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
|
