The record-union., 1899-08-07
4 SUNDAY WITH FIGURES.
STATE EQUALIZERs EXAMINE
RAILWAY REPORTS. !
A Busy Day With Auditors Clerk
Klink Of the Southern Pa
cific Company.

The members of the State Board OF
Equalization met in their rooms at
the Capitol yesterday informally to
continue their examination of Auditors
Clerk George B. Klink of the Southern
Pacific Company. This was done to
enable Mr.. Klink to return home
Though he had been notified to be
present this morning, he will not be
with the board, as the work with him
was finished yesterday.
The principal business of the board
was to examine the reports made by
the various railroad companies leased
by the Southern Pacific Company to
the State Board Of Railroad Commits
sioners. Mr.. Klink said: 1.-The South
ern Pacific Company is the stock own
ing company that operates the South
ern Pacific Railway system under
lease; it also leases the Central Pacific
and the South Pacific Coast line; it
has operated these roads since March
1885. The Southern Pacific keeps the
only accounts of the earnings and ex-
penses of each of the separate roads
under the system, and it reports to
each it's earnings and expenses. 1t
pays the Central Pacific $4,000 year
rental, also all the net earnings. The
net earnings of the Southern Pacific
Railway Company of California, and
of the same company in New Mexico
and Arizona, together with the net
earnings of the Louisiana Western,
and of the Morgan Line, are thrown
together. The Southern Pacific Com
oLo %
earnings for operating the roads, and
the balance is apportioned back to the
smaller companies. The earnings go
as follows: To Southern Pacific Rail-
way Company, A per cent; to South
ern Pacific Railway Company of Ari-
IONA, 10 per cent; to the same in Mex
leo, per cent; to the same in Lou
isiana, % per cent; to the Morgan
Line, per cent; to the Southern Pa
cific Company, 10 per cent.
1.-THE Central Pacific Railway Com
pany's bonds rest on its whole prop
erty and subsidized lands, and it's earn
ings in California are larger than else
where"
The following further facts and fig
ures were adduced by the examination:
The Southern Pacific Company takes
all of the South Pacific Coast Com
pany's earnings and assumes all of
that company's debts. The Central
Pacific Company's report was given to
June 80, 1898, as follows: Earnings
$15, 766, 34S66 trackage and other
rentals, $49, 662. 90; total, $15, S16,011. g.
Operating expenses - SO, 221 ,669. 40;
trackage, ETC., $107, 976O2; taxes, 1892
1853; interest and bonded indebted
ness, Sc, 149, 0S7.50; total, 1921, 1882,
leaving a difference of $2,S44, DBL 10
Rental by lessees, $10OO0,000; addi-
tions, S2,S54, 53170; sinking fund,
1926, 900; Thurman Act requirement,
1886, 714.41; replacing rolling stock,
$1S3, 935; proportion of expenses in
continuing extension bonds, S319.-
654. 81; other payments from net IN
come, from sinking funds, S613, 4S9. Is.
land department and taxes on granted
lands, S154,242SS; total, $767, 1926.
Deductions for year: Old account
charged off, $44,S13.67; expenses ex-
tending bonds, $1,O14, 92S.97; less
amount applicable to the year, S319,-
654. 81 which, deducted. leaves $780,
27432
Mr. Klink said the capital stock and
mortgages cover railroads, telegraph
lines, rolling stock, ferry and river
steamers, also lands granted by the
United States.
The board will convene at $3.50 this
morning for the purpose Of fixing rail-
road assessments, after which it viii!
take up county matters.