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REDONDO RAILWAY COMPANY.

Narrow gauge.
Termini, Los Angeles to Redondo Beach.
Proposed length, 20 miles.
Capital stock, $500,000.
Articles filed April 1, 1889.

SAN DIEGO AND NORTHEASTERN RAILWAY COMPANY.

Standard gauge:
Termini, San Diego to Escondido.
Proposed length, 40 miles.
Capital stock, $1,000,000.

Articles filed April 2, 1889.
Los ANGELES AND HUENEME RAILROAD COMPANY.

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 Re

dondo Beach Railway Company.
Capital stock, $16,935,000.
Length of road, 606 miles.
Agreement filed November 7, 1889.

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TABLE No. 2.

FINANCIAL STATEMENT–1888.

COMPANIES.

Cost of Con-
Length struction, In-
of Road, cluding Build-
in Miles, ings, Lands,
in State. Fences, Tools,

Salaries, etc.

Cost of
Equipment.

Southern Pacific Company-
Central Pacific Railroad Company
Northern Railway Company -
California Pacific Railroad Company
Southern Pacific Railroad Company of California
Atlantic and Pacific Railroad Company.
California Central Railway Company -
California Southern Railroad Company -
Los Angeles and Pacific Railroad Company
San Francisco and North Pacific Railroad Company -
Visalia Railroad Company.
Eel River and Eureka Railroad Company
Northern California Railroad Company
South Pacific Coast Railway Company -
North Pacific Coast Railway Company
Pacific Coast Railway Company
Sonoma Valley Railroad Company
Carson and Colorado Railroad Company
Colusa and Lake Railroad Company.
Arcata and Mad River Railroad Company-
National City and Otay Railway Company
Nevada County Narrow Gauge
Nevada and California Railroad Company
Visalia and Tulare Railroad Company -

None.

Totals for 1888.
Totals for 1887.

Differences between 1887 and 1888

* No road owned.
† No equipment owned.

Included in construction.
Not reported.
Reported by Southern Pacific Company.
Reported by lessee in Nevada.
** Deficiency.

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

$139,464,110 00 Unfunded debt.

37,437,226 13 Total ....

-$179,301,336 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.

STOCK AND DEBT.

The total stock and debt is reported as follows:
Capital stock
Funded debt
Unfunded debt

$287,208,720 00 139,464,110 00 37,437,226 13

Total.

-$464,110,056 13

COST.

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.

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

COMPANIES.

Miles.

Cost of
Construction.

Cost of
Equipment.

Cost of Each Road per Mile as Reported.

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Central Pacific Railroad Co...-..
Northern Railway Co.
California Pacific Railroad Co...
Southern Pacific of California.
Atlantic and Pacific Railroad Co....
California Central Railway Co.....
California Southern Railroad Co....
Los Angeles and Pacific Railway Co..
San Francisco and North Pacific

Railroad Co.
Visalia Railroad Co.
Eel River and Eureka Railroad Co..
Northern California Railroad Co.
South Pacific Coast Railway Co.
North Pacific Coast Railroad Co.
Pacific Coast Railway Co.
Sonoma Valley Railroad Co..
Carson and Colorado Railroad Co...
Colusa and Lake Railroad Co....
Arcata and Mad River Railroad Co...
National City and Otay Railway Co..
Nevada County Narrow Gauge..
Nevada and California Railroad Co..
Visalia and Tulare Railroad Co......

1,360.28 $167,655,936 16
390.48 19,098,314 53

115.44 19,537,072 60
1,244.01 110,388,225 51

243.00 7,271,100 00
269.09 12,646,343 67
210.61 11,437,806 10

30.00 812,156 33
108.50 4,656,120 12

7.00 115,116 20 30.00 615,018 47 26.00 320,000 00 104.00 11,500,000 00 92.25 3,155,373 90 76.10 2,955,953 34 28.91 243,503 38 108.00 3,240,000 00 22.00 155,650 53 18.00 133,967 44 30.23 360,601 07 22.50 510,386 33 42.00 736,955 90 11.50 87,263 02

*

*

*

43,499 00

50,857 + 17,714 + 23.322+ 12,307 + 110,576 + 31,204 + 38,813+

9,917+ 30,000+ 8,077 + 9,782+ 14,430+ 27,312 + 18,742+ 8,424 +

*

22,058 70 42,110 00 75,641 71 74,134 89 50,210 53

9,616 09

Totals

4,589.93 $337,662,894 60 $1,828,317 87

Average cost per mile $82,461+.
* Included in construction.
† Equipment not reported.

EARNINGS AND INCOME.

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

$7,413 50 Gross earnings per mile of road for 1887 were

7,066 60 Total increase per mile of

$347 90 Operating expenses per mile of road for 1888 were...

$4,988 25 Operating expenses per mile of road for 1887 were.

4,939 47 Total increase per mile of

$48 78

MAILS.

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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