The Atlantic and Pacific Railroad was organized under an Act of Congress, S20, approved July 27, 1866, and
embraces the South Pacific Railroad Company (originally the southwest branch of the Pacific Railroad of
Missouri), which was organized under the provisions of an Act of the General Assembly of the State of Missouri,
approved March 7, 1868. The South Pacific received a grant of lands, under an Act of Congress passed June 10,
1852, of 1,161,205 acres. Under the Atlantic and Pacific Railroad Company's charter about 500,000 acres have
been already received and secured by the company, namely 480,000 acres in Missouri and 20,000 acres in
Arkansas. The receipts from the sales of these lands are applicable, first, to interest on the bonded debt, and
the balance appropriated to paying off the bonds at a price not exceeding 110 per cent.
The Pacific Railroad Company of Missouri was completed to Kansas City, October 02, 1865. The following named
roads are leased to that company on the terms mentioned; Missouri River Railroad, for twenty years from July
02, 1866, the Pacific Railroad Company paying $50,000 a year for five years, the rent to be increased every
succeeding five years $10,000, until, for the last five years of the contract, $80,000 a year is to be paid; the
Leavenworth, Atchison & Northwestern Railroad, $42,500 a year; the Osage Valley & Southern Kansas Railroad,
35 per cent of the gross earnings; the Lexington & St. Louis Railroad, which this company own, 6 per cent gold on
$1,000,000 first mortgage bonds and in addition thereto, nine twelfths of net earnings after paying interest;
and the St. Louis, Lawrence & Denver Railroad, a conditional rental of $75,000 per year.
The Pacific Railroad of Missouri and all of its leased lines were leased to the Atlantic & Pacific Railroad
Company on July 01, 1872, for the term of 999 years, the latter company assuming all liabilities and agreeing
to pay a dividend on $7,000,000 stock of 5 per cent per annum for the first three years, 6 per cent for the
next succeeding two years and 7 per cent thereafter, with dividends payable quarterly.
The Carondelet branch from Kirkwood to Carondelet, 13 miles, reaches the river and secures the use of a large
water front. The branch was constructed during the year 1872 and cost about $300,000. In connection with
this branch, the company have purchased the Carondelet Ferry for the sum of $33,000. The estimated value of
these additions to the company's property is $1,000,000.
Source:
1874-75 Poors' Railroad Guide
H.V. Poor New York, New York
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