The Elk advocate. [volume] (Ridgway, Elk Co., Pa.) 186?-1868, 1867-11-14
VOL UME iSEVEN-NUMBER SO.


tion ofthe road. The way business has
already begun to be profitable. This is
shown by the fact that in May, June
and July last it amounted to more than
four times the interest upon the bonds
which could be issued for the miles in
operation. Every day enlargcs the bus.
lness by increasing the settlements and
production and consumption along the
route, and brings nearer that other busi-
ness which will follow the opening of the
road into the mining centres. The
earnings in the month named we're ST.
203,038,95, and the expenses were
1895, ,530,92, leaving net earnings of
$807, ,50S.03. The commercial business
alone left profit, in the three named
months Of $4S5,799.04.
We have said nothing SO far of the
liberal government aid to the road
This consists of six per cent. United
States bonds, running thirty years, and
issued at the rate of $4,000 per mile
for five hundred and seventeen miles
on the plains; $4S, 900 per mile for one
hundred and fifty miles through the
Rocky Mountains, and S32, 900 per mile
for the residue of the distance. For
this the United States take second
mortgage bonds. The government pays
the interest on these bonds, and also
pays the company one.half of the bills
for transporting troops and materials in
cash. The other half is placed to the
company's credit, and forms a sinking
fund for the extinction of the debt
The government also gives to the road
72,800 acres per mile of constructed
track in fee. The building of 9l4 miles
west from Omaha has been contracted
for at the rate of S6S, ,05S per mile. OF
this distance, more than one>halfis is COM
pleted. There are LOO miles to be
built by the company. If the 1856 miles
not under contract cost $4,000 per
mile, the total cost will be 49,, ,445,Ol2
The resources, reckoning the land grant
at $l,5O per acre, amount to $85, ,l45,
$50, thus ensuring the work.
The United States is represented in
the Board Of five directors, and each
section of twenty miles of the road is
personally visited and inspected by three
military and civil engineers. If found
by them to be we'll constructed and
equipped, and in every respect a first class
work, they approve it, and the new Sec
ton is opened f or business. The bonds
Of the government are then issued as per
contract.
This is an unvarnished statement of
facts. If we were disposed to embellish
them, what wide field for rose colored
anticipations do they open before us.
Almost upon the threshold we perceive
the realization of the vision OF one of
our fellow. .townsmen, the late Peter A.
Browne, Esq.-hundreds of new stars
added to our national galaxy, and mil
lions of citizens to the ranks of Ameri-
can freemen. The teas and silks of Chi.
ma, the treasures Of the East and the
merchandise and manufactures of Eu-
rope, will be poured into our laps. The
United States will become the store.
house of the world, and the centre of
commerce will be transferred from the
Old to the New World. Our city now
.facile princips in manufactures will be. |
come Manchester Or a Birmingham,
such as England never beheld. As
Philadelphians, therefore, we have an
important stake in The success of the
Union Pacific, as we'll as all similar
schemes, and it is with this view that we
submit this briet statement of what has
been already accomplished to our read.
ers.-Age.