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The amounts in the Treasury credited to the bond and interest accounts of the subsidized Pacific Railroad companies amounts to more than $20,000,000. This amount is lying idle, and the attention of Congress is respectfully called to advantages of its judicious investment, as well as to the fact that the act of May 7, 1878, applies to but three of the six subsidized Pacific Railroad companies.

THE UNION PACIFIC RAILWAY COMPANY.

The Union Pacific Railway Company is composed of the Kansas Pacific Railway Company, and the Denver Pacific Railway and Telegraph Company.

1,034.4840 miles of the Union Pacific and 393.7425 miles of the Kansas Pacific were subsidized.

The mileage proper is 1,831.9 miles. A careful examination shows the whole property to be in good condition, and the commercial industries are energetically improving.

The rolling stock comprises 345 engines, 289 passenger-cars, 6,960 freight-cars.

The company's mines yielded a profit of $198,592.13. Net proceeds of land sales (to December 31, 1884), $25,668,806.65. Estimated value of lands unsold, $13,602,696.25.

All the engines and cars required are manufactured at the company's shops in Omaha.

The company expended during the year on new construction and equipment:

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The books and accounts of the company were examined, and the Commissioner reports that the system of keeping the accounts of the Kansas Pacific road does not give an adequate approximation to the actual net earnings of its "aided" part, 5 per cent. of which is due the Government. The business of the "aided" part is much in excess of that of the "unaided" part, but the accounts are stated as if they were equal, the net earnings of the entire road being divided into two parts, in proportion to the length, thus giving to the Government much less than its due. Correction of this is suggested by having the accounts show the actual earnings and expenses of the "aided" part.

The records of Commissioner French, if correct, show 5 per cent. arrearages for sixteen or seventeen years.

The amount in the Treasury credited to the bond and interest account of the Union Pacific and Kansas Pacific is as follows:

Charges for transportation.

Cash payments......

Total

$13,931, 873 59

283,162 99

14, 215, 036 58

Indebtedness of the Union Pacific (and Kansas Pacific) to the United
States, June 30, 1885:

Principal

Accrued interest

Total

$33,539,512 00 35, 111, 924 94

68, 651, 436 94

CREDIT.

Transportation, cash payments, &c......

19,737, 380 32

Balance in favor of the United States, but not due until maturity of

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Statement of 25 per cent. of the net earnings of the Union Pacific, Union Division, under the act of May 7, 1878, for the year ending December 31, 1884.

Gross earnings.

Total expenses (under act of May 7, 1878).

Net earnings so ascertained

Twenty-five per cent..

$12,575, 093 44

8,034, 212 82 4,540,880 62 1,135, 220 16

Kansas Division (Union Pacific).

A very general improvement is reported since last year in the roadbed, grading, laying of steel rails, and bridges. The rolling stock is kept in good condition.

Statement of 5 per cent. of the net earnings of the "aided" part of the Kansas Division, Union Pacific Railway Company (394 miles), for the year 1884.

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The Oregon Short Line is not a completed road, yet it is kept in very fair condition. Its mileage is :

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CENTRAL BRANCH UNION PACIFIC RAILROAD COMPANY.

This road is operated by the Missouri Pacific Railway Company. The improvements during the past year are reported to be most praise: worthy in every respect.

The rolling stock remains the same as of last year.

The following statements are from the Commissioner's report:

The company received from the United States $1,600,000 in bonds and 245,000 acres of land.

The receipts for last year from land sales were $43,716.12; due on time sales, $140,433.14.

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Total assets..
Deficit

THE CENTRAL PACIFIC RAILROAD COMPANY.

4,679,750 33 1,995, 934 33

A detailed statement of the financial and working condition of this road is made by the Commissioner of Railroads and the Railroad Engineer. It is reported in its usual good condition, a great improvement having been made in the road-bed. The changes begun last year in tracks and block-signal system are completed, and are successful. The rolling stock is kept in good condition. Extensive and interesting experiments were made in tree planting to test woods as to their value for railway purposes. The improved condition in all the company's property is reported worthy of special commendation.

The leases of the California, Arizona and New Mexico Southern Railroads by the Central Pacific Railroad Company, having expired at the end of last year, the Southern Pacific Railroad Company-composed mainly of the three roads above named-leased the Central Pacific for ninety-nine years from April 1, 1885.

In addition to the tabulated assets of the company, it owns lands and water-front valued at $7,750,000, but adverse claims and conflicting grants render it impossible to state the amount of the lands or make an estimate of their value as an asset.

The rolling stock of the company consists of 235 engines, 327 passen. ger-cars, and 4,481 freight-cars.

The appended statements are from reports of the Commissioner of Railroads and the company:

United States subsidy bonds..

Funded debt....

Interest accrued on funded debt but not due

Interest on United States bonds accrued but not due

Bills and accounts receivable, sinking funds, &c....

Total debt.....

Capital stock

Total debt and stock...

Cost of road (including Oregon Extension)
Equipment

Real estate

Sinking funds

Bonds and stocks

Miscellaneous investments

United States transportation and sinking-fund accounts..
Bills and accounts receivable, materials on hand, cash, &c

Total assets

For year ending June 30, 1885:

Passenger earnings

Freight earnings....

Mail and express earnings..

Miscellaneous earnings...

Total......

Operating expenses

Net earnings...

Lands held by the company and patented by the United States, acres..
Receipts from all sales (to June 30, 1885)

OREGON DIVISION.

$27,855,680 00

57,037,000 00

1,577, 177 22 28,463,485 81' 5,614,375 26'

120,547,718 29 59,275,500 00

179, 823, 218 29

141, 444, 161 73 8,575, 756 53

3,285,398 82

7,223,694 17

1,089,721 92

1,743, 026 76

9,690, 149 59

4, 603, 189 18 177,655, 098 70

6,853, 198 74 12, 618, 307 53

856,473 26 710,885 54,

21, 089, 465 07

12, 219, 093 66 7,820, 371 41

2,271, 872 6,587,661 00

No extension of track was made on this division during the past year, but throughout the 190.08 miles of the division the road-bed and track have been kept in good condition.

THE NORTHERN PACIFIC RAILWAY COMPANY.

There was no regular inspection of this road, but it is reported in good condition and well constructed throughout. It has been completed to Ashland.

Length of road (including Cascade branch)

Leased

Branches.

Miles. 2,029.58

143.34

477.65

The rolling stock comprises 391 engines, 274 passenger-cars, aud 9,217 freight-cars.

The road, when finished, would entitle the company to 43,200,000 acres of land.

Land sold (to June 30, 1885), 5,468,779.97 acres.
The financial condition is as follows:

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The net proceeds from sales of land being credited to the account of the cost, equipment, &c., of the road, reduces it.

THE ATLANTIC AND PACIFIC RAILROAD COMPANY.

This road is reported in quite good condition, a decided improvement being reported since the last inspection by the Railroad Engineer. Extensive work has been done to prevent the recurrence of washouts by the Colorado and Mohave Rivers.

Miles operated, 818.40.

The rolling stock comprises 47 engines, 16 passenger-cars, 1,291 freightcars, 305 miscellaneous cars.

The financial condition is as follows:.

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ATCHISON, TOPEKA AND SANTA FÉ RAILROAD COMPANY.

The Commissioner of Railroads reports this road to be well constructed throughout, the management progressive. All the main line in Kansas and 649.34 miles of branch road are laid with steel rails. The rolling stock is as follows: 352 locomotives, 9,645 freight-cars, 250 passenger-cars.

Atchison system

Southern Kansas..

Sonora system

Roads owned..

Total.

MILEAGE.

Miles. 1,867.95

536.00 350. 19

51.46

2,805.60

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