Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1886-04-02
81, 900; making q total profit Of 49,.

y, l04, 900; making total profit OF S4S'-
93s, s2S.
The annual report Of the company made
IN 1870 gave the liabilities. stocks and
bonds as amounting to Sill, 2ss,5l2, all OF
which stocks and bonds the Credit Mo
bilier took for building the road. Connd-
srins that the road was built for the FIRST
mortgage bonds and the Government
bonds, and rs the stock was taken at
about 30 cents on the dollar, it would
make ell 900, 900. 1t would seem that
this was sufficient profit for four years
work, but this Is not all After the road
was constructed and received BY the Gov
srnmspt Commissioners the directors Is
sued $40, 900, 900 of land grant bonds and
also $40, 600, 900 of income bonds, and the
directors Of the Credit Mobilier, who were
also the directors.in the Union Pacific
Railroad, put these two classes of bonds
into their pockets.
In 1876, 1871 and 1873 the Kansas Pa
ci6c Railroad Company and the Denver
Pacific Railroad Company were In the
hands freceivers, bankrupt financially and
physically, their stock selling in the mar
ket at less than 81 a share. JAY GOULD,
SIDNEY DILLON, RUSSELL SAGE, JOSEPH
RICHARDSON, FRED. L. ANEs, ELISHA Ar
Krys EZRA BAKER and F. GORDON DEXTER
conceived plan of purchasing the stocks
and bonds Of these two roads and consoli-
dating them with the Union Pacific Rail.
road Company, whose stock was selling at
about 40. The 100000 Of Kansas
Pacific capital stock and 100000 Of
Denver Pacific stock were purchased for
about 100000. The consolidation OF
these two roads with the Union Pacific
took place in 1880, the holders Of the Kan
sas and Denver Pacific stock getting over
800 q share in stock of Union Pacific
Railroad Company for the stock Of the
Kansas and Dsnver Pacific, in Other
words, making clean profit on the desl
of about $l3. 100000, which was sll plum
de-.
After the Kansas aud Denver Pacific
ste ala were accomplished these same direc-
tors Of the Union Pacific Railroad Com
pany iEsued $40, 100000 of Union Pacific
railroad stock, which they sold for par
making 9 sum of SlO,OOO,OOO, most o.
which was expended in putting the Kansas
Pacific aud Denver Pacific rosdsin proper
condition physically, when the Union Paci
&c Railroad Company had already BY the
dishonest collision Of its directors beer
made to pay q first class price for wha
was assumed to be FIRST class road.
The Union Pacific owes the Government
for back interest paid by it, after deduct
ing bond and interest payments and sink
ing fund, $l6,OO0,0OO. The Sioux Cit
and Pacific owes sl,48l,O&2l. The
Central branch OF the Union Pacific owe
l,5l5. l32s7 and the Central Pacific 81 3,
9S3, 1878. These amounts, it will be re
membered, are due after deducting al
credits in possession OF the Government
The total interest due on these roads
amounts to SIS, 629, 1866 rs. The princips
Of the bonds amounts to 64,623,5l2, thu
whole amounting to SlO3, 252,s7876.
All these bonds mature in 1896, 1897
and 1898. But the companies are nov
trying to lobby through Congress bill de
terring the time of payment SIXTY years
An extension Of their time simply meant
that that those controlling the roads shall
be given an opportunity TO perfect 6
scheme to wreck the Pacific Railroad
main lines absolutely, and leave in the end
in the hands Of the Government, an sbso
lutely dead security.
The companies have entirely disregard
ed the law. The THURMAN act provides
that IS per cent Of the ne. earnings of the
roads should 20 to pay their Indebtedness
to the Government. They have falsifed
their reports, cut down their receipts and
have in every way done all they could to
swindle the Government. The lease ofths
Central Bsci6c Railroad to the illegally
chartered Southern Pacific Company, and
the enormous subsidy Pacific to the Pa,
ei6c Mail Steamship Line, owned and con
trolled by the Central, are fair samples Of
the means employed BY these roads to
svade their obligations to the Government.
This vile system that has fastened its
vile tentscles upon the country is one Of
the legseies left by Republican Admins.
in dealing with it. IL is said that President
trstiou. Promptyigoros action must be used
CLEVELAND Is preparing q message in or,
der to foreibly call the attention of Con,
gress to these great frsGds.
#.