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CENTRAL PACIFIC RAILROAD COMPANY.

The books and accounts of this company were examined in San Fran. cisco 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, 1835, 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; "condacting 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 Oak. land considerable additions to sido 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 vig. orously 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, 1856.

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Cost of road (including Oregon extension)
Cost of equipment ....
Real estate, shops, &c....
Miscellaneous investments
United States transportation and sinking-fund accounts.
Stocks and bonds owned
Cash
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
Water front in San Francisco, Oakland, and Sacramento

$142, 986, 527 15

8,572, 388 84 2, 760,178 30 1, 815, 657 9, 996, 941 S 1,074, 442 47

31, 661 91 8, 276, 076 17 1, 281, 978 3 1, 108, 187 04

316, 209 71 1, 462, 930 00 7,750,000 00

Total assets....

187, 433, 178 81

Surplus............

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.

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Ban Joaquin Valley R. R.

First mortgage

Lathrop to Goshen..

$6,080, 000 $6,080, 000 30 Oct. 1, 1900

Central Pacific R. R.

Income

No lien

6,000,000 3,285, 000 10 May 1, 1888

6 April and Oct. Sinking fund $50,000

yearly, commencing

1880. 8 May and Nov. Sinking fund 10 per cent.

yearly, commencing

1879.
6 April and Oct.

$5,370,000 have been re

deemed. All land
6 April and Oct. sales pledged to re-

deem these bonds.

Land-grant bonds.

10,000,000 4,630, 000 20 Oct. 1, 1890

First mortgage on Central

Pacific and California and

Oregon landa.
Second mortgage on Central

Pacific and California and
Oregon lands.

Do.

10,000,000 5,000,000 30 Oct. 1, 1915

Statement of funded debt in detail, June 30, 1886–Continued.

Name.

Class of bonds.

Location of lion.

Bonds
authorized.

Date of
maturity.

Interest pay

alle.

Rate of interest (per cent.).

Bonds outstanding.

Term in years.

Contral Pacific R.R

United States subsidy

Sacramento to5 miles west

of Ogden. Brighton to San José.....

Western Pacifio R. R...

..do

76, 930, 000 58, 264, 000
25, 885, 120

1, 970, 560 27,855, 680 30
104, 785, 680 86, 119, 680

6 Jan, and July. Sinking fand require

ment

under act of May 7, 1878.

Total

Comparative statement of the earnings and expenses of the Central Pacific Railroad Company.

(Aided road, 860.86 milos.)

[blocks in formation]

160, 682 75 548, 388 82 259, 312 31

55, 421 47 225, 737 11

Conducting transportation ..

528, 049 41 688, 732 16 Decrease Maintenance of way

407, 626 65 956, 015 47

Decrease Motive power.

1, 067, 422 78 1,326, 735 09 Decrease Maintenance of cars ....

208, 074 51

263, 495 98 Decrease General expenses and taxes.

955, 908 41 1, 181, 645 52

Decrease Total operating expenses and taxes 3, 167, 081 764, 416, 624 22 Decrease Intorest on first-mortgage bonda

1, 671, 180 00 1, 671, 630 00

Decreaso New construction

35, 563 25 321, 013 85 Decrease New equipment .....

211, 840 75 30, 357 95 Increase Total expenses under act of May 7, 1878. 5,085, 665 766, 439, 626 02 Decrease Net earnings..

863, 548 97

861, 154 65

Increase

1, 249, 542 46

450 00 285, 450 60 181, 482 80

1, 353, 960 26

2, 394 32

Mail....

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.

EARNINGS.
United States :
Passenger....

$12, 990 37
Freight

31, 068 93 298, 882 09

$342, 941 39 Commercial: Passenger.

1,729, 290 67 Freight...

3,550, 142 86 Express

106, 404 18 Miscellaneous

220, 435 63

5, 606, 273 34 Gross earnings ..

$5,949, 214 73

EXPENSES. Conducting transportation

$528, 049 41 Maintenance of way.

407, 626 65 Motive power..

1,067, 422 78 Maintenance of cars.

208, 074 51 General expenses and taxes.

955, 908 41 Total operating expenses and taxes..

$3,167,081 76 Interest paid on first-mortgage bonds bav.

ing priority of lien over those of the United States..

1,671, 180 00 New construction

35,563 25 New equipment......

211, 840 75

1,918,584 00 Total expenses under act of May 7, 1878......

5,085, 665 76 Net earnings so ascertained (25 per cent. is $215,887 24).....

863, 548 97

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