CENTRAL PACIFIC RAILROAD COMPANY. The books and accounts of this company were examined in San Francisco by Mr. W. M. Thompson, and statements are herewith submitted showing its business and financial condition. The various lines of the company have been operated since April 1, 1885, by the Southern Pacific Company of Kentucky, under the terms of a lease dated February 17, 1885. The gross earnings of the "Pacific system" for the year ending June 30, 1886, compared with those of the year ending June 30, 1885, show a decrease of $449,299.32, yet the net earnings increased $2,430,512.79, or 31.08 per cent. This increase was caused by a very great reduction in operating expenses (the item "general expenses and taxes," showing a decrease of $1,982,728.10; "conducting transportation," $255,777.66; "maintenance of way," $481,305.55; "motive power," $242,055.98, &c.). The property of the company was also examined by him, and the track, road-bed, bridges, trestles, station buildings, &c., found to be in excellent condition. The principal improvements made during the year on the main line and the Oregon and Visalia Divisions, consist of new side tracks at Atwater, Athlone, Durham, Morano, Penryn, and Verdi; new freight platform at Bovine; new bunk and cook house at Corinne; new passenger depot and eating-house at Lathrop, to replace buildings destroyed by fire; new combination depot at Madera; new combination depot at Redding, to replace building destroyed by fire; new bunk and cook house at Tehama; and new fuel-house at Wadsworth. At Oakland considerable additions to side track in connection with new coalyard have been made. On the Visalia Division thirteen new culverts were built and several open culverts extended. At Berenda a new combination depot, turn-table, coal-bin, and additional side tracks to improve the connection with the San Joaquin and Yosemite Valley Railroad have been made. At Marysville a new passenger depot has been constructed. The bridges at Truckee and Prosser Creek and the woodwork on the drawbridge over the San Joaquin River have been renewed. The snow-sheds for a distance of 1,500 feet east of Blue Cañon and 2,500 feet east and 2,500 feet west of the Butte Cañon bridge have been repaired. Five and a quarter miles of track have been renewed with steel rails, and about 170,000 cross-ties provided for current renewals. As the report of the company is incomplete, the amounts expended during the fiscal year ending June 30, 1886, for additions and betterments to the railway cannot be stated. The rolling stock owned by the company consists of 234 locomotives, 232 of which are equipped with Westinghouse brakes; 325 passenger and 4,463 freight cars, all of which are equipped with Westinghouse brakes. The company had acquired by United States patent 2,324,955 acres of land up to June 30, 1886, and had sold 1,891,571 acres for $7,117,886.02. The principal outstanding on account of time sales amounted to $1,108,187.04, and the interest to $6,419. Work on the Oregon Division of this road has been prosecuted vigorously during the past year, the present terminus being near Soda Springs, 25 miles north of Delta and 215 miles from the junction with the main line. Financial condition of the Central Pacific Railroad Company June 30, 1886. Sinking funds of the company. Trustees of land mortgage for redemption of bonds... Land contracts, deferred payments on time sales........... Bills and accounts receivable.... Interest accrued but not due, payable by Southern Pacific Company Total assets...... Surplus..... $142, 986, 527 15 8,572, 388 84 2,760, 178 30 1,815, 657 62 9,996, 941 35 1,074, 442 47 31, 661 91 8, 276, 076 17 1,281, 978 25 1, 108, 187 04 316, 209 71 1,462, 930 00 7,750,000 00 187, 433, 178 81 6, 009, 140 08 The company also claims that it owns lands estimated at $23,750,000, but on account of conflicting and overlapping grants, adverse claims, desert lands, &c., their value as an asset is merely conjectural, being derived from an estimate of the number of acres to which the company would be entitled under the several acts of Congress and the price per acre fixed by the Government on adjoining lands. Comparative statement of the earnings and expenses of the Central Pacific Railroad Company, Statement of amounts due on account of interest and the sinking fund under the act of May 7, 1878, for the year ending December 31, 1885, from the Central Pacific Railroad Company. 863,548 97 Total expenses under act of May 7, 1878............ Net earnings so ascertained (25 per cent. is $215,887 24).. ... |