CALIFORNIA. 



81 



proper officers and the sworn statements of 

 the heads of the company, presents the follow- 

 ing results : 

 Central Pacific Eailroad Company. 



Total capital stock. $100,000,000 



Actual amount paid in 



CaUfornia Pacific * Total capital. . $12,000,000 



Actual amount paid in 12,000,000 



San Francisco & Northern Railroad. 



Capitalstock $88,600,000 



Amount actually paid m 200,000 



Southern Pacific Railroad. Cap- 



ital stock $70,000,000 



Amount actually paid in 8,404,800 



Sacramento Valley Railroad. Cap- 

 ital stock $1,000,000 



Amount actually paid in 



Stockton & Visalia Railroad Com- 

 pany. Capitalstock $5,500,000 



Actually paid in 



Stockton & Copperopolis Rail- 

 road. Capitalstock $1,500,000 



Actually paid in 4,800 



San Pablo & Tulare Valley Rail- 

 road. Capitalstock $3,750,000 



Actually paid in 15,030 



Terminal Railway. Capital stock, $4,000,000 



Actually paid in 27,500 



Northern Railroad Company. Cap- 

 ital stock $8,400,000 



Actually paid in 21,050 



Total cash actually paid in $75,964.772 



Since these statements were made, more of 

 their capital stocks have been paid in, to 

 swell this amount to the round sum of. ... $80,800,000 



To this add amount of bonded and floating 

 debt, as above 113,000,000 



Total cost as per above statement $192,000,000 



The earnings and expenses on five of the 

 roads in 1871, as stated in their reports, were 

 as follows: 



Earnings. Expenses. 



Central Pacific $8,000,000 $8,351,000 



California Pacific 800,000 1,172,000 



San Francisco & Northern 150,000 128,000 



Southern Pacific 650,000 500,000 



Sacramento Valley 130,000 134,000 



Total $9,730,000 $10,285,000 



The expenses of the Central Pacific Rail- 

 road, as above set down, are said "not to in- 

 clude the interest due to the Government ; " 

 which would show it to be in arrears to the 

 amount of the interest above the excess of the 

 expenses over the earnings. 



The length of roads built and in complete 

 working order within the State in January, 

 1872, as compared with the extent of her 

 superficial area, was in the proportion of one 

 mile of railway for every 204 miles of area. 



From the report of the Assembly's Commit- 

 tee on Railroad Fares and Freights, published 

 in February, 1872, it appears that the rates 

 per mile, charged by the railroad for the trans- 

 portation of merchandise to different points of 

 destination, are remarkably various, although 

 the starting-place is the same : " The rate on 

 ordinary merchandise from San Francisco to 

 Modesto is 3.9 cents per ton per mile; to 

 Marysville, 3.15 cents ; to Sacramento, 2.6 

 cents ; to Coif ax, 4.22 cents ; and to Truckee, 

 7.3 cents. Intermediate rates vary from three 

 to 15 cents, which is the maximum allowed by 

 law." 



VOL. XII. 6 A 



On the Sierra Nevada the charge for trans- 

 porting freight is seven times as much per 

 mile as in the valleys, owing to the extraor- 

 dinary additional expense which the company 

 must sustain for working that part of the road, 

 and for the frequent repairs of all sorts to be 

 made on the tracks worn out by the immense 

 strain. A train of cars which requires one 

 locomotive to run on a level, takes five to be 

 dragged up the mountain-side. 



The taxes paid on the railroad property in 

 the State amounted in 1871 to $132,290.04. 

 Of this sum, $90,773.36, or more than two- 

 thirds, represent the taxes on property located 

 in only five counties intersected by the main 

 line of the Central Pacific Railroad, namely, 

 the counties of Alameda, Nevada, Placer, 

 San Joaquin, and the county and city of Sacra- 

 mento. 



The contest about Goat Island, which had 

 been carried on for some time between this 

 powerful corporation and the citizens of San 

 Francisco (the former endeavoring to get pos- 

 session of the island, and locate there the 

 terminus of their roads, the latter striving to 

 prevent the realization of their design), was 

 renewed in the present year with increased 

 energy and determination. Seeing the impor- 

 tance attached to the matter, the vigorous 

 means employed by each to carry their point, 

 and the excitement prevailing among them, 

 this contest, and the meeting of the parties 

 for an amicable adjustment of their differences, 

 and its result, may perhaps be regarded as the 

 greatest event of 1872 in California. 



Goat Island is in the midst of the bay of 

 San Francisco, at nearly an equal distance from 

 that city and its opposite shore at Oakland. 

 It is the property of the Federal Government, 

 and used as a military station. The railroad 

 company, regarding the island as a desirable 

 place for their operations, resolved to locate 

 on it the terminus of their roads, and join it 

 by a bridge to San Francisco. They therefore 

 caused a bill to be introduced into the Lower 

 House of Congress giving them a grant or 

 lease of the island for that purpose. This de- 

 mand and project were met by the citizens of 

 San Francisco with decided opposition, both 

 because they held the company bound to locate 

 the, terminus of the road within the city, as a 

 condition on which they had contributed to 

 aid in its construction, and because, upon the 

 judgment of experts, the building of the con- 

 templated bridge from Goat Island to. San 

 Francisco must necessarily obstruct the free 

 passage of the tide-water, and seriously injure, 

 and in time destroy, the present harbor. 



The bill was not finally acted upon at the 

 session of 1871. It was taken up again in 

 1872, and its passage urgently pressed in be- 

 half of the company, a large number of influ- 

 ential persons outside and within the House 

 strenuously working for it ; prominent among 

 whom were the representatives from Califor- 

 nia. The excitement in San Francisco was 



