New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-08-25
The Union Pacific Rail-
way Company.
EXECUTIVE DEPARTMENT.
Boston, Aug 8, 1898.
To The Holders of The so Bonds Sc
cured by The Sinking Fund Mortgage
of the Union Pacific Railroad Cs'
of December Is, 1873:

The bonds secured by the mortgage above ieit'r'a "
become due sept. l, next On Jan. ], 1870, '"
were outstanding bonds TO the amount of So l'oooV
the time there were In the hands Oh ''c 49,
Trust Company OF New-York, the Trustee uhuer '"'
Mortgage unnvestcd balances applicable To the redeml
Of said bonds amounting to 500 ,005.l2 During "o
perod from January September first OF the current
year IL IL estimated that remtances derNe1 rom
the sales Of land payments bills receivable. etc. wiz
be made the Trustee 20 the amount OF about soo'
1t i believed that at the maturity OF the ios
the Trustee VIII have IN hand about el4Oio o'i- io ~
plicaon to part OF debt may be held by per
sons may then wish TO receive payment Inc app
cation OF these sums will dett TO
Against this balance indebtedness the Railway to'n'
many holds contracts made by former putsha
OF lands secured by the londs in respect OF when He
were made (Which, however, arc only released oy ''e
Trustee on receipt by OF the full amount OF tho con-
sdeation), amount of which on September 1st hcN'
making due allowance for collections TO DC Hhue " o
interval Will approximate IS 369,9o 49, In addition u
the lands under contract, the Trustee Will oo hon ,e
unsold lands estimated value Of which Is S3o'soVo'
This estimated l. very conservative, being much
less the appuised and selling value Inc 'a'uc oi
the securty-contracts and unsoh Observation-Disclosures
exceeds estimated balance Of the indebedness tSS''
334 .Ss) by the sum Of s., 677. 5G7.30.
The referred represent the unsod portion OF
those granted TO Union Poetic Railroad Company TO
which Union Pacific Railway Company is tho successor
by consolidation free from any lien or other en-
cumbrancc excepting only debt OF $4,000, the Da'hce
OF original land grant mortgage bonds still outsahdhe
No allowance has been made in the foregoing sh,ement
for possible failure Of purchasers to complete the pay
mens provided for in their contracts III IL believed now
ever that not moro than 100000 in amount VIII u't'
matcly be deaultcd. But II default be maze, the
lands will again become subject 10 SHE ana
Will exceed in value the sums due upon them.
tho present mortgage the title to oil unsoi ands
and lands already sold but still under c0hracu Is 'e'u
in the mortgage The proceeds OF all lana SAFES
ore RENTED directly ana are applied a. IN
the Trust Indenure provided the purchase and can.
celon OF the bonds secured thereunder They do not
pass into company's treasury. Meanwhile the taxes
on the unsod lands the expenses OF advertising or market
ing the lands interest the outstlndng bonds
have been paid pursuant the terms OF the Trust In
dcnure hy the Railway Company and will continue 10 be
paid by the Railway company uhuer TIC eAenoh osree'
ment
Holders of the bonds nsscnfnR to the propo siticn
TO extcnd are requested 10 Immediately send their
bonds 10 the Union Trust Co." No. 50 broadway. New
York, or to IL. ut the office Of the Union Pacific
Railway Co.. No. 81 Ames Building, Boston. hass
for the purpose Of In wing the bonds stamped and TO
enable the company to milk 10 coupon bonds the new
coupon sheets. Tho Trust Company will issne Its
receipts for all bonds thus deposited. and will hold
said bonds until such n number thereof knvc been
deposited their extension guaranteed. az VIII ennbic
IL 10 announce the total Of bonds Inns been
proyided for. When the REGISTERED bonds shall have
been stamped the interest thereon will br RENTED 10
the registered owners. rs has hcrctofore been the
practice.
To enable tac compnuy to complct its arrangements
and 10 ax the extended coupon bonds the necessary
coupon sheets, holders OF such asserting bonds are
requested to present them n possible.
The september Interest on bonds presented for eN-
tension will be paid the presentation Of such bonds
for deposit.
THIS OFFER Il LIMITED TO SEPT. LIST. And TIE
AMOUNT THAT CAN BE EXTENDED Is LIMITED
TO s3,sOO,OOO.