OCR Text |
Show THE ANSUAL RAILROAD REPORT. An Immense Indebtedness to the Government A Substitute Pro-posed?f Pro-posed?f or the'Thurman Act. Washington, November 30. The annual report of the Commissioner of RailroadSt made public to-day, shows the sinking funds of the Union and Central Pacific held by the Treasurer of the United States, under the act of May 7th, 1878, amounted to $8,560,807. On June 30th, 1885, the Union Pacifio had to its credit $5,522,343, and the Central Pacifio $3,038,463. Premiums paid on account of investments in-vestments for the Union Pacifio amounted to $850,791, while the interest on its sinking fund investments amounted to $210,558. In the seven years since . 1878 only the sum of $8,560,807 has been paid into the sinking fund, which has produced in interest but $437,524. This proves, in the Commissioner's opinion, that the law of 1878 cannot , accomplish ac-complish its just intent, that of furnishing A SUM SUFFICIENT TO PAY THE DEBTS From the Pacifio railroad companies to the United States. , It is, therefore, suggested that it might be alike advantageous to the Government and to the companies to sub- stitute for the present law one -fixing an annual an-nual or semi-annual payment by the companies com-panies concerned, which should extinguish their debts to the Government in a reasonable reasona-ble time, as proposed by two bilfcrlntroafleed in the Senate -last year by Senator Hoar. The total debt of the railroad companies on June 30, 1885, was $131,6CD,426. The Commissioner points to the fact that more than $2O,CO0,OC3 credited to the Pacific roads now lies idle in the Treasury, a judicious judi-cious investment of which would be of great benefit to those concerned, and he therefore recommends that the attention of Congress be oalled to the matter. He also suggests that the Kansas Pacifio, Sioux City& Pacifio and central branches of the Union Pacifio be included in the provisions of the law of May 7, 1875, creating sinking funds for the Pacifio roads. TTTK FINANCIAL CONDITION OF THE ROADS Is given as follows: Union Pacifio Total debt, 164,686,247; capital stock, $60,868,500; total stock and debt, $225,554,747; land sales, $26,486,886; earnings in 1884, $19,018,507; earnings in 1885, $17,836,731 ; decrease, $1,-181,716; $1,-181,716; expenses in 1884, $10,293,607; expenses ex-penses in 1885, $9,095,323; decrease, $1,195,-283. $1,195,-283. On the Union Pacifio Union Division the gross earnings were $19,575,023, leaving a sum due the company, after deducting transportation accounts and other credits. . Central Pacifio: Total debt, $120,547,718; amount of capital stock, $59,275,500; total of Btock and debt, $179,823,218; total assets, $177,665,098; deficit, $2,168,119. In addition to the above assets, the company owns lands and water fronts in Sau Francisco, Oakland and Sacramento valued at $1,750,000. The indebtedness of the Central Pacific Railroad Company (including the Western Pacific Company) to the United States on the 30th of June, 1835, is as follows: Prinoipal, $27,855,680; acorued interest, $26,463,485; total, $56,319,165. The total credit is $8,830,-288; $8,830,-288; balance in favor of the United States, but not due until maturity of the principal in 1895, $47,4888,877. Earnings in 1884, $23,-639,215; $23,-639,215; earnings in 1885, $21,039,465; decrease, de-crease, $2,599,751; expenses in 1884, $15,838,-205; $15,838,-205; expenses in 1885, $13,219,093; decrease, $2,619,111: gross earnings, $7,300,780. After deducting the various credits due the company com-pany the total -balance on December 31, 1884, was $630,339. -The Southern Pacific's total debt is $33,- 602,042; capital stock, $44,039,1CD; total stock and debt, $77,641,146. Total assets, $80,458,872; surplus, .$2,817,729: earnings i in 1884 $1,335,135; earnings in 1885, $1,488,884; increase, $153,749. Expenses in 1884, $1,058,-760; $1,058,-760; expenses in 1885, $955,161; deorease, $103 599 Northern Pacific: total debt, $19,434,211; capital stook, $87,610,584; total stock and debt, $167,044,795; total assets,. $167,136,755; surplus, $91,959: earnings, 1884, $12,603,575; earnings, 1885, $11,234,149; deorease, $1,369,-425. $1,369,-425. Expenses, 1884, $7,177,754; expenses, 1885, $6,196,300; decrease, $981,454. |