Year: 1868

The Union Pacific Railroad Company offer n
limited amount of their First Mortgage Bonds at par
Nine hundred and sixty miles of the line West from
Omaha are completed, and the work is going on
through the Winter. As the distance between the
finished portion of the Union Central Pacific Rail-
roads is now less than 400 miles and both Companies
are pushing forward the work with great energy.
employing over $1,000 men, there can be no doubt
that the whole grand line to the Pacific will be open
for business in tho Summer of 1862 The regular
Government Commissioners have pronounced the
Union Pacific Railroad to be first class in every
respect and the Special Commission appointed by
the President says:


Taken as whole. the Union Pacific Railroad has
been we'll constructed and the general route for tho
line exceedingly well selected The energy and per-
severance with which the work has been urged for
ward and the rapidlty with which it has been exc
cuted are without parallel in history and In grandeur
and magnitude of undertaking it has never been
eaualedD The Report states that any deficiencies
that exist are only those incident to all new roads.
and that could not have been avoided without matcra
ally retardiDg the progress of the great work. Such
deficiencies are supplied by all railroad companies
after the completion of the line when and wherev"-
expefenoe shows them to be necessary; ina reno,r
concludes by saying that " the Country has reason
to congratulate itself that this great work
of national importance Il 50 rapidly approach,
ing completion under such favorable auspices Tho
Company now have in use 1S7locomotives and nearly
1000 cars Of all descriptions. large additional
equipment is ordered to be ready in the Spring. The
grading is nearly completed and ties distributed fot
100 miles in advance of the western end Of the track
Fully 40 miles of iron for new track are now delv-
cred west of the Missouri River, and 90 miles mora
are en- route The total expenditure for construction
IN al, ~ tba M tla
road is not less than eight million dollars.


Besides donation from the Government of 12.S0s
acres of land per mile. the Company is entitled TO q
subsidy in T. s. Bonds on its lines as completed and
accented at the average rate Of about $4,000 per
mile according TO the difficulties encountered, for
which the Government takes q second lien as
rtv The Company have already received 81. i5s.-
coo of this subsidy, of which 900 paid Dec
O. and $6i0OO0 Dec. Ia


GOVERNMENT AID-SEcuRITY OF THE BoSps.--
BY its charter the Company is permitted to issue its
own First Mortgage Bonds to the same amount as
the Government Bonds, and no more These Bonds
First Mortgage upon the whole road and all Its
equipments. Such mortgage upon what for long
time will be the only railroad connecting the Attain
tic and Pacific States, takes the highest rank n
safe security. The earnings from the way or local
business for the year ending June 80, 1868. an
average of AI2 miles. were over Four Million Dol
Lara, which, after paying all expenses. were much
more than sufficient to cover all interest lia-
bility upon that distance, and the earnings for
the last five months have been $2.Ss6S70 They
would have been greater If the road had not been
taxed to its utmost capacity to. transport hta own
materials for construction. The income from the
great passenger travel. the China freights and the
supplies for the now Rocky Mountain States and
Territoros must 10 ample for al interest aud stAa2