Part VIII

Financial Agencies and the Railroads

Record Group 39 Records of the Bureau of Accounts (Treasury)

VIII.1 The Bureau maintains for the Federal Government a unified system of central accounts, prepares and publishes central financial reports, develops plans for simplifying and improving Government accounting and other fiscal procedures, and disburses moneys of the executive branch. There are five series of records in the Bureau of Accounts (Treasury) that pertain to railroads. These include ledgers of sinking funds and accounts of principal and interest of railroad loans. These series have been described in Preliminary Inventory of the Records of the Bureau of Accounts (Treasury), NC 23.

VIII.2 All of the following series are from "Records Relating to the Department of the Treasury, Public Debt":

1. periodic statements of principal and interest due the government from the Union Pacific Railroad, 1865-78 (2 in.)(MLR Entry 251, NC 23), arranged chronologically. These ledger entries include name of railroad, amount of principal or interest paid, and the date paid. The payments resulted from bonds issued to various Pacific railroads to aid construction. The railroads listed include the Union Pacific Railroad, the Central Pacific Railroad, and the Kansas Pacific Railroad.

2. ledger of sinking fund accounts of the Union Pacific Railroad, 1878-99 (2 in.)(MLR Entry 252, NC 23), arranged by type of investment and thereunder chronologically. Also included are entries for the Central Pacific Railroad. The accounts include one half compensation for services performed for various Government departments, purchase of bonds, premiums, and interest payments. The Pacific Railroad's sinking funds were created by Act of May 7, 1878. The sinking funds were basically monies set aside in railroad construction accounts created as a result of bonds sold.

3. ledger of principal and interest payments by the Union Pacific Railroad to the government, 1868-1925 (2 in.)(MLR Entry 253, NC 23), arranged by name of branch line of the railroad. The ledgers list the indebtedness of each railroad by note number, amount, and date. The ledgers also list the interest payments by date. Railroads included are the Union Pacific, Central Pacific, Western Pacific, and the Sioux City & Pacific Railroads.

4. ledger of railway interest accounts, ca. 1866-79, (1 in.)(MLR Entry 254, NC 23), arranged by name of railroad. The ledger lists bond interest accounts by date, service (Army, Indian, Freedman, Mail), date of maturity, warrant number and date, and the dollar amount. Railroads included are the Central Pacific, Kansas Pacific, Union Pacific, Western Pacific, and the Sioux City & Pacific Railroads.

5. register of certificates of deposit on railroad debts owed to the government, 1921-28 (5 in.)(MLR Entry 255, NC 23), arranged alphabetically by subject, thereunder by name of railroad, and thereunder chronologically. The entries for the certificates of deposit are arranged by subject categories that include General Railroad Contingent Fund, Loans to Railroads, Federal Control Transportation System, Traffic Balances, Reimbursement of Deficit, Guaranty to Carriers, and Interest on Overpayment. The entries include the date of issuance for the certificates of deposit, the certificate number, date cleared by the U.S. Treasurer, depository, and amount of certificate.

Record Group 50 Records of the Treasurer of the United States

VIII.3 Established by the act establishing the Department of the Treasury, the Treasurer serves as the banking facility for the Federal Government. The Treasurer receives, disburses, and accounts for public funds; procures, holds, issues and redeems U.S. paper currency and coin; pays the principal and interest on the public debt; and maintains the Treasury general ledger accounts of the trust, reserve, and general funds. Records relating to railroads include accountings of Pacific railroad bonds, loans, and sinking funds.

VIII.4 The "Records of the Division of National Banks, 1855-1936," include the series ledger and journal relating to sinking fund accounts of the Central Pacific and Union Pacific Railroads, 1879-88 (accounting books for the Railroad Sinking Fund Accounts, 1879-88) (0.2 ft.)(MLR Entry 173, UD), arranged by sinking fund account. This series includes accounting on bonds filed with the Division of National Banks, U.S. Treasurer's Office, of funded loans and amount in sinking funds. Entries list bond numbers, denominations, and total amount of cash in account. The Division of National Banks handled accounts chiefly for national banks designated as depositories for public funds and for securities held as backing for national bank note circulation.

VIII.5 The Cash Division produces the series record of claimed and unclaimed interest on Pacific railroad loan, 1869-83 (2 vols., 0.5 ft.)(MLR Entry 43, UD), arranged by name of creditor or chronologically. Volume 1 lists unclaimed interest payable at the U.S. Treasurer's Office by name of creditor, name of railroad that paid off the loan, due date of loan, amount of loan, and to whom paid. Volume 2 is a record of interest paid by the U.S. Treasurer on Pacific railroad loans. The ledger lists date, to whom paid, name of railroad, and amount unclaimed.

VIII.6 The Division of Loans kept the index to holders of Pacific Railway bond, 1881 (0.1 ft.)(MLR Entry 172A, UD), arranged alphabetically by name of payee. The bond is a 30-year 6-percent loan. Listed are the number of payee, ledger folio, and name of payee.

VIII.7 Two series from the Division of Securities are related to railroads:

1. record of redemption of certificates of indebtedness for United States Railroad Administration, 1919 (0.2 ft)(MLR Entry 192, UD), arranged alphabetically by location of Federal Reserve bank and Washington, DC. The series lists the certificates of indebtedness by the Director General of the U.S. Railroad Administration of railroads paid by the Treasurer of the Unied States or redeemed by various Federal Reserve banks and forwarded to the U.S. Treasurer for final payment to the U.S. Railroad Administration control account. The volume lists the date of receipt and schedule, number of cases and certificates, par value, and accrued interest.

2. records of redemption of Pacific Railroad bonds, 1895-1903 (2 vols, 0.4 ft.)(MLR Entry 198, UD), arranged by name of railroad and thereunder by date of redemption. Volume 1 contains the record of Pacific Railroad bonds redeemed, and Volume 2 lists the retirement of Pacific Railway bonds issued to

Pacific Railway companies under acts of July 1, 1862, and July 2, 1864. Both volumes list the date of redemption, call number, number of case, denominations of bonds, number of vouchers, and amount of principal and interest paid.

Record Group 51 Records of the Office of Management and Budget

VIII.8 Formerly the Bureau of the Budget (1921-1970), the Office of Management and Budget (OMB) assists the President in preparing the budget and in formulating fiscal program. The agency also supervises the administration of the budget, conducts efficiency reviews of executive branch organization structure and management procedures, and develops regulatory reform programs. The OMB records include budget submissions from the various agencies that are part of the Department of Transportation and the ICC, dating up to 1982. The record group also includes records of the War Industries Board, which had reporting responsibilities on Federal Government-controlled railroads during World War 1.

VIII.9 The Central Bureau of Planning and Statistics, 1918-19, was an independent agency reporting through Chairman Bernard Baruch of the War Industries Board. The Central Bureau was organized in June 1918 to make a survey of Government war activities. It operated the Central Statistical Clearing House. It prepared a Conspectus of Special War Activities, special reports, and periodic surveys of commodity, shipping, labor, and railroad statistics. The Bureau was dissolved in July 1919. The office files of the Central Bureau of Planning and Statistics (War Industries Board). 1918-1919, (22 ft.)(MLR Entry 1G, UD), include "Reports to the President on Government-Controlled Railroads, August-November 1918" (box 7), arranged chronologically by date of report. The records include photostated copies of four reports by the Central Bureau on some of the outstanding factors in the railroad situation in the United States. The first report is a preliminary survey of conditions as of August 1, 1918. The other reports are summaries of operating and traffic statistics for 1918.

Record Group 53 Records of the Bureau of Public Debt

VIII.10 An act of April 11, 1836, directed that the books of accounts for the national debt and any other loan records be transferred from the Second Bank of the United States to the Treasury Department. The records were in the custody of the Register of the Treasury, the bookkeeper of the Federal Government. In 1868, an additional Division of Loans was established within the Secretary's Office to relieve the Register of some of its workload, and in 1876, the division was combined with the Division of Currency to form the Division of Loans and Currency. This division, combined with the Register, was placed under the Commissioner of the Public Debt in 1919 and in 1921 was designated the Public Debt Service, a separate agency. In 1940, the service became the Bureau of Public Debt. These records contain accounting documentation concerning Pacific railroad loans and are described in the Preliminary Inventory of the Records of the Bureau of Public Debt, NC 120.

VIII.11 Relevant series in this record group are found in "Records Relating to Loans Made During the Period 1836-68." Commonly referred to as "Old Loan" records, these records relate to matured loans and consist of books of account and related documents pertaining to the popular or subscription domestic loans:

1. accounts for the Central Pacific Railroad loan of 1862, 1862-98 (20 vols., 4 ft.)(MLR Entry 390, NC 120), arranged either chronologically, numerically by case number, yearly by series, or by account title. The volumes consist of account books for the loan authorized by an act of July 1, 1862, as amended by acts of July 2, 1869, and May 7, 1878, to assist the Central Pacific Railroad in financing the building of its part of the transcontinental railroad system. The account books contain fair copies of correspondence between the Central Pacific Railroad and the Department of the Interior (vols. 1-2), issue records (vols. 3-4), numerical registers (vols. 5-10), and ledgers (vols. 11-20). The ledgers include alphabetical indexes to account titles.

2. accounts for the Union Pacific Railroad loan of 1862, 1865-98 (18 vols., 3 ft.)(MLR Entry 392, NC 120), arranged either chronologically, numerically by case number, or by account title. The volumes consist of account books for the loan authorized by an act of July 1, 1862, as amended by acts of July 2, 1869, and May 7, 1878, to assist the Union Pacific Railroad in financing the building of its part of the transcontinental railroad system. The account books contain fair copies of correspondence between the Union Pacific Railroad and the Department of the Interior (vol. 21), issue records (vols. 22-23), numerical registers (vols. 24-28), and ledgers (vols. 29-34). The ledgers include alphabetical indexes to account titles.

3. accounts for the Kansas Pacific Railroad loan of 1862, 1864-97 (11 vols., 2 ft.)(MLR Entry 393, NC 120), arranged either chronologically, numerically by case number, or by account title. The volumes consist of account books for the loan authorized by an act of July 1, 1862, as amended by acts of July 2, 1869, and May 7, 1878, to assist the Kansas Pacific Railroad in financing the building of its part of the transcontinental railroad system. The account books contain fair copies of correspondence between the Kansas Pacific Railroad and the Department of the Interior (vols. 35-36), issue records (vol. 37), numerical registers (vols. 38-41), and ledgers (vols. 42-45). The ledgers include alphabetical indexes to account titles.

4. accounts for the Central Branch of the Union Pacific Railroad loan of 1862, 1866-97 (9 vols., 1 ft.)(MLR Entry 394, NC 120), arranged either chronologically, numerically by case number, or by account title. The volumes consist of account books for the loan authorized by an act of July 1, 1862, as amended by acts of July 2, 1869, and May 7, 1878, to assist the Central Branch of the Union Pacific Railroad in financing the building of its part of the transcontinental railroad system. The account books contain correspondence (vol. 46), issue records (vol. 47), numerical registers (vols. 48-52), and ledgers (vols. 53-54). The ledgers include alphabetical indexes to account titles.

5. accounts for the Western Pacific Railroad loan of 1862, 1866-98 (5 vols., 11 in.)(MLR Entry 395, NC 120), arranged either chronologically, numerically by case number, or by account title. The volumes consist of account books for the loan authorized by an act of July 1, 1862, as amended by acts of July 2, 1869, and May 7, 1878, to assist the Western Pacific Railroad in financing the building of its part of the transcontinental railroad system. The account books contain fair copies of correspondence between the Western Pacific Railroad and the Department of the Interior (vol. 55), issue records (vol. 56), numerical registers (vols. 57 and part of vol. 49), and ledgers (vol. 58). The ledgers include alphabetical indexes to account titles.

6. accounts for the Sioux City and Pacific Railroad loan of 1862, 1866-97 (5 vols., 1 ft.)(MLR Entry 396, NC 120), arranged either chronologically, numerically by case number, or by account title. The records consist of account books for the loan authorized by an act of July 1, 1862, as amended by acts of July 2, 1869, and May 7, 1878, to assist the Sioux City and Pacific Railroad in financing the building of its part of the transcontinental railroad system. The account books contain fair copies of correspondence between the Sioux City and Pacific Railroad and the Department of the Interior (vol. 59), issue records (vol. 56), a numerical register (vol. 60 and part of vol. 49), and ledgers (vol. 61). The ledgers include alphabetical indexes to account titles.

7. accounts for the loan of 1862 for the Pacific railroads, 1865-1902 (102 vols., 11 ft.)(MLR Entry 397, NC 120), arranged chronologically, by year of redemption, office of issue, or name of creditor. The records consist of account books for the loan authorized by an act of July 1, 1862, as amended by acts of July 2, 1869, and May 7, 1878, to assist various railroad companies in financing the building of their part of the transcontinental railroad system. The books include a journal (vol. 62), consolidated journals (vols. 63-68), a redemption register (vol. 69), a book of receipts for redemption (vol. 70), consolidated ledgers (vols. 72-91), a statement of dividends (vol. 92), a register of prepayment of interest (vol. 93), requisition stubs (vol. 94), and registers of interest dividends (vols. 137 and 137A). Volume 71 contains an alphabetical index by account title to the ledgers and volume 137A includes an alphabetical index by name of creditor to the register of unclaimed dividends.

8. index to railroad related names, n.d. (0.2 ft.)(MLR Entry 18, UD), arranged alphabetically by name. Included are names of employees of Pacific Railroads. Entries include the consolidated volume or ledger number and the page number.

9. K.K., Pacific Railroad and Spanish Indemnity bonds and related records, 1880-95 (0.2 ft)(MLR Entry 81, UD), arranged chronologically. This is a general letter book containing listings of loans whose certificates were filed with the Treasury Department Registrar's Office. Included are Pacific Railroad loans.

Record Group 56 General Records of the Department of the Treasury

VIII.12 Established by an act of September 2, 1789, the Department of the Treasury formulates, recommends, and administers domestic and international financial, economic, and tax policies; manages the public debt; manufactures coins and currency; overseas the administration of subordinate agencies; and serves as the financial agent for the U.S. Government. Records relating to railroads include documentation concerning financial events such as railroad company tax liabilities and refunds, bonds and loans, subsidies, and reorganizations. These records are described in the Preliminary Inventory of the General Records of the Department of the Treasury, PI 187.

VIII.13 The "Central Files of the Office of the Secretary of the Treasury, 1917-56," contain three relevant series:

1. central files of the Office of the Secretary of the Treasury, 1917-32 (110 ft.)(MLR Entry 191, A1), arranged in three groups--general correspondence, correspondence concerning tax cases, and correspondence concerning individuals--and thereunder alphabetically by subject or name. Included is a folder entitled "Tax--Railroad Cases, 1923-32," (box 212) which contains correspondence relating to the tax liability of railroad companies.

2. central files of the Office of the Secretary of the Treasury, 1933-56 (96 ft.)(MLR Entry 193), arranged in three groups--general correspondence, correspondence concerning tax cases, and correspondence concerning individuals--and thereunder alphabetically by subject or name. The series includes a folder entitled "Railroad Retirement" (box 108) which contains correspondence relating to legislation and funding pertaining to the Railroad Retirement Board, dating 1956; a folder entitled "Tax--Railroad Cases" (box 154) containing correspondence relating to the tax liability of reorganized railroads; and folders relating to the financing and tax liabilities of the Erie Railroad (box 208) and the Norfolk & Western Railway and the New York Central Railroad (box 210).

3. office files of secretaries, under secretaries, and assistant secretaries, 1932-65 (196 ft.)(MLR Entry 198A, A1), arranged by name of treasury official. The records of Under Secretary A. A. Ballentine contain a folder entitled "Railroads," dating 1931-32 (box 54); the records of Under Secretary Fred C. Scribner, Jr., include a folder concerning a request by the New York, Ontario, and Western Railway for a loan, 1956-57 (box 159); the records of Assistance Secretary Wayne C. Taylor also include a folder entitled "Railroads" (box 170) concerning the reorganization of various railroads; and in the records of Assistant Secretary John W. Hanes, there are several folders concerning railroad tax refunds and the needs of railroads for equipment (box 177).

VIII.14 Three series of correspondence contain material related to railroads:

1. letters sent by the Division of Bookkeeping and Warrants (B Series), 1878-1917 (44 vols., 12 ft)(MLR Entry 66, A1), arranged chronologically. These are press copies of letters sent to the President, Congress, Federal Government departments, and private individuals relating to many subjects, including compensation to railroads for the transportation of Government goods and employees and payments on bonds issued by the Government to fund the construction of railroads. There is a register of these letters dating 1878-1902 (MLR Entry 64, A1) and indexes to this series are available in the records.

2. letters sent by the Division of Bookkeeping and Warrants (B Series), 1868-1908 and 1917-35 (146 vols., 22 ft)(MLR Entry 302, A1), arranged chronologically. The records consist of fair, press, and carbon copies of letters sent by the Division to the President, Congress, and among others, railroad officials relating to the public debt and payments of interest on Government bonds on the various transcontinental railroad accounts. Each volume is indexed by name or official title of addressee and by subject of letter.

3. letters sent by the Government Actuary, 1881-90 and 1900-1915 (4 vols., 7 in)(MLR Entry 402, A1), arranged chronologically. The records consist of press and fair copies of letters, memorandums, statistical tables, and related records sent by the Government Actuary to Treasury officials, Congress, Government departments, and private individuals concerning, among other subjects, subsidies granted certain railroads.

Record Group 217 Records of the Accounting Officers of the Department of the Treasury

VIII.15 The accounting system of the United States and the creation of accounting officers dates back to the Continental Congress, the Articles of Confederation and the formation of the Department of the Treasury in 1789. The Board of the Treasury was formed in 1776 to examine accounts and handle the general finances of the Government. Six auditors assisted the Board. On March 3, 1817, a new accounting system was established under the Department of the Treasury. The First Comptroller became responsible for civil expenditures--the Second Comptroller for military expenditures. The First Auditor was made responsible for civil accounts and claims; the Second Auditor settled accounts for pay and contingent expenses of the Army; the Third Auditor settled all other accounts of the War Department; and the Fourth Auditor settled accounts of the Navy Department. A Fifth Auditor was established to settle accounts of the State and Post Office Departments and accounts concerning Indian affairs. Between 1817 and 1894, various changes were made in the responsibilities of the auditors. A Sixth Auditor was created to take over responsibility for the Post Office Department. In 1894, the accounting offices were reorganized and the auditors renamed as their responsibilities shifted slightly. In 1921 the accounting offices were abolished and the functions were transferred to the newly created United States General Accounting Office. The records in this record group date from 1789 to 1921 and are described in the Records of the Accounting Officers of the Department of the Treasury, Inventory 14 (Revised). There is information relating to railroads scattered throughout the record group, mainly involving claims filed by railroad companies for transportation expenses relating to U.S. Government activities and functions. Series that contain significant documentation concerning railroads are listed below. Further details concerning these and other series may be found in Inventory 14.

VIII.16 Among the records of the Office of the First Comptroller in the Division of Miscellaneous Accounts are two relevant series. Letters sent relating to the World's Columbian Exposition, March 12, 1894-August 8, 1894 (1/2 in., 1 vol.)(MLR Entry 133, I 14), are arranged chronologically. They include press copies of letters to disbursing agents for Government departments that had exhibits at the exposition in Chicago and to officials of railroad companies who had claims for transportation expenses relating to Government exhibits. Contracts for the U.S. Railroad Administration, October 1918-February 1920 (9 in.)(MLR Entry 157, I 14), are arranged alphabetically by name of railroad. These records include agreements to compensate railroad companies for operation of railroads and related facilities during the wartime emergency, and show dates, names of parties involved, and amount.

VIII.17 Records of the Public Debt Division in the Office of the First Auditor include abstracts of public debt accounts, July 20, 1866-September 12, 1885 (2 in.)(MLR Entry 326, I 14), arranged chronologically by date approved. The abstracts show account number, name of official or claimant, type of account, period covered, dates received and approved, adjusted balance, and whether due to or from the United States. Accounts are usually those of the treasurer or assistant treasurers for payment of interest, commission on sales, coupons paid or cancelled, interest due from railroads, and salaries and contingent expenses.

VIII.18 Records of the Army Pension Division in the Office of the Third Auditor include the register of miscellaneous claims, January 6, 1905-October 22, 1910 (1/2 in)(MLR Entry 584, I 14), arranged chronologically and indexed by surname of claimant. It contains entries that show date received, claim number, name of claimant, explanation, and amount claimed. Among them are claims of railroads for transportation furnished.

VIII.19 The Claims Division produced letters sent relating to steamboat and other claims, June 3, 1863-September 17, 1871 (5 in.)(MLR Entry 615, I 14), arranged chronologically. Each volume is indexed by name of claimant or ship. The records include fair copies of letters relating to claims for loss of steamboats or other property--such as railroad property--in the military service. Most of the claims were filed by owners of steamboats; some were damage claims filed by railroad companies.

VIII.20 The Steedman Board of Claims was established December 8, 1863, by the U.S. Army Department of the Cumberland to adjust the claims of citizens of Marion County, Tennessee, against the Government for damage done to property during occupation by U.S. troops. The Board's docket book for steamboat and other transportation claims, July 23, 1863-January 27, 1895 (1 in.)(MLR Entry 651, I 14) is arranged numerically and indexed by name of claimant and name of steamboat. The entries in the docket book contain claim number, claimant's name, explanation, and dates and notations of actions taken (including award numbers or settlement numbers). Claims for damage to steamboats and railroads were allowable under an act of March 3, 1849, that concerned the loss of horses and other property in the military service.

VIII.21 The Office of the Third Auditor's Indian Division produced receipts from transportation companies, November 2-30, 1896 (1 in.)(MLR Entry 690, I 14), arranged chronologically. Included in the series are copies of transportation receipts showing name of railroad or other company, description of goods, package numbers and weights, and origin and destination of shipment. The Division's record of settlement numbers for railroad claims, May 5, 1902-May 18, 1906 (1/2 in.)(MLR Entry 692, I 14) is arranged numerically. The records show settlement number (see MLR entry 717, VIII.22.3), name of railroad company, and name of examiner.

VIII.22 The records of the Office of the Third Auditor's Land, Files, and Miscellaneous Division include three relevant series:

1. settled accounts and claims, March 11, 1817-December 27, 1897 (4,760 ft.)(MLR Entry 712, I 14), arranged numerically. There are gaps in the date span of these records. The actual dates covered are March 11, 1817-December 28, 1850 (boxes 1-2376); February 4, 1878-December 27, 1897 (boxes 1-609 are dated 1878-1883; boxes 610-2078 are dated 1878-1899). The records include settled accounts and claims of disbursing officers, other accounting officers, contractors, transportation companies (including railroads), and other individuals. Each account or claim file consists primarily of a report by the auditor, an abstract of disbursements and related vouchers, and sometimes other supporting documents or correspondence. A typical case file involving railroads is Settlement #5872, Claim #62.297, for the 1878-1883 period (box 497). In this case, the Atchison, Topeka & Santa Fe Railway filed a claim for $7,853.34 for services (transportation of military stores) rendered the Quartermaster Department of the U.S. Army between September and November 1881. The claim was to be paid out of the 1881 U.S. Army Transportation appropriation. The claim was reported on September 9, 1882 and returned on September 19, 1882. The case file includes the auditor's report of claim, various statements of differences between the amount recommended by the Office of the Quartermaster General and the amount allowed by the auditor, numerous bills of lading, and related correspondence.

2. settled Indian claims, July 1, 1907-March 29, 1923 (1,295 ft)(MLR Entry 718, I 14), arranged numerically. The registers of Indian claims (new series), August 1, 1894-March 29, 1923 (4 ft.)(MLR Entry 675, I 14) provide the claim numbers. The records include settled claims submitted primarily by suppliers of goods and services for Indians, transportation companies (including railroads), Indian agents, surveyors, individual Indians who had claims against the Government, and persons who had claims for depredations caused by Indians. A typical claim file consists of the audit report, an account current letter to the claimant indicating action taken on the claim, and statements, affidavits, correspondence, and other documents in support of a claim.

3. register of passenger transportation, October 1895-June 1900 (2 in.)(MLR Entry 761, I 14), arranged by subject and thereunder chronologically. The series is indexed by name of person, company, or administrative unit concerned. The register contains entries that show to whom transportation requests were issued (e.g., Indian schools, railroads, or individuals), dates, number of persons to be transported, the number of the Government transportation request, origin and destination of the trip, specific points between which transportation was requested, rate, amount payable, and settlement number in settled accounts of Indian agents, October 3, 1894-March 13, 1923 (3, 048 ft.)(MLR Entry 717, I 14).

VIII.23 In the records of the Office of the Fourth Auditor, Paymasters Division, are indexes to Navy paymasters accounts, January 1798-March 1896 (1 ft.)(Entry 794, I 14), arranged chronologically. Within each volume, the entries are arranged by name of paymaster and thereunder chronologically. The volumes include a partial index to settled accounts described in settled accounts of Navy paymasters and pay agents, 1798-1915 (4,400 ft)(MLR Entry 811, I 14), showing paymaster's name, account number, name of ship or station, and period covered by the account. Some entries for accounts of railroads, fiscal agents, and contractors are also included.

VIII.24 There are several undescribed entries listed at the end of Inventory 14 that contain records relating to railroads:

1. Survey 14--Pacific Railroad Exploration, 1853-62 (1 box);

2. Account Book--Union and Central Pacific Railroad Company and Sioux City Railroad

Company, Opened January 1, 1883 (1 vol.);

3. Claim of Illinois Central Railroad Company (Account # 18,327), 1876 (1 vol.);

4. Claim of Alien Stockbrokers of Illinois Central Railroad Company, ca 1876 (1 vol.); and

5. Record Book of Shipments by Railroad Companies, 1864-65 (1 vol.).

Record Group 266 Records of the Securities and Exchange Commission

VIII.25 The Securities and Exchange Commission (SEC) was established as an independent agency by the Securities Exchange Act of 1934 (48 St. 881) on June 6, 1934. The SEC succeeded the Securities Division, Federal Trade Commission (1933-34). The agency was responsible for administering Federal laws regulating the distribution of securities to the public and the subsequent trading of such securities.

The SEC's Division of Corporate Regulation was responsible for overseeing the administration of the Security and Exchange Commission's program to aid Federal courts in the administration of the affairs of debtor corporations being reorganized under Chapter X of the Bankruptcy Act (11 USC 501-676), also known as the Chandler Act. The division directed and reviewed the work of regional offices that would have responsibility for an individual case. It assisted in preparing information for the courts and helped ensure that reorganization plans were feasible and fair to all involved parties. Railroad companies were among the entities involved in these reorganization and bankruptcy proceedings.

VIII.26 The series records relating to reorganization proceedings under Chapters IX and XI of the Bankruptcy Act ("206 Files") (103 ft.)(MLR Entry 5 A1) is arranged alphabetically by name of public entity, corporation, partnership or individual that filed for or had an interest in reorganization. This series consists of records accumulated by the SEC as an ancillary result of its statutory obligation under Chapter X of the National Bankruptcy Act (11 USC 501-676) to review plans for corporate reorganizations. Chapters IX (Political Subdivisions and Public Agencies) and XI (Partnership) of the Bankruptcy Act provided these entities with a mechanism for debt relief and restructuring which is short of liquidation. The SEC became involved in these cases when it was asked by the courts or parties to provide advice on a reorganization plan. The SEC opened an active case file on a small number of Chapter XI cases. An individual file may contain correspondence regarding the status of a case; copies of company records; copies of related court records; and requests by companies, the courts, Congress, or the public for assistance. There are numerous files concerning the reorganization proceedings for railroad companies. An example of a case file involving railroads is a file (#206-3, box 131), dating from 1940 to 1957, involving the reorganization of the New York, Ontario and Western Railway. This file includes documentation from ICC Finance Docket #11662 concerning the reorganization plan, including the railroad company trustee's plan of reorganization filed with the U.S. District Court for the Southern District of New York, dating December 1, 1954, and the ICC report and decision, issued February 21, 1956. The ICC, in its decision, refused to approve any plan of reorganization of the railroad, and recommended dismissal of the proceedings.

VIII.27 Chapter X bankruptcy case files (954 ft.)(MLR Entry 6 A1) are arranged according to an SEC- devised triple-numeric filing scheme (207-1-2 through 236-86-2). The first number represents a geographic region in the United States, the second number is the case file assigned to the debtor corporation, and the third number indicates the section of the case file. This series consists of case files created by the SEC in the process of fulfilling its statutory obligation to aid Federal district courts in their administration of the affairs of debtor corporations being reorganized under Chapter X of the National Bankruptcy Act (11 USC 501-676). Chapter X was a 1938 amendment that provided a means for large corporations to reorganize and satisfy creditors without having to completely liquidate assets. The SEC's role was to review proposed reorganizations plan when the total indebtedness exceeded $3 million or the presiding judge deemed it advisable. The purpose of the review was to provide independent, expert assistance to the courts, participants and investors. After the review, the commission either issued a brief report and declined to participate further, or, if they determined that substantial public interest was involved, continued to participate actively until a plan was formulated. A typical case file consists of copies of court documents related to the reorganization; proposed plans for reorganization; copies of business records; names and addresses of known shareholders and creditors; correspondence between lawyers for the debtor corporation, the courts, and the SEC; correspondence between the regional SEC office responsible for the case and division headquarters; reports regarding the merits of the proposed reorganization; and analysis or comment by SEC staff. There are a few files relating to railroad companies in this series. An example of a specific case file involving a railroad company is the file (#209-325, boxes 362-369) concerning the proceedings for reorganization proceedings under Chapter X of the bankruptcy laws of the United States for the Chicago, North Shore & Milwaukee Railroad, dating from 1930 to 1946. This file includes notices of motions, receivership records filed with the U.S. District Court of the Northern District of Illinois (Eastern Division), other legal documents, additional information provided by the trustees, and the trustees' exhibits.

VIII.28 Records relating to Federal court decisions regarding corporate reorganizations (R-Files) (19 ft.)(MLR Entry 8 A1) are arranged alphabetically by name of corporation being reorganized and thereunder chronologically. This series consists of records created from court cases that arose out of appeals to corporate reorganization plans established under Chapter X of the National Bankruptcy Act. The individual files in this series include correspondence between the SEC and Federal courts, Department of Justice, the appellant, and other interested parties. There are also copies of court records including court decisions, legal briefs filed with the court and transcripts of court hearings. There are two files concerning the Hudson and Manhattan Railroad in this series (boxes 12-13). The first file (R-150) concerns the appeal of stockholders of the railroad of an order issued by the District Court of the Southern District of New York. The U.S. Court of Appeals for the 2nd Circuit affirmed the district court order in a decision during the October Term 1959 approving the railroad trustees' plan for reorganization. The second file (R-183) concerned the Court of Appeals, 2nd Circuit decision, dating October Term 1964, modifying the compensation amounts for the law firms representing the railroad's trustees during litigation. Both files contain a compilation of court documents including motions, affidavits, briefs, and the court's opinion.