Page:U.S. Department of the Interior Annual Report 1877.djvu/30

XXVIII entire indebtedness of the company is $19,264,684.99. There are 443.86 miles of the main line of this road in operation, (and 36.94 miles of sidings,) 111 miles of which has been completed since the date of their last report. On the 8th March last you accepted 127 miles of this company's road.

Denver Pacific Railroad stock to the amount of $4,000,000 has been subscribed and paid, being the total amount authorized by law. The receipts for the year ending 30th June, 1877, were, for transportation of passengers, $161,722.96; of freight, $171,165.29; miscellaneous, $2,880,65; total, $335,768.90. The expenses for said year were $189,370.20; leaving net earnings $146,398.70. The cost of construction and equipment of the road (106 miles) has been $6,495,350. The indebtedness of the company is $2,595,829.91.

Under the act of 1st July, 1862, and 2d July, 1864, subsidy bonds were issued by the United States to six railway companies (Central Pacific, Kansas Pacific, Union Pacific, Central Branch Union Pacific, Western Pacific, and Sioux City and Pacific) to the amount of $64,623,512. These bonds, having thirty years from date to run, will mature, some in 1896, others in 1897, and others in 1898. The semi-annual interest paid on them will amount, at maturity of the bonds, to $116,322,321.60 at simple interest, and to $316,112,571.79 if compounded, or, the principal added thereto, $180,945,833.60 and $380,736,083.79 respectively.

Section 6 of the act approved July 1, 1862, provides that “all compensation for services rendered for the government shall be applied to the payment of said bonds and interest until the whole amount is fully paid.” This, however, was amended by section 5 of the act approved July 2, 1864, which provides that “only one-half of the compensation for services rendered for the government by said companies shall be required to be applied to the payment of the bonds issued by the government in aid of the construction of said roads;” which amendment was confirmed by section 9 of the act approved March 3, 1871, enacting “that the Secretary of the Treasury is hereby directed to pay over in money to the Pacific railroad companies * * * one-half of the compensation * * * for * * * services heretofore or hereafter rendered.”

The amount of one-half of transportation-accounts for carrying mails, troops, supplies, &amp;c, which has not been paid to the companies, but which has been applied by the government to the payment of their indebtedness, and covered into the Treasury for that purpose, to October 31, 1877, is as follows, viz: