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No. of Recommendations: 4
Many railroad were built with large land grants of federal lands. This was to encourage investment in building the railroad. The land was often almost worthless as it was land locked. So railroads did what they could to sell farm and/or ranch lands to settlers. There were big ads, and almost free inspection tours apparently like they sell time shares these days.

In remote areas some railroad lands were forested and some were mineral rich. So railroads created "resource groups" to monetize these assets. Some were eventually sold to corporations. It looks as if your bond is backed by land grant land that was sold eventually to Anandarko, which recently was acquired by Occidental Petroleum.

I read your notice to mean that Union Pacific now is offering voluntary redemption of the bond and paying a premium if you will tender your bonds. But of course you will much prefer to continue collecting your interest payments unless and until they match their market value. (Why do they tender rather than buy them on the open market? Probably to avoid driving up the market price by purchasing same.)
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