New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-02-17
ess to the United States upon

ness to the United States upon GA
tended time, at reduceo Ia" ~
interest within the ability Of the company "
nav. upon such terms as to advance the development
of the country through which said roads pass ana al
ford the inhabitants Thereof reasonable rates OF Trans
porton for passengers and freight. From the report
it appears that the Central Pacific has not an aDy
to pay at all equal to that of the Union Pacific put
under the terms Of the bill to be reported IL can "Ao
final and full payment reasonably certain
The bill agreed upon includes within It's provisions
tbe Inicn Pacific Railroad Company the Kansas Pacific
Railway COMPANY the Central Branch Union Pacific
Railroad Company consolidated under the name OIL UAo
Union Pacific Railway Company, the central racine
Railroad Company, successor TO the tenTdl I"oi'o
Railroad Company Of California, and the Western
Pacific Railroad Company. II provides, III SecuOh
l. for finding the present worth of the indebtedness OF
the Union iaciac Railway Company on July l, 1880,
and for the payment 10 the United states OF That
amount in fifty years. Three per cent interest Is 10
be paid semi annually. and portion OF the prncpA
is also 10 be paid semiannually. 1t requires in Sec
ton = that the Union Pacific Railway Company shall
give mortgage on all of its property of every name
and description, real, mixed and personal, and
also preserves To the United States ITS
present statutory lien 1t provides in section that,
in event of the failure of said company to accept
the provisions Of the act there shall be carried to the
credit of the Sinking Fund onehan Of the compensation
for services rendered for the Government, and III ad
dton thereto the sum Of ~ 100000 year. or rs
per cent of the whole net earnings of the Union Pa
cifc Railway Company. 1t also extends the provisions
Of the Thurman act to the Kansas Paclhc Halfway
Company, and to the Central Branch Union racine
Railroad Company and provides that on 1aluHe 10
pay receiver shall be appointed TO take charge OF,
manage and operate the road, branches ana INES ol
said company until the principal ana interest u 'o
debt shall have been fully repaid.
section provides for the entertainment VI Viio
present worth OF the debt of the Central Pacinc ha
road Company then for the payment OF interest at .ne
rate of per cent per annum payable seml-ahhualN'
and of so much OF the principal shall result III pay
Of the entire DEBT IN seventy -hNe SVdIS; dV
i'll order relieve the road from TOO great D1Iuo
durnC the next ten wears, when II IS necessary 1Or
TO make somewhat extensive Improvements ~
capitaizes Tor that time onG,laA W 'Ne
the hi requires a mortgage Of the entire pr2pery
ID the Central Pacific halroad COMPANY, l i;d s
some impor. ant roads III California ana proSlues ny
sio sn.0 I,cif" Railroad Company and tho Central
Paciho shall make the present lease su9sls5 between
them additional security 10 the Oheu STATES IoI Slo
payment OF tnc debt oe. t~d t ayCnt q" Or re-
fund the indcbt edness prior 70 tldI OF Nlc Hd.cu
states to Inc extent of the par value Of such rst
MORTGAGE bonds the rate of interest not 10 exceed
per cent. section T. provides that IN the cNeN ot
any default for ninety days in The payment OF
debt shall Immediately mature; also Tor recou Ui
conformity with the law of the various states aud
Territories where the property Is si'ua1cO ,,n All
money due to these companies Tor services untl the
instaimen,s Of principal and interest upon ther OouS
next maturing after such services are rendered sIiai
he FULLY paid section ii provides that the companies
shall nav no dividends unless the same shan nave been
actually earned. and unless such company shall nave
Md aj Interest and maturing Indebtedness due, with
penaV for the violation Of the act 10y any director or
oicer. section l. provides for authority TO use Il,e
name of said company C0mpanie, against any per
son who is or has been director, Ohcer agent OF chl
ploye of said companies for me enforcement VI @H
cause Of action arising which may hereafter dilsc
out OF any violation Of duty misrepresentation OF as
sets or any other act IN respect TO Which ule ~
nortmcut Of Justice shall aocc that il desires suCh
action: and that any sums OF money recovered m
such suits shall toward the payment OF the sara
indebtedness 10 the United states.
Section l. provides for a repeal OF inc law reqHI-
ing Government directors. also Of the laws imposing
limitations on The rights Of tie companies 70 acquire
property. ext its railways. etc. etc section ~
makes il the duty Of the Acknowledgement 70 enforce
The nrny s1ons of the act and report annually 10
the PRESIDENT which report sEall be laid before Con
grcsS. , ~ H. .,.
and the committee will ask Thar il be made the spcIdl
order for consideration in the first week OF March