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Standard gauge.

Termini, Los Angeles to Pacific Ocean at or near the Port of Hueneme.

Proposed length, 70 miles.

Capital stock, $2,000,000.

Articles filed April 5, 1889.

FRESNO AND PINE RIDGE RAILROAD COMPANY.

Gauge (not stated).

Termini, City of Fresno to Pine Ridge, in Fresno County.

Proposed length, 60 miles.

Capital stock, $600,000.

Articles filed April 22, 1889.

SANTA ANA RAILROAD.

Gauge (not stated).

Termini, Santa Ana to Pacific Ocean at Newport Beach.

Proposed length, 10 miles.

Capital stock, $250,000.

Articles filed April 23, 1889.

Los ANGELES, SAN DIEGO, AND YUMA RAILWAY COMPANY.

Standard gauge.

Termini, San Diego to Los Angeles, and from San Diego to Fort Yuma.

Proposed length, 320 miles.

Capital stock, $5,000,000.

Articles filed May 8, 1889.

ALAMEDA COUNTY TERMINAL RAILWAY COMPANY.

Standard gauge.

Termini, San Francisco Bay, near City of Alameda, to Park Place, and

intermediate branch to Oakland.

Proposed length, 15 miles.

Capital stock, $200,000.

Articles filed May 24, 1889.

SAN FRANCISCO, TAMALPAIS, AND BOLINAS RAILWAY COMPANY.

Gauge (not stated).

Termini, San Francisco to Sausalito and point at base of Mount
Tamalpais, and from Sausalito to Bolinas Bay.

Proposed length, 20 miles.

Capital stock, $500,000.

Articles filed September 6, 1889.

HIGHLAND RAILROAD COMPANY.

Gauge (not stated).

Termini, point in Sierra Madre Mountains near Wilsons Peak, through

Pasadena to City of Los Angeles.

Proposed length, 20 miles.

Capital stock, $100,000.

Articles filed October 21, 1889.

AMENDMENT.

NATIONAL CITY AND OTAY RAILWAY COMPANY.
Increase of capital stock, $200,000 to $1,300,000.
Filed January 5, 1889.

CONSOLIDATION.

SOUTHERN CALIFORNIA RAILWAY COMPANY.

Formed by the consolidation of the California Southern Railroad Company, the California Central Railway Company, and the Redondo Beach Railway Company.

Capital stock, $16,935,000.

Length of road, 606 miles.

Agreement filed November 7, 1889.

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CAPITAL STOCK.

Reference is respectfully made to Table No. 2, for a financial statement, which is as complete as has been furnished this office by the several corporations doing business in this State. Totals are compared with 1887. The amount of capital stock issued is shown to be $287,208,720; per mile of road this capitalization is $52,730. The amount of capital stock for 1888 shows a decrease of $44,759,850 over 1887, caused from the fact that the Atlantic and Pacific did not report capital stock last year. The total number of stockholders is reported at 787.

INDEBTEDNESS.

The total indebtedness of reporting corporations, December 31, 1888, was $176,901,336 13.

Classified, this indebtedness is as follows:

Funded debt

Unfunded debt..

Total

$139,464,110 00 37,437,226 13

$179,901,336 13

As compared with the returns of last year this is a decrease of indebtedness of $36,478,187 49, or deducting the funded debt of the Atlantic and Pacific for 1887 of $33,413,534, which is not reported this year, we get as a result a net decrease of $3,064,653.

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The property accounts of the several companies show a footing of $379,491,212 47, as against $343,511,948 53 for 1887. This increase is caused by the adding of the capital of the seven new companies. This cost includes grading and masonry, bridging, superstructure, including rails, land, land damages, fences, passenger and freight stations, engine houses, car sheds, machine shops, tools and machinery, interest, engineering, agencies, salaries, and other expenses during construction and equipment of every kind.

TABLE No. 3.

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SHOWING COST OF ROAD PER MILE, AS REPORTED TO THE COMMISSION.

COMPANIES.

Northern Railway Co.

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$123,251 + 48,909 +

Cost of
Equipment.

$167,655,936 16

19,098,344 53

California Pacific Railroad Co..
Southern Pacific of California..

115.44

19,537,072 60

169,240+

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The total traffic receipts and income from other sources for the year ending December 31, 1888, amounted to $40,374,208 39, or $7,413 50 per mile of road operated. As compared with 1887, this is a gain of $8,100,

920 93.

Total operating expenses amounted to $27,165,865 45, or $4,988 25 per mile of road operated. As compared with 1887 this is a gain of $4,611,024 67.

Gross earnings per mile of road for 1888 were
Gross earnings per mile of road for 1887 were

$7,413 50

7,066 60

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The amount received for carrying the United States mail in the State is reported at $880,342 50, of which whole amount the Southern Pacific Company received $789,446 07.

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