Railroaded

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The western roads received the following amounts from the states: Nebraska, 498,742; Texas 32,990,000; Oregon, 3,200; Minnesota, 2,875,856.

"Report of the Auditor of Railroad Accounts," House Ex. Doc. 1, 46th Congress, 2nd Session, 1911, Table 13, 113-15.

Eventually around 35 million acres were returned, and in addition the railroads relinquished an additional 8 million acres in 1940 in exchange for the government canceling preferential reduced rates it was entitled to receive. This created interesting geographies of land whose title was in limbo for years as railroad claims and ownership were sorted out.

Last updated on July 6, 2012 at 5:01pm

"General Railroad Law of California: An Act to provide for the Incorporation of Railroad Companies, and the management of the affairs thereof, and other matters relating thereto" (approved May 20, 1861; as amended to May 6, 1862). That the company may have sold $100,000 is based on 10 percent down on 10,000 shares.

Annual Report of the Central Pacific Railroad Company of California to the Secretary of State of California of the Year Ending the Thirty first Day of December A.D. 1869, California State Archives.

Last updated on July 9, 2012 at 11:50am

When the road was completed, the bookkeepers of the Credit Mobilier put the actual cost to contractors of the Union Pacific at $50,720,958.94 and their profit at $42,825,328.34, but the profit was calculated on the basis of the securities being sold at par. Calculations that discounted the stock and bonds yielded a profit of $11,891,903. A third calculation has the government bonds and first mortgage bonds paying for the road. There remained the income bonds, land grant bonds at par and 36 million shares of stock discounted 70% as profit.

Last updated on August 27, 2012 at 6:03pm