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The original 1862 Act's long title was An Act to aid in the construction of a railroad and telegraph line from the Missouri river to the Pacific ocean, and to secure to the government the use of the same for postal, military, and other purposes.
This opening of a transcontinental railroad to the Pacific coast, as envisioned by the 1862 Pacific Railroad Act, came four months after the Central Pacific and Union Pacific met at Promontory Summit, Utah. On November 8, 1869, the intended western terminus opened at the Oakland Long Wharf, from which ferries connected to San Francisco. These ...
It was the result of railroad overbuilding and shaky railroad financing, which set off a series of bank failures. One-quarter of U.S. railroads had failed by mid-1894, representing over 40,000 miles (64,000 km). The failed lines included the Northern Pacific Railway, the Union Pacific Railroad and the Atchison, Topeka & Santa Fe Railroad ...
Construction of the road was financed primarily by 30-year, 6% U.S. government bonds authorized by Sec. 5 of the Pacific Railroad Act of 1862.They were issued at the rate of $16,000 ($265,000 in 2017 dollars) per mile of tracked grade completed east of the designated base of the Sierra Nevada range near Roseville, CA where California state geologist Josiah Whitney had determined were the ...
The Kansas Pacific began in 1855 as the Leavenworth, Pawnee and Western Railroad, and was later reorganized in 1863 as the Union Pacific Eastern Division. The UP Eastern was authorized by the United States Congress as part of the Pacific Railway Act, in order to create a second southerly branch of the transcontinental railroad, alongside the ...
Map of NPR Land Grant, c1890. The 38th United States Congress chartered the Northern Pacific Railway Company on July 2, 1864, with the goals of connecting the Great Lakes with Puget Sound on the northwestern coast of the United States on the Pacific Ocean, opening vast new lands for farming, ranching, lumbering and mining, and linking the Federal territories and later newly admitted to the ...
The beauty of train trips used to be a key selling point. But with the Pacific Surfliner suffering the effects of climate change, safety and reliability may trump the pretty view.
In addition to securing an enlarged land grant from Congress in 1864 as part of the legislature's subsidizing distribution of 100 million public acres, Durant effectively reacted to the Union Pacific's failure to sell significant stock in light of the Pacific Railway Act of 1862 ruling that merchant holding would be limited to 200 shares per ...