Page:U.S. Department of the Interior Annual Report 1880.djvu/42

From Wikisource
Jump to navigation Jump to search
This page has been proofread, but needs to be validated.
40
REPORT OF THE SECRETARY OF THE INTERIOR.

in the case of Thomas vs. West Jersey Railroad Company, any unauthorized lease entered into by railroad companies must be canceled.

Another important decision is that of the Court of Claims, No. 11471, in the case of The Atchison, Topeka and Santa Fé Railroad Company vs. The United States, in which the court holds that 50 per cent, of its gross earnings is a fair compensation to the company for the actual cost of transportation and such part of the profits upon transportation as are earned by the company from the government.

Particular attention is called to the circular of the Treasury Department dated November 29, 1879, giving notice to all government officers and employes that no money payments for transportation can be made to Pacific Railroads which have been subsidized with bonds.

On January 26,1880, articles of consolidation were filed in this department in accordance with law, in which the Union Pacific Railroad Company, the Kansas Pacific Railway Company, and the Denver Pacific Railway and Telegraph Company are consolidated under the name of "The Union Pacific Railway Company."


THE UNION PACIFIC RAILWAY COMPANY.


The property and business of the Union Pacific Railway Company is reported on in full, and has been found in good condition, with business increasing. Under the sinking-fund act of May 7, 1878, the "25 per cent, of net earnings" found due the United States by the company amounts to $1,532,916.12.

The Union Pacific Railway Company furnishes reports from which the following statements are derived:


Length of line subsidized with bonds
1,432.62
Length of line subsidized with lands
1,783.17
Leased to Central Pacific
5.00
Operated by Union Pacific
1,809.84
Stock subscribed
$50,762,300 00
Stock issued
50,762,300 00
Par value
100 00
United States subsidy bonds
33,539,512 00
Other funded debt
82,434,357 62

Total stock and debt
166,736,169 62


Floating debt and interest account to June 30,1880, on subsidy and other bonds
$26,429,551 57
Bonds and stock of, and investments, in other companies
15,338,453 94


Material on hand
1,850,669 82
Cash on hand
2,047,329 79
Accounts receivable
6,743,919 01

10,641,918 62


Cost of road and equipment and Missouri River bridge, per company's books
$156,522,642 29