MARYSVILLE, SUTTER COUNTY, AND COLUSA RAILROAD COMPANY. Standard gauge. Termini, Marysville to Sutter, to Colusa. Proposed length, 30 miles. Capital stock, $600,000. Articles filed September 1, 1888. NORTHERN CALIFORNIA RAILWAY COMPANY. Standard gauge. Termini, Knights Landing to Oroville. Proposed length, 54 miles. Capital stock, $280,000. Articles filed September 3, 1888. STOCKTON, FRESNO, AND SOUTHERN RAILROAD COMPANY. Standard gauge. Termini, Stockton to Fresno. Proposed length, 175 miles. Capital stock, $3,500,000. Articles filed August 10, 1888. LOS ANGELES AND PACIFIC RAILWAY COMPANY. Standard gauge. Termini, Los Angeles to Pasadena. Proposed length, 9 miles. Capital stock, $1,800,000. Articles filed August 31, 1888. SANTA ANA AND LONG BEACH RAILROAD COMPANY. Standard gauge. Termini, Santa Ana to seashore. Proposed length, 20 miles. Capital stock, $250,000. Articles filed October 31, 1888. LOS ANGELES, UTAH, AND ATLANTIC RAILROAD COMPANY. Standard gauge. Termini, San Pedro to eastern boundary of State. Proposed length, 275 miles. Capital stock, $10,000,000. Articles filed November 15, 1888. CONSOLIDATIONS. SOUTHERN PACIFIC RAILROAD COMPANY. Formed by the consolidation of the San José and Almaden Railroad Company, Pajaro and Santa Cruz Railroad Company, Monterey Railroad Company, Monterey Extension Railroad Company, Southern Pacific Branch Railway Company, San Pablo and Tulare Railroad Company, San Ramon Valley Railroad Company, Stockton and Copperopolis Railroad Company, Stockton and Tulare Railroad Company, San Joaquin Valley and Yosemite Railroad Company, Los Angeles and San Diego Railroad Company, Los Angeles and Independence Railroad Company, Long Beach, Whittier, and Los Angeles Railroad Company, Long Beach Railroad Company, Southern Pacific Railroad Extension Company, and Ramona and San Bernardino Railroad Company. Capital stock, $142,990,000. Length of road, 2,539.89 miles. NORTHERN RAILWAY COMPANY. Formed by the consolidation of the Winters and Ukiah Railway Company, the Woodland, Capay, and Clear Lake Railroad Company, the West Side and Mendocino Railroad Company, the Vaca Valley and Clear Lake Railroad Company, the San Joaquin and Sierra Nevada Railroad Company, the Sacramento and Placerville Railroad Company, the Shingle Springs and Placerville Railroad Company, the Santa Rosa and Carquinez Railroad Company, the Amador Branch Railroad Company, and the Berkeley Branch Railroad Com pany. Capital stock, $26,175,000. Length of road, 699.69 miles. Agreement filed May 15, 1888. NATIONAL CITY AND OTAY RAILWAY COMPANY. Formed by the consolidation of the National City and Otay Railway Capital stock, $200,000. Agreement filed October 12, 1888. AMENDMENTS. CALIFORNIA CENTRAL RAILWAY COMPANY. Increase of capital stock, $8,700,000 to $10,500,000. Filed February 4, 1888. CORONADO RAILROAD COMPANY. Increase of capital stock, $24,000 to $500,000. Filed April 9, 1888. SOUTHERN PACIFIC RAILROAD COMPANY. Reduction of capital stock, $142,990,000 to $90,000,000. NORTHERN RAILWAY COMPANY. Reduction of capital stock, $26,175,000 to $26,000,000. NOTE.-Out of earnings, over operating expenses, must be deducted fixed charges, interest, taxes, etc. *Still in hands of contractors at date of this report. +Included in cost of road. Included in cost of construction. 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. The amount of capital stock issued is shown to be $331,968,570. Per mile of road this capitalization is $72,688 54. INDEBTEDNESS. The total indebtedness of reporting corporations, December 31, 1887, is $213,382,523 62. Classified, the indebtedness is as follows: The property accounts of the several companies show a footing of $343,511,948 53, or $85,633 50 per mile of road. 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. EARNINGS AND INCOME. The total traffic receipts and income from other sources for the year ending December 31, 1887, amounted to $32,273,287 46, or $7,066 60 per mile of road operated. The total operating expenses amounted to $22,554,840 78, or $4,939 47 per mile of road operated. Total earnings over operating expenses were $9,718,446 68, or $2,128 32 per mile of road operated. From the amount, $9,718,446 68, the earnings over operating expenses, must be deducted all fixed charges, such as rentals, taxes, interest, etc., to obtain the net earnings. TRAFFIC. TABLE NO. 3-Showing Summary of Operations of Southern Pacific Company, 1886, compared The volume of traffic for the companies reporting to this Commission is considerably in excess of the returns for the preceding year. Taking the returns of the Southern Pacific Company for a basis of comparison, we find an increase of number of passengers carried, of 10.92 per cent, and of mileage of passengers, or passengers carried one mile, of 11.92 per cent, and an increase of tons of freight carried, of 10.02 per cent, and mileage of freight, tons, of 11.84 per cent. TRAIN MILEAGE. Train movements for the year, as far as reported, are as follows: Passenger train mileage Freight train mileage 474,449,128 -1,182,785,567 Total for trains earning revenue .-1,657,234,695 As compared with movements for the previous year trains show a gain of 11 per cent. 3 26 |