The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1886-02-04
TIKI UNION PACIFIC ROAD
AND ITS RELATIONS TO THE
GOVERNMENT.
Urgent Necessity for Legislation "a
Protect the Interests OF
the People.

WASHINGTON, February 3.-The re-
port ri the Government Directors OF
the Union Pacific Railway Company
was received by Secretary Lamar this
sfterno0on. Under the head OF "Rela-
tons Of the Railway Company to the
Government" the report says:
TEE RKPoKr.
The salient feature in the relations
CT the Union Pacific to the govern.
ment is that the road 10 q debtor to
the government to a very large
amount, the debt icing secured only
by a second m TtgaRe upon a portion
of the property Ct the company.
Under these circumstances there has
grown up an uneasiness on the parC OF
Congress lest the debt 20 the Unitsd
States might be finally lost, and legis-
lstlon bag been had with a view TO
prevent that result. But the leRisla-
ton bad 80 far, it seems, been admit I'd
ON all sides to have tailed OF its object,
and to have brought about a stale oil
Affairs which calls for eerly action.
For ONE years every Secretary OF the
Treasury, every Commissioner OF Rail
roads and every Board OF Gov
eminent Directors has reported to
Congress that the Thurman act, under
conditions changed since its passage,
is yearly locking mp in comparative
idleness large sums OF money, to the
mutual loss and injury OF debtor and
creditor. 1t is probable, thereto
and certainly seems desirable that
early Congressional legislation be had
upon this subject. In the considera'
1 ton OF the various measures that will
doubtless, be proposed, nothing car
be more important than that the gov
eminent should have as clear an eatt
mate as possible Of the real value O
the property upon which its deb
rests, of the load which its debtor car
ries aud Of his ability to bear it.
THE FOLLOWING STATEMENT
exhibits the entire mileage OF the sys
tenn including ell its finished branches
on September 80, 1885, and its liabili
ties for bonds and stocks in the hands
Of the public, and its floating debt. IL
the bonded debt is included the $50,
100000 United States subsidy bondl
Issued in aid of the Union Pacific ant
Central branch, and $l6,534, 33l bal
ance OF interest on the same. less thu
sinking fond in the hands Of the gov
eminent. The debt and stock pc
mile ia as follows;
Union Pacific Railroad Compan!
and Omaha bridge, miles, 1889; bondI
aud United States debts, S70,2l3
floating debt, $3.50; stock, s33,lSO
total, $l04,893.
Branch lines, miles, 330S; bonds au'
United States debts, $9283; stock
$S402; total, $12,685.
Union Pacific system, miles, 6l4O
bonds aud United States debts, $50
| 093; a. atlng debt, 1858; stock, $4,000
total, $45, SAG.
But against this indebtedness the com
pany has ether assets than the ron
itself, consisting principally OF Ian
and land assets, and stocks aud bond
Of it's branch lines, and OF other corpC
rations. To arrive now at what a
average mile OF tine system is worth i
earning power and what annual chare
Is imposed upon IL by the above obi
cations, we will take the business T.
twelve months ending September q
1885, show the earnings OF the who
system (5l40 miles) and the dispos
ton made OF them: