Page:U.S. Department of the Interior Annual Report 1879.djvu/44

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From reports made by this company and other sources the following figures are given: miles subsidized, estimated at 300; miles operated, 200; number of locomotives, 14; passenger cars, 11; baggage, mail, and express cars, 4; freight and other cars, 215; par value of shares; 100; stock issued, $20,000,000; funded debt, $10,950,000; floating debt, $800,000; total debt, $11,750,000; total stock and debt, $31,750,000, cost of road; $4,806,208.98; cost of equipment, $499,497.64; cost of real estate, $189,907.64; passenger earnings, $232,860.76; freight earnings, $345,482.17; express and mail earnings, $30,414.60; miscellaneous earnings, $39,359.35; total earnings, $648,116.88; operating expenses, including taxes, $410,451.03; net earnings, $237,665.35.

From reports furnished and other sources the following is compiled: Miles subsidized and operated, 47.50; number of locomotives, 4; passenger cars, 2; baggage, mail, and express cars, 2; freight and other cars, 42; stock subscribed, $5,000,000; par value of shares, 100; stock issued, $4,980,050; funded debt, $4,695,000; floating debt, $1,189,002.72; total debt, $5,884,002.72; total stock and debt, $10,864,052.72; cost of road, $l,202,262.97; passenger earnings, $26,001.60; freight earnings, $41,460.07; miscellaneous earnings, $2,658.93; total earnings, $70,120.60; operating expenses, including taxes, $69,849.82; net earnings, $270.78.

The Auditor’s report is accompanied by an appendix, containing statements and compilations of facts relating to the Pacific and Land-grant railroad companies, the laws affecting them, statements of the affairs of the companies, their receipts, expenditures, and operations, the accounts between the United States and the Pacific Railroad Companies, the condition of the respective land grants, and other matters of general interest to railroad companies.

The Auditor submits several recommendations of importance, to which attention is invited. He recommends that the Pacific Railroad acts be amended so that any of these companies which may abandon any portion of the subsidized railroad, or which may divert their business from a subsidized to an unsubsidized railroad, be required to transfer the lien and condition attached to the subsidized to the new and unsubsidized line, in order that the interests and rights of the United States may be protected; or, if that is not done, that all through traffic be required to be done only on the subsidized line.

The question involved is a new one and seriously affects the rights of the United States.

Another recommendation is submitted relative to the practical working of the sinking-fund act approved May 7, 1878. It appears that it will