oct 1, 1863 - Preliminary Organization

Description:

In October 1863, a group of investors, politicians, and business leaders convened in New York City to formally organize the Union Pacific Railroad and Telegraph Company.

During this meeting, the initial officers and directors of the company were elected. These individuals were responsible for overseeing the planning and execution of the railroad construction. Notably, Dr. Thomas Clark Durant played a pivotal role in this organization, using his influence and expertise to secure a leadership position within the company. "The company was duly organized under the Acts of Congress, approved by Abraham Lincoln, President of the United States, July 1 and July 12, 1862, and July 2 1864, all of whose conditions have been complied with." In short, it ensured the company was going to comply with the Pacific Railway Act and other relevant legislation. There were fifteen directors on the part of the Company, and five directors appointed by the President of the United States to represent the Government.

The authorized capital is One Hundred Million Dollars, of which $8,950,000 have been paid in by the stock-holders upon the work already done.

One of the primary objectives of the preliminary organization was to secure funding and resources for the construction of the railroad. This involved strategizing on how to attract investment and utilize the land grants and loans provided by the Pacific Railway Act of 1862. Subscriptions were solicited from prominent capitalists, which at first were reluctantly made. Several hundred subscribers were obtained in various cities.

The preliminary organization also involved significant planning regarding the route of the railroad. The directors discussed the best paths for the railroad to take, considering geographical challenges, potential economic benefits, and connections with existing railroads. This planning was essential for setting the stage for the actual construction work.

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