this company made by the commission is on this ponit,
and as the errors in their conclusions follow from their
misapprehension as to the facts, it is proper here to correct
the errors which they have published.
The commission state that: **By the second section of
** the Act of July 2, 1864, the Union Pacific Railroad
** Company was required to make assessments upon its
*' stockholders of not less than five dollars per share, and
'* at intervals not exceeding six months from and after the
*' passage of the Act until the par value of all the shares
'' subscribed should be fully paid. Money only was to be
* ' received for any such assessment, or as equivalent for
** any portion of the capital stock authorized. The com-
* ' mission report that this obligation has not been kept by
** any of the bond-aided railroad companies.''

The commission seem ignorant of the fact that this
section of the Act does not apply to the Central Pacific
Railroad Company. This company was incorporated
under the general railroad laws of California of 1861; and
its duties regarding the issue of capital stock are as therein
only provided. The provisions of these laws have been
strictly followed by the company in its issue of stock.
