Gold Hill daily news. [volume] (Gold Hill, N.T. [Nev.]) 1863-1882, 1864-10-13
THE EVENING NEWS.
Central Pacific Railr0ad - Meetiu,
of afnk Y hnIderR ,--'7--'

u - -
Central Pacific Railroad = Meetiuz
OF Stockholders. ''7
At the annual meeting Of the stockholders
of the Central Pacific Railroad Company,
held at the Office Of the company in Sacra-
mento, October 9Th, the following persons
were unanimously reelected Directors of said
Company, to-wit:, Leland Stanford, A. P.
Stanford, C. P. Huntington, Mark Hopkins,
E. B. Crocker, E. H. Miller, Jr., and Charles
Marsh. Out Of 1895 shares Of stock 1892
were voted Mt this election by l2l persons and
firms. The following report was submitted
BY the President: ".
-, OrP1cE CENTRAL PACIFIC RAILROAD }
u. oP CALIFORNIA, :
SACRAMENTO, October 8, 1864. y
To the Stockholders Of The Central Pacific
Railroad Company AT this our annual
meeting l avail myself with pleasure of the
opportunity to present briefly the progress Of
our enterprise since the last annual meeting,
it, condition and future prospects-all OF
which, on the whole, are satisfactory, not
vithstandine the disturbed financial condition
of the country and the consequent deprecia-
ton of Government and other securities.
During the year past we have constructed and
have in operation thirty -one miles Of tele-
graph line; also have constructed the same
lumber OF miles Of railroad, which has been
in running order since the 9th day Of last
June. -.
The average monthly receipts since that
time are $l6,l56 g., and average current
monthly expenses for operating are about
So 900 per month. The portion of the road
constructed has been examined by the United
States Commissioners, who have approved
the work and found it TO be in all respects in
compliance with the Act Of Congress, and
have sent forward to the proper Department
at Washington their report. The company,
consequently, is now entitled to, and will re-
crive as soon as the bonds can be prepared,
81 ,264, 900 in Government thirty-year bonds.
The Legislature of the State, at its last ses-
sion, changed the law giving to the company
State aid, and which, in the whole, amount
ed to $500, 900 on the first fifty miles in Sec
tions as completed, and granted instead to
the company the privilege of issuing twenty
year bonds to the amount Of 81, 800 900, on
which the State pays the interest Of seven
per cent. semi-annually in gold. These
bonds have not yet been issued, owing to the
necessity for waiting the action Of Congress
at its last session. There is nothing now to
DELAY their issuance, and Of course they are
so much OF Immediately available assets to
the company. ......... ..
Congress, at its last session, altered mate
rally the Pacific Railroad Act, and very ben
efcially in some respects. The more PROM
inent benefits are chiefly in shortening the
sections upon which we may be entitled to
draw Government bonds from forty to twelve
miles; in doubling the amount Of lands,
making the amount to which the company is
now entitled per mile twelve thousand eight
hundred acres !; also, BY providing that the
Government subsidy shall operate as Sec
ond lien to an equal amount Of first mort
gage bonds of the company.
You will readily perceive the immense ad-
vantage of this last change, as it makes the
Government virtually an indorser of the COM
pany's bonds for the full amount Off own
subsidy, viz: $4,000 per mile easterly from
Arcade creek, the established base Of the
mountains, and $36,000 per mile this side.
The base of the Sierras has been ascertained
and established since our last meeting, and
is entirely satisfactory to the company,
though strictly the geoloeical,a as distinguished
from the apparent base, approaches several
miles nearer the American river.
By virtue Of IN act Of the Legislature au-
thorizing it, the company entered into conf
promise with the city and county OF San
Francisco, by which she company accepts of
$4,000 in the bonds Of said city and county,
in lieu of the subscription Of S60O,O 900, and
for which stock was to be issued. Now the
company receive the $400, 900, and issue no
stock. ..
mn al aoNa NJ khn
company for the further prosecution Of the
work are, therefore, from these sources :;
Government bonds, 81, ,264, 600; bonds upon
which the State paws the interest, 81 500, 900 !;
first mortgage bonds Of the company 81 ,264,-
600; San Francisco bonds, $4,000
There are prospectively, US the work pro-
gresses First mortgage bonds, $48, 900 per
mile, and Government bonds Of an equal
amount, making in the aggregate S96, 900
per mile, or about for the whole distance,
Sl6,0O0,000, and 1000, 900 acres Of land.
During the year past there has been COM
pleted over the mountains, and forming from
Newcastle q direct route to Nevada Terri
tory, a wagon road offering unequalled facil-
ties for transportation of passengers and
freight. The advantages to the company
from such connection will be readily appre-
ciated. 1t will give to our road from the
time it reaches 1llinoistown, which will be
early in the coming spring, the greater por-
ton of the travel and freight TO Nevada Ter
ritory.
The prediction that we shall reach Illinois
town as early as indicated, is fully warra Mt
ed by the extent OF our resources and the
progress in the past, it being but one year
the 9th Of last January since the first shovel
full Of earth was cast and the work COM
menced. Thus we may confidently look
forward to be in receipt at an early day OF
large revenues from the daily earnings OF the
road. ..... o.,
During the year past the company has met
with considerable opposition from Rntago.
nistic interests, chiefly led on and controlled
BY those whose loyalty is OF more than
questionable character, and whoI naturally
from their sympathies, though unnaturally
as American citizens, oppose great Nation
al work that, while providing for the utmost
prosperity, State and National, serves to
bind together and strengthen our nationality.
This opposition, however, we have been able
to meet and overcome with signal success,
and we may safely announce that the great
work is now beyond the reach of enemies to
seriously obstruct, and that it will progress
with the rapidity its friends desire.
LELAND STANFORD, President.
DERANGED.-M..M Marks, cigar dealer, ON
street, has been SO far unsettled IN mind
for few days past as to be unfit to attend 10
business. His friends find it necessary to
keep guard over him.-Sde. GHt0rl.
ALL reports attributing to the Government
any movement looking toward negotiations Of
peace stpresent, are utterly without founda-
tion. 2. ...s......-.
LET Democracy prove that the rebels are
willing to return to the Union, or confess
themselves traitors. -.. rz
IL A PORTION of the Democracy demand
Peace now, at the expense Of a divided coun-
try. Shall they have It ". ..
We are told that Lincoln is in the way Of
Union. But the Union was severed before
he was inaugurated. be- aa."... ell. a..
MEN cry ;" Peace, Peace, when there is no
Peace, simply because the rebels will not
let US have Peace. -g7.- ..H.4.a.
AN Eastern exchange figures up the cost
RE- l. M