Daily national Democrat., 1860-05-15
Report of the Board of Directors
To the Stockholders of the San Francisco ana
NaryspiHe RaiIrood Company, at Mei,
annual Meeting May lOth. 1850


To The Stockholders ofhe s r. d. MR. r ca
GENTLEMEN = On the occasion of orr al An.
nhal Meeting we have the honor 10 submit a ~.
port oi The present fin ncial standing, RESOURCES
aud prospects Of the Company. -
FIyANcrs.
g, we have now upon the Books Capital Stock
SUBSCRIPTION OF six hundred and twenty six thors.
",'u Se'en h9hGr' dollars represented BY 6,267
Individual subscription list of 2.267
share', divided among las stuckhuld-
ers, ana represen ting stock sub
scriptiOn of 5000 700
The county Of Yuba holds {, 1000 shares ~
G representing :, 100000
rcsentng 100000
Total, seoe zoo
Upon this there have been declared
four assessments Of ten per cent
EACH upon which has been paid the
r, sum Of sl91 $40
amounting to $l4O,s96 10
There is now on hand in
the Treasury 5o,G52 81 ----
sl9l, ,549
RESOURCES.
It is difficult, if possible, to arrive at the true
Nalue oI the properly secured to the Company,
and IN our estimates we have been careful rather
to underrate them, than be uxtravnrlnt
10000 acres of swamp and overnnwed
land, donated by the State of Cali
fornia,* at $40 per acre, 5000 900
l,G0O acres ofland donated by Cant. ].
b. Frisbie at Vallcjn and Il mile of
o,%at water front valued jaintlyat 100000
Other donations at Marysvllle and
along the line of the road, for Depot
grounds, etc. 10000
Total, e. 75o ooo
We would remark Of the above pro erty that
the tule or swamp lands subject to overflow will,
wher reclaimed, be the most productive and valu-
able IN the State. The bottom lands along the
Sacramento, Feather and Yuba rivers rate at as
TO sac per acre, but we assume that the body of
swamp lands donated by the State to the Com
pany WILL on being reclaimed, be worth but $40
per acre.
The muniicent donation of Capt Frishie in
clndeS part Of the regularly laid out town of Val
leIo and in conjunction VITA the franchise of one
nall mile OF water front granted by the State will,
on tar estimate, ON the completion OF the Road,
be worth to the Company an anon equivalent
to nethird of the estimated cost of the Rnad, or
MS we have given 1t in round numbers 81 900, 900.
We estimate for the donations at MarysvIlle and
along the line Of the road we think full low
enOugh.
The schedule Of property secured to the Road
together with the capital stock subscribed will
sum Of s., $4,000, and may be stated thus:
Available property Of the Company, sl,7j0, 900
Individual subscription Of
2,25T shares, $226700
fuba CO. subscription 1000
solano c, co. subscription 1000 N''''''
shares, 100000 828,7oo
Total. s23767oo
Which deducted from the contract price for
building and equippirg the road $780, ,ou0) wi |
leave debt necessary to be created of only about
81 900 600, rate Of cost at The contract price
to the amount paid in on the capital stock Of
Lar to l.
CONDITION AND PRosPEcrs OF THE ROAD.
On the Sd of August 1885, contract was sign
ed between the Company and ID. g. Iiaskin, ESQ |
for constructing completing and equ'pping the
entire line Of road from Marysville T., VALLEJO, m
Guiding the erection of all required Depots and
Way-Sttions buildings, &c, contemplated in the
former report Ot the Chief gneer and the re-
clamation II all the swamp and overanwed lands
over which the road passes The consideration
at which this, to the Stockholders, very favorable
contract was made, WAS the payment Of three and
nne-hllf millions ofdnars to Mr. HaSkin, rs fist
as the work progressed at the rates estimated by
the Chief Engineer, in the following m inner: 0ie
and one half millions in Bonds of the Compinv,
secured by mortgage upon all the property Of the
Road one and uue-half millions in full paid stock
Of the Company, and one half million in cash
All moneys, bonds or other property of value
possessed by Rlllroud Company either by dona-
ton or purchase, becomes part Of its capital stock
equivalent to its pIr valuation. The value of the
real and personal assets and franchises our Com
pany has now secured to it, us shown under the
head of "ResOurces" when compared with that
contributed 10 the capital stock aud the total cnst
Of some of the prominent roads in the Atlantic
States, will show that but few of the Companies
have had the amount paid in to their capital stock
on completion of their respective roads equal in
value to the assets 1.-The San Francisco and Ma |
rysvile Railroad" will be en"blcd u show almost
at the inc piencv of It's instruction.
Of25 Roads, the az gregate cost to build and |
equip compared with the total amount paid in to
the different companies is as 2.l7 to l. or for |
every illar paid IN by the stockholders two dol |
lars and seventeen cents were expended in con-
struction, etc The excess Of expenditures over
receipts ing raised bv loans secured by mort
gage or such ether security as the road may have
To offer reference tn the schedule of assets of
our road given under "Resources," will demon
strate IN Il our affa rs will very f.vorably compare
with those Of our Atlantic States our rates of eX
pendture to capital paid in being but AT to |.
Negotiations are now pending in London with
reasonable probabilities of success for the sale of
one.half million dollars Of the Bonds of the Com
pany.
In January last Mr. Haskn sublet all the grad
ing from this city to Susun except about ~
miles in Sutter county, to be completed by the lst
of July, and from ie energy aud perseverance
exhibited by the sub-coniraclurs there is every
reason tn believe that they will improve upon the
contract time. With the road opened to Sulsun
CITY aud we have the assurance uf the Contractor
in whom we repoSe the utmost confidence that 1t
will he within the next 3 months we shall be
within five honrs Of San Francisco the entrepot of
the State This connection will enable the road
to 20 into active and successful operation imme-
datelv.
OF the amount Of business to be controlled by
the road, the Chief Engineer has in his first re
port made an elaborate statement. and from that
and the increased wealth and population of the
counties through which we pass we may safely
estimate our receipts at not less than two thnus-
and dollars per day, which will fully sustain the
assertion of the Engineer in his former report con-
corning the unprecedented revenue to be antici-
pated.
The foregoing statements are based upon evil
dence which is reliable, and IN closing, we cam
not but congratulate the stockholders upon the
reasonable certainty Of an early completion Of the
road and that as a paying enterprise it viii rank
with the first IN the world
Respectfully submitted,
A. s. RANDALL,
See'y S. +. & NJ. Il. Il. Co.
%The time for reclniming these lands was by
Act of the Legislature last Winter, extended until
next Spring.