United States requirement, paid by Southern Pacific Company, lessee.. 397,004 67 467,217 50 Land sales during year, and interest on deferred payments. 268,667 12 Total income $2,767,889 29 United States requirement.. Sinking fund requirements of company. Salaries and maintenance of organization. (Paid by Southern Pacific Company, lessee.) $672,004 67 467,217 50 Income applicable to redemption of land bonds 268,667 12 Other expenditures (expenses for operations prior to April 1, 1885, paid during 1888).... 13,506 54 Total Total Net income... Dividends paid 2 per cent. Common stock, February first and August first, 1 per cent each.. Surplus for year ending December 31, 1888. 1,421,395 83 $1,346,493 46 $1,345,510 00 1,345,510 00 $983 46 Surplus on December 31, 1887-- Surplus on December 31, 1888. 3,459,791 57 $3,460,775 03 FINANCIAL OPERATIONS FOR THE YEAR. Resources. Appropriation of Resources. Net increase floating debt. Net income from operation... $1,360,000 00 Interest on funded debt paid bonds issued Other interest paid.. Paid by S. P. Company, lessee. Net amount from sale of se curities, etc.. Receipts from other sources, U.S. Gov. requirement paid by Reduction of funded debt.. 467,217 50 Increase of cash assets. 105 00 7,080 50 275,000 00 Expenses prior to lease. 13,506 54 467,217 50 268,667 12 Change of Road.-On October 20, 1888, the Alameda local track on Alice Street, Oakland, was removed, reducing the mileage miles. Funded Debt.-On May 1, 1888, the Central Pacific Railroad Income bonds matured, and on July 1, 1888, the extended California State Aid bonds matured. Provision for the payment of these bonds had been made by existing sinking funds, which contained sufficient amounts to meet all of the bonds. The former were all redeemed; of the latter, $5,000 still remain in the fund to meet $5,000 California State Aid bonds when presented for redemp tion. On October 1, 1888, the final payment for the completion of the California and Oregon Division was made in fifty-year bonds of 1936, amounting to $259,000. CONTRACTS, AGREEMENTS, ETC. (Reported by Southern Pacific Company, lessee.) EMPLOYÉS AND SALARIES. (Reported by Southern Pacific Company, lessee.) PASSENGER, FREIGHT, AND TRAIN MILEAGE. (Reported by Southern Pacific Company, lessee.) FREIGHT TRAFFIC MOVEMENT.-(Company's material excluded.) DESCRIPTION OF EQUIPMENT. (Reported by Southern Pacific Company, lessee.). MILEAGE OF ROAD OPERATED. (Reported by Southern Pacific Company, lessee.) CONSUMPTION OF FUEL BY LOCOMOTIVES. (Reported by Southern Pacific Company, lessee.) ACCIDENTS. (Reported by Southern Pacific Company, lessee.) CHARACTERISTICS OF ROAD. (Reported by Southern Pacific Company, lessee.) DESCRIPTION OF ROAD. Date of Opening. 1. Date when the road or portions thereof were opened for public use: From Sacramento to Dutch Flat. From Sacramento to Alta.... From Sacramento to Cisco.. --- From Sacramento to Winnemucca. From Sacramento to Elko From Sacramento to Carlin.. From Sacramento to Terrace From Sacramento to Promontory From Sacramento to Ogden.... Westward-From Sacramento to Galt From Sacramento to Lodi.... From Sacramento to Stockton From Sacramento to San José From Sacramento to Alameda Wharf. Northward-From Roseville Junction to Lincoln From Roseville Junction to Wheatland From Roseville Junction to Hazel Creek. .Nov. 1, 1864. May 14, 1865. June 19, 1865. - Sept. 11, 1865. ..July 5, 1866. ..July 11, 1866. .Dec. 3, 1866. ..April 3, 1868. ..June 19, 1868. ..July 22, 1868. ..Aug. 21, 1868. ..Sept. 20, 1868. .Nov. 19, 1868. .Dec. 6, 1871. ..Sept. 1, 1872. ..Sept. 1, 1884. ..June 8, 1886. ..July 16, 1886. Aug. 23, 1886. ..Nov. 14, 1886. Jan. 1, 1887. ..Feb. From Roseville Junction to Montague. From Roseville Junction to Hornbrook. From Roseville Junction to Coles. From Roseville Junction to California and Oregon State line. Southward-From Lathrop to Modesto From Lathrop to Merced From Lathrop to Sycamore.. From Lathrop to Fresno. From Lathrop to Goshen ..June 8, 1887. May 1, 1887. 1, 1887. TABLE A.-GRANTS OR DONATIONS IN BONDS OR MONEY, FROM STATES, COUNTIES, TOWNS, CORPORATIONS, OR INDIVIDUALS, NOT REPAYABLE BY COMPANY. *The above four hundred bonds were issued to the Central Pacific Railroad Company as a compromise of a claim of the company against the City and County of San Francisco, but were not a donation. †The above two hundred and fifty bonds were issued to the Western Pacific Railroad Company under the same circumstances as the four hundred that were issued to the Central Pacific Railroad Company. TABLE B.-OTHER AIDS OR GRANTS, FROM THE UNITED STATES, STATES, COUNTIES, CORPORATIONS, OR INDIVIDUALS. Lands Granted by the United States Government. The Western Pacific Railroad Company had disposed of its lands prior to its consolidation with this company. On account of conflicting and overlapping grants, adverse claims, desert lands, and lands liable to be lost in consequence of failure to pay costs of survey, selection, and taxes, and arbitrary restrictions of the Land Departnient, the quantity of these lands to accrue, and their value, cannot be closely estimated. The value above stated is derived from an estimate of the acres earned, and to which the company would be entitled under the several Acts of Congress, and applying the rate per acre fixed by the Government for adjoining lands. TABLE C.-LANDS OR PROPERTY, INCLUDING RIGHT OF WAY DONATED BY STATES, COUNTIES, TOWNS, CORPORATIONS, OR INDIVIDUALS, STATING IN DETAIL THE AMOUNT OF LAND GRANTED FOR RIGHT OF WAY, FOR STATIONS, FOR SHOPS, FOR STOREHOUSES, ETC. By Whom Donated. Sacramento City... Oakland Water Front Company. Description of Property. 20% acres in the slough at Sacramento. Land, Oakland waterfront. .Half interest in Mission Bay lands, San Francisco. Mem.-No donation of lands or property other than is specified above in Tables A and C have ever been made to this company, except lands for right of way, stations, shops, and storehouses. In most instances the lands for right of way, stations, etc., were procured by the contractors. APPLICATION OF AMOUNT PLACED IN HANDS OF TRUSTEES FOR REDEMPTION OF BONDS.(To be stated in coin.) Leland Stanford, President of the Central Pacific Railroad Company, and E. H. Miller, Jr., Secretary and Controller of the said company, being duly sworn, depose and say, that the statements, tables, and answers contained in the foregoing thirty-four sheets have been compiled and prepared by the proper officers of said company, from its books and records, under their direction and supervision; that they, the deponents, have carefully examined the same, and that as now furnished by them to the Board of Railroad Com-* missioners, they are, in all respects, just, correct, complete, and true, to the best of their knowledge, and, as they verily believe, the same contain a true and full exhibit of the condition and affairs of said company on the thirty-first day of December, 1888. LELAND STANFORD. Subscribed and sworn to before me, this twenty-eighth day of June, A. D. 1889. E. B. RYAN, |