The New York herald., 1871-03-14

available In all parts Of the world
interest upon deposits Of currency and checks
pass through the Clearing House.
JAY COOKE 4 CO.,
~ Wall street.
MORTON, BLISS Co, BANKERS,
80 Broad street. New York,
offer for Land Grant Bonds recently held by the
Union Pacific Railroad Company at the current market
pces, for parties who have purchased the
balance.
The Union Pacific Railroad west from Omaha has
been operation through line in connection with
the Central Pacific Railroad, for twenty mon,hs ia in
complete ORDER both track equipment and It's earnings
have averaged eight million dollars per annum
The following position OF the Company is
from the address made by Colonel Thomas A. Scott upon hi.
assuming its Presidency, in Boston, March 6, IsH:-
"ln taking charge OF this important public highway as
it's Pres,dcn. obedience unanimous call of its share
hoders and tho OF your board beg leave to
SO far as my experience of thirty years Of railway life
be made useful to the Board sharehodng ine
rest shall freely given trust the practical results
In tbs future be satisfactory As condition pre-.
ceden to accepting the position the following
qurements First shs. all contracts for the con
srucon and equipment of be ad usted and
be provided for by the actual sale Of asset.
hand applicable to that purpose Both these conditions
having been complied with, and satisfactory balance in
and remaining treasury provide for con.
tin1p 7
give such time and attention may need in connee
tion with the board and lis officers insure proper ma.
nasernent of the affairs Of tho company
In that may In brief form the prc
sem OF the company have made tho following
sunmy the Official records presented to mo by the
heads of departments:
Land Depsr.men,--Bonds. per cent currency,
slo,aGoU0o.
Land Sales. 30 90 proceeds 81 Seo5s average
price per acre, S4 49,
On account Of thess sales the company has re-
ceived and redeemed land grant bonds to the e..
tent Ssgs0Do
For the remainder the company hcldiand notes ma
turing in one, two and three years. with accruIng
5S6,6J0
Total a. 8i2,65O
"The condition Of the lana department may therefore be
stated thus
Bonds. go 400 900
Principal reduced by bonds redeemed .... S73.OOo
Land notes hand ............... 57sS5o
Showing absolute reduction Of. sIa6tO
The company is entitled. under the grants
from government, after aeductina total
lands pre- -empted before passage of the act,
.i2, ,osO,ooo acres.
From which deduct sold acres.
Leaving on hand ........ 11,7s7 III acres
which, at an average value Of dollars per acre. being
twenty per cent below government. price for
adjoining owned by IT, should yield the gross sum of
s2s54 2S4 much thereof may be required to be sp-
Piled the payment redemption Of the land grant bonds
time to time for the benefit Of the sockhoders after the
bonds are all redeemed of trust requires the
trustees the proceeds from sale OF lands in
the purchase and cancellation of land grant bonds, The
average safes amount to about s75,o0o per month.
From present indications II would seem reasonable
70 estimate the gross receipts Of the coming
at minimum off,. 900
With cost of malnt lining aud operating the line
on this earning exceeding say. $500
Leaving net receipts to be applied TO interest and
dividend II SO directed by The Board, exclusive Of
the operations OF the land department. cf..... 100000
Tha completion of the bridge the Missouri river at
Omaha within the present year, and for which the
provided by the sale o bridge bonds specially
authorized by OF Congress- will greatly facilitate the
movement Of and relieve the public from the
lay incident to transfer by ferry The opera
lions Of the months oil It's existence
completed road show earnings Sufficient meet the
.erest upon rs entire bonded debt.
sThs but be deemed by all practically versed
"A the history Of railway lines indicating successful
future yearly trac costing little addl
tons 10 transport and therefore yielding large