354: KAILROADS IN CALIFORNIA. 



STOCKTON AND VISALIA RAILROAD COMPANY. 



Capital Stock $5,550,000 00 



Subscribed 186,500 00 



Paid in 71,802 00 



Paid for Lands, Construction, etc 877,183 08 



Indebtedness 891,000 00 



Receipts 63, 29 2 76 



Freight transported 21,267 tons 



Current Expenses, etc 63,627 58 



The following is an extract from the Annual Report of the 

 Central Pacific Eailroad Company, for 1873, bearing date July 

 14, 1874; 



Mr. Stanford, the President of the Company, reports as follows: 

 Capital stock (authorized), $100,000,000; capital stock subscribed, 

 $02,608,800; capital stock paid in, $54,275,500; subscribed and held 

 in trust for the Company, $8,333,300. 



The indebtedness of the company is as follows: Funded debt, less 

 sinking fund, $53,248,268 30; United States subsidy bonds, $27,- 

 885,680 00; total, $81,133,948 30. The assets are as follows : 1,219 

 miles main line of railroad and telegraph, sidings, wharves, depots, 

 steam ferries, etc., $131,419,110 53; equipments, real estate for 

 use of road, telegraph intrurnents and material on hand, $9,960,- 

 029 33; Sacramento river steamers, (cost,) $853,569 41; balance of 

 accounts outstanding after deducting obligations, $1,666,787 34; 

 farming lands, estimated value, $29,306,000 00. Undivided half 60 

 acres land in Mission Bay, in San Francisco; 500 acres water front 

 at Oakland ; about 140 acres and water front at Sacramentoesti 

 mated value, independent of improvements, $7,750,000 00; cash, 

 $1,584,661 71. Total, $182,540,158 32. 



The anticipations in the annual report for 1872, in relation to in 

 crease of business, have been realized, and we may expect as much 

 greater increase for the year 1874. The increase of population of 

 the State by immigration during the year 1873, was 34,000; this 

 year it promises to be much greater. The harvest is abundant, and 

 unusual prosperity prevails throughout the State. 



At the last session of the Legislature, the question of change in 

 the law in regard to freights and fares, was largely discussed, and, 

 as a conclusion, no legislation was had. But an important principle 

 was recognized, viz: that as a question of sound political economy, 

 railroad companies should be assured of stability in the laws regu 

 lating their tariffs. 



To this end, and because the good faith of the State in this respect 

 had been questioned, four special bills were passed conferring rights 

 upon associations to build as many separate lines of railroads, with 

 varying tariff rates in some cases increasing the rates above those 

 of the General Incorporation law, and in many others decreasing 

 them. The main and only object of the companies in accepting 

 these special Acts, so far as they accept less rates than those pro 

 vided in the general law, was to secure themselves against future 

 legislation in reducing their rates. It was openly stated, and it was 

 clearly true, that unless they could have a guaranty that the income 

 of the lines to be constructed should not be interfered with by legis- 



