The record-union., 1896-12-25

PACIFIC RAILROAD
FUNDING BILL.
CONTINUED from Fourth Page)
to present from authentic sources a
statement of the amount the Pacific
Railroads owe the Government Official
sources only will be appealed to. The
following is from the public debt state
ment, issued by the Secretary of the
Treasury, dated November 80, 1896:
UNION PACIFIC RAILWAY COM
PANY.
Bonds issued by
the United States s33, ,539, ,512 90
Anterest on same
pald by the
United States 80. 90 552, ,S53 81
Total of principal and interest s94, ,0s2, s65 81
Less amounts repaid.
Bond and interest
account ............$l .$l6 164, ,OS7 19
Sinking fund ac-
count .............. IL ,050, $40 II
Balance of debt Nov. 30, 1896. $50, ,277, ,937 81
CENTRAL PACIFIC RAILROAD COM
PANY.
Oncluding Western Pacific)
Bonds issued by
United States ...s27. .S55, $50 90
Interest on same
paid by United
states .............. A, 1870, $50 9S
iotal ........ -......:........ ..Sio,V4b, ,5OO %
Less amounts repaid.
Bond and interest
Sinking fund ac-
count ............... 6,952,614 SO
IotaI ..............-...... ......Sl5,43 ,oSl 81
Balance of debt Nov. 3O 1885,. .s59, GIL, ,91s 81
Total original debt Union
Pacific and Central Pacific
on account of bonds and
payment of interest by the
Government .......$170,7 ,73S, SAG 80
Union Pacific .s33 s14, ,427 81
Central Pacific 80. IL, ,434, ,5S1 81
Total repaid by the two COM
panieS to United States ...... $49, ,259, ,009 %
Balance of debt, aggregate of
both companies .s1H, AIS, ,S3l IS
From the foregoing it will be seen
that on the Both of November ult. the
Pacific Railroads owed the Government
of the United States S121, ,419 S31 2S. As
Gated by the Treasury Department\ of
the United States and are taken from
the public debt statement of November
Both, this year, those who desire to dis
cuss the question of a funding bill from
the standpoint of actual facts are
placed in possession of actual and accu-
rate figures. For the recovery of this
amount of indebtedness, the Govern
nlent Of the United States holds sec
ond mortgage (to use the language of
the Act of 1862, "one on the roads, prop
erty and equipment of the lines which
received aid which includes the Union
Pacific (main line), the Kansas Pacific
Branch, the Central Branch of the
Union Pacific the Central Pacific Rail-
road Company's main line from Ogden
to Sacramento and the Western Pa
cific line from Sacramento to San Jose.
THE AMOUNT OF THE FIRST
MORTGAGE.
The Union Pacific Railroad issued
first mortgage bonds ON its main and
branch lines in the amount of $50, 1872
600, and the company having made no
provision in the way of a sinking fund
for the discharge of this mortgage, that
amount stands as at first issued.
The Central Pacific Railroad Com
pany issued first mortgage bonds in
the amount of $27 SO $50, for the dis
charge of which about S5,000000 is
found in the sinking fund. The first
mortgage statement is therefore as fol-
lows:
Union Pacific and branches ..s35, ,132, 900
Central Pacific and Western Pa
cific, less sinking fund ........ 22,S55,6S0
Total undischarged first mort
gage resting on the roads 49,. .$57, ,9S1 $50
For convenience in this paper, the
amount of the first mortgage Will be
stated at even figures, S5S, 100000. The
two mortgages constitute an incum-
brance on the bOnd-aided Pacific Rail
roads in the sum of $119, ,467 ,511 2S, or
in round numbers $50, 100000.
THE MILEAGE OF THE PACIFIC
ROADS.
The mileage of the Pacific Railroads
subject of the first and second mort
gage amounting to $1S0,00O,000 is as
follows:
Union Pacific, main line ............ j, ,032. 90
Kansas Pacific Observation-Disclosures. 3S4.O0
Central Branch of Union Pacific 80. 10000
Central and Western Pacfic............... 5000
IOldl -....--- OBSERVATION-DISCLOSURES .,Z1SD-oo
This divided into S1S0,O00, 900 gives
$40, o,444, which is the amount per mile
of the Indebtedness resting upon the
Pacific railroads.
The reader win observe that the
great body Of the claim of the Gov
errment relates to the interest it has
paid on account Of the bonds delivered
10 the railroads to aid in their con-