Railroad Bond Repayment
From: "reno banker" renobanker@hotmail.com
I have heard both the Union Pacific and Central Pacific paid back the 30 government bonds issued for the building of the transcontinental railroad but cannot find verification or citation of this. Where can I find this information?
—Ron
posted from CPRR Discussion Group at 1:04 PM
1 Comments:
See the last paragraph of our Bond FAQ which includes links to the sources:
"Railroad Reorganization: Union Pacific." By Stuart Daggett, Ph.D., Harvard Economic Studies, 1908, states on page 256 that: " ... the government debt was paid off in cash ... both principal and interest were paid in full." Regarding the CPRR and Western Pacific RR, Tutorow, p. 1004 reports that final payment to the government was organized by a commission appointed by an 1898 act of congress, determined to be $58,812,715.48 on Feb. 1, 1899, and that the complex transaction was completed on February 1, 1909 when the last of the government debt was duly paid.
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