Utah. Specimen $10,000 1st Lien and Refunding Mortgage 4% Registered Gold Bond, black on orange border, seated allegorical woman with ships and trains, VF condition, Specimen overprints, POC's, ABNC. Unlisted denomination and color in Cox. Rare railroad bond. The Union Pacific Railroad, legally Union Pacific Railroad Company and simply Union Pacific, is a freight-hauling railroad that operates 8,300 locomotives over 32,200 miles routes in 23 U.S. states west of Chicago and New Orleans. Today, Union Pacific and its chief competitor, BNSF Railway, the nation's largest freight railroad by volume, have a duopoly on transcontinental freight rail lines in the western United States.