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==History==
The Union Pacific Railroad was incorporated on July 1, 1862 in the wake of the Pacific Railroad Act of 1862]]. Under the guidance of its dominant stockholder Dr. Thomas Clark Durant, the namesake of the city of Durant, Iowa, the first rails were laid in Omaha, [[Nebraska]]. The Union Pacific Railroad was joined together with the [[Central Pacific Railroad]] at Promontory Summit, [[Utah]], in 1869 hence creating the first transcontinental railroad in North America. Subsequently, UP took over three Mormon-built roads: the Utah Central Rail Road (1869-1881), extending south from Ogden, [[Utah]], to Salt Lake City, the Utah Southern Railroad (1871–1881) extending south from Salt Lake City into the Utah Valley, and the Utah Northern Railroad extending north from Ogden into [[Idaho]]; and it built or absorbed local lines that gave it access to Denver, Colorado and to Portland, Oregon, and the Pacific Northwest. It acquired the Kansas Pacific Railroad (originally called the Union Pacific, Eastern Division, though in essence a separate railroad). It also owned narrow gauge trackage into the heart of the Colorado Rockies and a standard gauge line south from Denver across New Mexico into Texas (both parts of the Union Pacific, Denver, and Gulf Railway).<ref name="history">[http://www.uprr.com/aboutup/history/uprr-chr.shtml "Union Pacific: History"] Union Pacific Railroad Website, November 2009</ref>
UP was entangled in the Crédit Mobilier of America scandal of 1872. Its early troubles led to bankruptcy during the 1870s, the result of which was reorganization of the Union Pacific Railroad as the Union Pacific Railway on January 24, 1880, with its dominant stockholder being [[Jay Gould]]. The new company also declared bankruptcy, in 1893, but emerged on July 1, 1897, reverting to the original name, Union Pacific Railroad. Such minor changes in corporate titles were a common result of reorganization after bankruptcy among American railroads. This period saw the UP sell off some of its holdings; the Union Pacific Railway, Central Branch became the Central Branch of the Missouri Pacific Railroad and the Southern Branch was acquired by the newly-incorporated Missouri Kansas Texas Railroad in 1870. However, the UP soon recovered, and was strong enough to take control of Southern Pacific Railroad (SP) in 1901 and then was ordered in 1913 by the U.S. Supreme Court to surrender control of the same. UP also founded the Sun Valley, Idaho resort in [[Idaho]] in 1936, the UP engineering department in Omaha designed the first ski chairlift that summer. The MP and MKT both came back into the UP fold in the 1980s. In 1996, UP finally acquired SP in a transaction envisioned nearly a century earlier.<ref name="history"/>
The headquarters of UP has been in Omaha, Nebraska, since its inception. Currently they are housed in the Union Pacific Center, completed in 2003.<ref name="history"/>
==Union Pacific Corporation==