of this lien. The claims against the govern
ment since April Of the current year amount to
four and One-half times this interest.
2-First Mortgage Bonds.-By its charter the
Company is permitted to issue it's own First
Mortgage Bonds to the same amount as the
bonds issued by the government, and no more,
and only as the road progresses. The Trustees
for the bOndhOlders are the Hon. f. d MORGAN
U. S. Senator from New York, and the Hon,
Cakes Ames, Member 5. House of Represent,
ativcs, who are responsible for the delivery of
these bonds TO the Company in accordance with
the terms of the law.
3.-The Land Grant The Union Pacific Rail.
road Company has land grant or absolute do.
nation from the government Of - son acres to
the mile on the line of the road, which will not
be orth less than 81 80 per acre at the lowest
valuation.
4-The Capital Stock.-The authorized cant.
tai OF the Union Pacific Railroad Company is
500 o 900, Of which over IS 10000 have been
paid on the work already done.
THE MEANS SUFFICIENT TO BUILD TIE
ROAD.
Contracts for the entire work of building Ola
miles Of hTstClass railroad west from Omaha
comprising much of the most df3rnIt Tnonptajn
work. and EN- bracing every evnense ercSt si
yeying, have been made with resnopsihe No..
ties who have already finished over 500 mifer1
at the AVERAGE rate III stvtv-ni,bt ,h. ~ 'esl
Atty eight dollars s6s 05sj Der mile Tbis n1 1pe
includes all necessary eh6Ds for constrrrtto1
and repairs of cars. depots. stations and nil
OF her Incidental buildings. and also Ioco,, 90
tives, passenger, baggage. and freiekt cara s1d
other requisite roiling-stock 10 an auonnt tEat
shall not be less thap as OOO ner milo ATov 80.
the cost # the remaining one hundred and
eighty six of the eleven hundred miles ass1rTo5
to be built by the Pacific Company 10 he SGG
900 per mile w.
The total cost of eleven hundred rnilae mill
be as follows. WA
9l4 miles, at $GsN5s, $40 OK mo
1856 miles at 500 CO.. Is IN 066
Add discounts on bonds. suryeys Sr a. 40 N0S
----9-1
Amount asa 445 OIa
AS the L. D Bonds are equal to money, and
tne company own FIRST Mortgage Bonds have
d Ieauy market we nave as the available cash
RESOURCES LOT Ouuulhg eleven hundred miles:
Y D bonds, S29 S2S 900
CaPl'al STOCK pAla IN on the Work
ne" zone, $3.50, $50
Lana Grant, I4'VSo,UoO acres, at 81 80
per acre. A,lD,OOO
Ao'ali SIS, 1850
The company have ample facilities for sun.
plying any deficiency that NAV arise in means
for construction This NAV be done wholly or
in part by additional subscriptions to canital
stock.
Active inquiry has already been made for
portion of these lands, and arrangements are
now proposed to offer a part Of them for sale.
While their whole value will not be available
for some years TO come, they will remain very
important source of revenue to the Company.
The lands ofthe Illinois Central Railroad Com
pany are selling at from So to si9 per acre, ana
otner land graz companies in the West are re-
celvlhg equal prices for sin liar properties.
FUTURE BUsiSEss.-The mosl skeptical have
never expressed doubt that when the Union
racine Railroad Is finished the immense bust
ness that must now over 1t, as the only railroad
connecting the two grand divisions of the North
American continent, will be one of the wonders
Oh railway transportation; and as 1t will have
no competitor 1t can always charge remunera-
nanv Of New yorE ia ,n,, az Coi-
line OF its splendid steamer. san
cisco and china and Jsnan ,Sinb 81 an Isn