The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-09-06
AGO MILES OF THE
UNION PACIFIC RAILROAD,

UNION PACIFIC RAILROAD,
Running West from Omaha AcrosS
the Continent,
Are now completed, and It is expected that the 70
manning 81 miles TO carry track 60 the base Of the
Rocky Mountains, will be finished early In OctoDsr
Contracts have already been made for rock -cultnes
beyond, Co be done during the wlnter The work n
being ushed forward with equal energy on the Oai
tornia end OF the route under the direction OF tha
Central Pacific Company, commencing at saora
mento, and Is confidently expected that the two
roads will meet In 1870 thus completing the entire
grand line connecting the AtRutc aud Pacific ocsans
whIco THIRTY FIVE MILLION DOLL ARs In
cash have already been expended. From the liberal
Government aid the wealth aud energy of the stock
holders aud the ready market for the Fist Mortgage
Bonds there is want OF funds for the vigorous
prose uion OF the work and It's early completion is az
certain as any foture business event he.
The available means Of the Union Pacific Railroad
Company may be briefly summed up as follOws-
I.-UNITED STATES BONDS,
bearing six cent currency interest at the rate Of
$4,000 per mile for 51znes the plains; then at the
rate OF SIS 900 per meoT 40 miles through the Rocky
Mountains; then at the rate OF SS2OOO per ie the
remaining dlstsnce-making average Of about
eeeOoo per mile. The desire OF the Government -
secure the early construction of the Road great
and It's completion is important TO the country,
that IL takes SECOND LIEN as its security Tho
Government Issues these bonds only each section
Of 20 miles is finished after H is certified by United
States Commissioners to be in all respects rstclass
road and fully equipped with stations, locomotives
cars, ETC., and ready for business.
ATS OWN FIRST mORTaA AGE RONDS.
TnyG ,ha .fta-
own First Mortgage Bonds TO the amount as the
BondS issued by the Government, and no more, ara
orty as tho road pfogresSes The mortgage which so-
cures the bondh0lders Is made to Hon. E D. Morgan,
United States Senator from New York, and Hou-
ORkes Ames. Member of the United States House of
Representatives from Massachusetts, az Trustees,
who alone deliver the Bouds to the Company and
who responsible for their issue in strict acoord
Rnce with the terms of the law.
S.-THE LAND GRANT.
The Union Pacific Railroad Company has a lana
grant or absolute donation from the Government, Of
1880 to the mile, which It is believed will not bs
worth less than thirty milliSn dollars.
4.-THE CAPITAL STOCK.
The authorized capital Of the Union Pacific RaH-
road Company is One Hundred Million Dollars Of
which five million dollars have been paid on the
work already done, and OF which it is not supposed
that more than twenty-five millions in all will be
required.
The Company have been careful not To make any
statements to the public that not fully
ranted. and their published estimates OF future
ings have always been much less than the actual
results. The true prophet who should predict ths
immense business that must ut once follow the open
ing OF the only through line connecting the Atlantic
and Pacific States-and. indeed. Europe with China
and JapRn-might be considered us visionary the
OrignAtors OF the Erie Railroad, who estimated thak
business would
lions year, when 1t has already reached more than
fifteen millions.
NET EARNINGS OF THE UNION PACIFIC
RAILROAD.
During the quarter ding July OF the curreat
year. an average of 1875 miles of the Union Paolas
Railroad was in operation. The Superntendenrs
report shows the following result
EARNINGS.
passengers s8O, ,sG6 %
64y6T2'So
Ieekraph 1.4l60
Transportation cOnETscTOTs GsIefias..-.: 4sssesA
Men.".'..".. SH1SI
tl2Os. .Sss'OS
EXPENSES.
Rsesr 81 rsc SIS 9sgSs s9.s
-" Engines. Cars. shops, etc........... 5O,s844
Conductors, Engineers etc................ ssssiSs
NET EHRSiSGs to balance sS9 sos %
sl,2Os,Os8 IS
From the relative high charges, the operating ex
penses of the road but 32I per OF the
ngs and the ratio would be much less IL the
tors business were not done half rates. Throwing
out charges to contractors for transportation Of
rias and men (s47s 2sS41, and deducting from the
aggregate of all operating expenses (s3s5 53O92) s2X
per cent 0l6756442 as the proportion on
the work done for contractors which was less than
actual COST because OF the half price charged for IT,
aDdwe have the net operating expenses on the com;
merclal business for the quarter, 92s7,sssSO, The
account for the commercial business as follows
EESTnings for May June and yss's4
NAAPe"SeS 2S7 ,9sS'Se
Net profits Of operating 1926 miles of road
The amount OF Bonds the Company can issue on
1926 miles, at $4,000 mile is e52Oo0Oo Interest In
gold. three months, at per cent. on this sum- La
Hs,OOO add 40 per premium, to correspond with
currency earnings, is slOO2OO-showng that the net
earnings for this quarter than four times he
interest on the First Mortgage Bonds ON this length OF
road.
First Mortgage Bonds. whose interest Is SO amply
provided for, and so thoroughly secured must by
classed among the saJestinvestments They pay
SIX PER GENT. IN GOLD.
And are offered for the present at NINETY
CENTS on the Dollar, and Accrued Interest
at Sir Per Cent. an Currency from J,ly1.