The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-08-06
'EQUAllzERS WORK At NIGHT
SOUTHERN PACIFIC BUSINESS
IS HEARD.
Many Questions Answered by
Auditors Clerk Klink, Who
Knows Details Of Business.

Knows Details Of Business.
| Owing to- the absence Of any witness
| to examine at the hour set for the
meeting of the State Beard of Equailz a
/ ton yesterday morning 0:30) the ses-
sion did not conduct any examinations
until the arrival of George T. Klink.
Chief Clerk to the Controller and Aud
itor of the Southern Pacific Railway
Company. His late arrival occasioned
a night session.
During the day the Ecualizers ex-
amined and analysed the data sub
mitted by the Southern Pacific, from
which the following facts appeared:
Total length of system in and out OF
the State, 1543.64 miles, being the total
of the system that operates under
State laws; entire value of roadbed,
ETC.. $1O,SO5, 4SO; number Of pieces OF
rolling stock, 3,4OS; locomotives, 199;
freight cars, 2940; passenger cars,
224; total value of rolling stock w.
! 531 500. Ea. nings and expen-es: Pas-
senger, $2,9S1, 705.62; freight, S1,022,-
709.50; mail and express, S375 4obi3;
miscellaneous, 1871, 647.o4; total, Sli,-
111,519.45. Expenses: Operating, SO,-
500, 1874 80; betterments and additions,
$685.. 315. IS: rentals to other roads,
! SIC, 81 80; taxes, $349, 940.54; miscel-
laneous interest, $9,426.26; total, 81
1924. 1892 net, 1871, O7O.2O; rentals,
S21S, 1888; total revenue OF all, S4,uuo'-
203.20. Under payments the follow
| ing appeared: Interest, $3, O9l, 54aeo;
United States sinking fund, $lo000o;
land expenses, $59, 1926; total, $780,
| 731 IL; overplus, $404, 4l2.O9
/ Under class the following expenses
| were given: Maintenance of way and
structure. S1,321 ,92S.56, maintenance
of equipment, 81, 155, 913.12, conducting
transportation, 3,744, 239. 10; general
expense, $2S2, 053. 56; total, $6 o04,-
13499
| At $50 Mr.. KIink appeared, bringing
| with him a valise that contained con-
siderable data pertaining to the South'
ern Pacific Railway. Equalizer L. II
Brown was absent. having been ex-
cused to go to San Francisco. Chair.
man Brown called the board to order,
at $40. Whereupon the examination be-
gan.
The roads of the Southern Pacific
system were taken up in order, first
the California Pacific, with capital
stock of SI2.O0O,O00. Mr.. Klink said
all of the stock had been issued and
paid I'D. From his examination the
following facts appeared concerning the
roads under consideration: Bonded
debt, Sc. 1927 600; first mortgage, JAM
uary l. 1861, natures in 1872, in the
sum of s., 227 600 at ~ per cent; sec
ond, August IL, 1871, $1,593,000, ma
lures 1912; third, issued 1870, natures
1905, $2,060,000
1.-The market value of these bonds
now, I do not know" said Mr.. Klink,
| las I have no knowledge of market
values. The total bonded indebtedness
is Sc, S27 900, and interest is payable
semi-annua1ly; interest is about all
paid, and is paid when coupons are
presented; road paid no dividends in
1897, 1898 or 1899"
The other roads We're taken up in the
same way-Central Pacific next. Mr.
Klink said: authorized stock is $780,
600. 600; issued S6S,275, 500, paid up;
balance of stock unissued; bonded
debt, $59, 579. 600; do not know value of
the stock, and do not know whether
they are on the market-same answer
concerning the value of stock"
The following facts were in a like
manner brought to light concerning the
Northern California: Authorized CAPT
tai stock, 81 $4,000: all issued; bonded
debt, 1,074 COO; all issued at the same
time; road has declared no dividends
for 1897, 1898 or 1899; do not know
value of stocks or bonds"
OF the Northern Railway he said that
the outstanding stock was S13, 400, 600,
and further: 1.-The road has declared no
dividends; bonded debt, $780,, 600; in
terest payable semi-annually; don't
know value of bonds and stock"
The South Pacific Coast Railway wa:
next on the list. These facts were
given: Capital stock, $6,000000; an
issued and paid up; bonded debt, S..
GOO, all issued at the same time
July 1, 1887, natures July 1, 1887; in
terest per cent, payable semi-annual-
ly and all paid to date; no dividends
in 1897, 1898 or 1899; do not know
value of stock or bonds"
OF the Southern Pacific Railroad
Company the following facts We're
cleaned: authorized capital stock,
$50 000,0 600; issued and paid up, $72,.
165 goo; bonded debt 500, 100, 500; in
terest payable semi annually and is
paid to date no dividends; do not know
|
Southern California motor road has no
capital stock or bonded debt, but is
included in the information given to
you regarding the San Francisco Rail-
way Company. We bought the road s.
few years ago at a foreclosure SALE On
April A. 1898, the companies thereto.
fore named as having consolidate0
consolidated their assets and liabilities
The old companies were destroyed or
merged into the new company; tho
stock was surrendered and new stock
was issued in it's place."
Mr. Toland was anxious to know
whether the old companies were dis
solved by proceedings in court, and
whether the roadbed was transferred by
| deed. Mr. Klink said the effect of the
consideration was to transfer every,
thing. without deeds. Among other
things, he said: 1.-THE authorized
capital of the new company is $l29,.
$4,000; $1OO,944 600 is paid up
What is the bonded debt of the new
company" asked Mr. Toland.
Just what I have given you under
the separate headings replied Mr.
Klink, 'for the new company assumed
all the debts and liabilities Of the other
companies"
Mr.. Klink further said: Next year
there will be no separate returns. Our
bookkeeping has not been kept sepa-
rately since July l. 1888"
Mr. Toland-How do you segregate
earnings on the haul from Texas, for
example?
ION the basis of mileage earnings"