The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-10-05
THE PACIFIC RAILROADS.
The Annual Report of Commissioners
Joaeph E. Johnston.

| The Annual Report of Commissioner
Joseph E. Johnston.
WASHINGTON, Oct. 4.-Gen. Joseph T..
Johnston, commissioned railroads, in his
annual report TO the Secretary Of the In.
| terror, states that the railroads south of
the Union and Central Pacific and east OF
California have been inspected during the
year 10y Mr. lIassard, the engineer of the
office. The commissioner inspected the
Union and Central Pacific and all the
roads in California and Oregon connected
with the latter, and those in Washington
Territory.
These roads," the commissioner adds,
''arc all in very satisfactory condition.
They were we'll built originally, and have
been kept in excellent order since. Steel
rails have been substituted for iron almost
everywhere
The examination Of the books aud nc.
counts Ut the subsidized companies. viz.
The Union Pacific, Central Pacific, Sioux
City u Pacific and the central branch Of
the Union Pacific was made hy W. NJ.
Thompson, assistant bookkecper, and j.
kcmpcr, clerk. Ii included comparison
oi tho reports Of the companies made To
the commissioner with their books and
accounts. No errors or discrepancies were
detected, The report shows that on De.
ccmbcr II, 1887, the Union Pacific com.
pany has disposed OF l2,gil.7Sl acres of
land, the total cash receipts from all sales
amounting to so, 3Di p5l There remained
outstanding on account 81 time sales the
sum Of Sl3,hiS, SOL The average price
per acre for nll sales WIS 81 ~ Tor the
Union division, S372 Tor the Kansas divis.
ion and sl2I for the Denver division. 4
comparative statement OF the funded debt
oi the Union Pacific company shows that
ON December n, lSSSI, the amount III
bonds outstanding was Sllb, bOS, $50, which
n net decrease Tor the year Of ~ 7SS, ~
The revenue ui the road for the year 1887
aggregated 80, l2l. ilb, aud the cNpcndi.
lures elbgINNl, leaving q surplus uf 80,
lSi,5H. The debt OF the Uulun Pacific on
December ~, 1887, VIA 500, 1863, 49,, oi
which 6O,S6SjOO Is capital stock.
The increase for the wear was
-, sol, 1873 The assets uf the
road aggregated S2G6, i5l ,lS7. which Is
neat increase for the year oi -, ShS,3lG
The increase In surplus iur the year WIS
SIOj1, ~. The total earnings of the aid.
od portions Of the road for the same period
was Sl7,iI3,25G, au increase Of a.. a. i23
The expenses aggregated III ,l.w. IA,
which is decrease IT S,iiUulS. The Ia.
crease IN the amount due the United States
WIS t23S,OOU. Tho funded debt Of the
Central Pacific ruad On December %, 1857,
b. shown 10 have been SS7,7Sl,GSl. which
h u decrease lnr the year at II, Sl7, 900.
The revenue ui this road iOr the year NW
So, 81, 72h, the expenditures sl3. 12i, 2Oi.
The financial condition oi the toad VA shown
Nv M follows Liabilities, Including capital
stock $50, ,71H. Assets Ss22, Ub7, 2at
surplus s3l, $50. AS. Ol the assets 50, 500, .
coo is credited a. farming lands unsold Fl"
which the commissioner believes Is not
even approximation. on account II over
tapping grants. The total earnings IT the
aided portion ui the mad wu ss,O1J. 1bl
total expenses s6,21p.2lj. which Is not
incrrasc Ia the earnings lur the year 1T
S273,OB No recommendation are male
IN the report.