National Republican., 1883-10-16

ing amdluts
Credit ofUnion Pacific. lc.................. ss5s 532
Credit otCentral Paciac................... S546i2
Total 81, ,7O3 ls4
He says: "That the sinking fund has not
accomplished the result anticipated is quite
evident.and may be regarded as failure for
want of suitable investment. The last invest
ment fol the Union Pacific was made April g.,
1881, atwhich time premium as high as 30
per centnm was paid, but the company repeat
edly protested against such high rates Of pre-
MUM. Reference to the foregoing table will
show tlat the sum of $650,100 has been
Invested at cost of $l24, ,065, or an average
premium of nearly 20 per cent. On June 30,
1882, The amount in the sinking fund unin-
vested vas $4O7, ,442, and on June 30, 1888 it
had increased to 1855, ,532, This is manifest
hardship to the company, as this large amount
shouldbe drawing a fair ;rate'of interest.
"Th9 last Investment for the Central Pa
cifc WIS made Nov. 81, 1882, the sum of $751;
500 haEing been invested in the funded loan
of 1881 continu ed at 81 per centum, at a pre-
miumpf per centum. The sum of 81, ,379, 500
has been invested for this company at cost
of $l7h564 On June 80, 1888, the amount in
the siiiing fund uninvested was $S44, ,654,"
lie Also says that when the act of 1873, pro-
Vidink tor tho investment of the sinking
fund in United States bonds, was passed, it
,Ovidehtly was not foreseen that the g, 5, and
A percent bonds might be called in or ex-
tenddl at a lower rate Of interest.
Herenews his recommendation of last year
that he act of 1915 be amended to provide for
the investment of the sinking funds in the
first mortgage bonds of the companies or such
bond as have been issued to them by the
Unitld States OF IN other good and sufficient
secudties, and for the conversion of the bonds
Of thS United States now held in said sinking
fund into money at market rates and the
reinIestment of this money into the first
H.
good securities; but suggests that better
plan might be to have all amounts covered
into the treasury bear q certain rate of in
teref Csay per cent? per annum, thus
avoiling all questions Of Investments, pre-
miuns, &c,
Ell also renews the suggestion for congress
to commute the present mode of payment by
the foads which have been aided with bonds
intoone of fixed amounts, substituting securi-
ties having the same lien and of fixed
amdlnts, and payable at fixed periods for the
present book account indebtedness. He sub
init draft of a bill embodying this sugges-
tioI
lie recommends also the appointment of q
commission to investigate and report to con-
gres all questions relating to the establish
melt Of transportation rates over or upon
railways within the United States so far as
thy relate to interstate commerce.
With respect to the Central Pacific Railroad
company he reports: The amount found due
to The government as 25 per cent of the net
eamings of the subsdizeu portion of this
To;d for the year ended Dec. 81, 1852, was
$7)2,920, against which the company had
Performed transportation services on aided
ard non-aded lines amounting to 81, ,05l, ,S62,
all of which had been retained by the gov
eminent, leaving balance due the company
fcr that year of S25S, ,942.
While the tonnage and number of passen-
GERS carried were greater in 1882 than in 1881,
the revenue from these sources has been nearly
$500 per mile less than in 1851, indicating a
dear reduction in passenger and freight
!ates.
Condition of company June 30, 1888:
No. of miles subsidized. .........,...... SG06f
NJ. OF miles owned. ed..............,.,.... 12OI5(
No. of miles leased .............,..,.,... I766bs
Average number OF miles operated dur t
ing year..... ACKNOWLEDGEMENTS. s.O672i
STOCK ISSUED. So9,2I0 6OC
sa6sldSSy Gonds casiandins.... sgzs55 5@Si @
Funded debt........s. ...,..'......... b3,91l 6S,
Bills payable. OBSERVATION-DISCLOSURES. 5,63040C
Accounts payable. le................-...... 2,fl3S3
Hospital fund. ,....,.....,.....'.....'... lO3SS
Interest accrued on subsidy bonds."... 25,l2G so
Interest accrued but not due Oh funded
debit. ....,..'.......'''....'.... 1,3l06b,
Lol1i iIoftO oS,
Capital stock and debt.........,..... 175,72l 89i
Cost Of road l39,30O2 20
Cost OF equipment. ent.....'...'...''....'' s'23sb2
Total cost Of road and equipment....... l5O8Ss92l
Cash, materials, and sinking funds.... l6S,7i3,27
The company also owns lands and water
front in San Francisco, Oakland, and Sacra
mento estimated at 81, 100000.
The earnings for the fiscal year ended June
30, 1883, on all the roads operated are reported
as follows:
Passengers ....................,.... S77S9 50.
tIeibhI' lO,&IhOO
Diail. ....,,.....,.,........u... Colt
Miscellaneous 1909 65i
d. -
Iolal''''''''...'.....'.' s2o'Ool9l.
Operating expenses and rentals...... Sl6, 9O67 72.
Ntt earhlngs ollo ios
4ntslesI PAlu. ooSv9y,
The gross earnings for the year 1852 were S25,