to the government, the following statement is made. The figures are believed to be nearly correct, having in this and the previous statement been taken largely from “Poor's Manual of the Railroads of the United States.”
| Items. | Union Pacific Railroad. |
Central Pacific Railroad. |
Total of both. |
New York Central. |
Railroads reporting in Massachusetts. |
All railroads in United States reporting, except Union Pacific and Central Pacific Railroads. |
| Miles of road operated | 1,038½ | 1,219 | 2,257½ | 1,000 | 2,479 | 67,355 |
| Cost of road | $114,000,000 | $132,685,389 | $246,685,389 | $77,243,162 | $140,947,113 | |
| Cost of equipment | 6,000,000 | 7,494,209 | 13,494,209 | 17,349,449 | 16,590, 505 | |
| Cost of other property | 2,714,588 | 2,450,684 | 5,165,270 | 3,230,199 | 11,541,434 | |
| Total amount of investment | 122,714,588 | 142,630,282 | 265,344,870 | 97,822,810 | 169,079,052 | $3,828,808,307 |
| Cost per mile | 118,000 | 117,500 | 117,852 | 98,000 | 68,204 | 56,845 |
| Capital stock | 36,762,300 | 54,275,500 | 91,037,800 | 89,428,300 | 118,179,615 | 2,157,120,875 |
| Bonded debt | 51,104,000 | 55,457,000 | 106,561,000 | 39,844,733 | 51,620,374 | 2,058,580,368 |
| United States subsidy bonds. | 27,236,512 | 27,855,680 | 55,092,192 | 9,531,320 | ||
| Total general liability. | 115,102,812 | 137,589,180 | 252,690,992 | 129,273,033 | 169,799,989 | 4,225,232,563 |
| Passenger-earnings | 4,410,000 | 5,908,821 | 10,318,821 | 6,672,966 | 14,260,815 | 124,512,264 |
| Freight-earnings | 7,710,000 | 10,773,618 | 18,483,618 | 17,593,264 | 13,644,278 | 267,907,030 |
| Miscellaneous, mail, &c., earnings | 1,400,000 | 1,464,504 | 2,864,504 | 3,780,356 | 3,102,353 | 69,780,432 |
| Gross earnings | 13,520,000 | 18,146,943 | 31,666,943 | 28,046,588 | 31,007,446 | 462,199,726 |
| Operating-expenses | 5,220,000 | 8,732,074 | 13,952,074 | 16,124,172 | 21,460,627 | 294,074,813 |
| Net earnings | 8,300,000 | 9,414,869 | 17,714,869 | 11,922,416 | 9,546,819 | 168,124,913 |
| Taxes paid | 307,195 | 378,986 | 686,181 | 1,353,685 | 19,144,041 | |
| Interest paid, (bonded) | 3,675,000 | 3,498,331 | 7,173,331 | 2,791,629 | 3,704,698 | 86,946,758 |
| General expenses, &c. | 750,000 | 1,043,186 | 1,793,186 | 1,917,711 | ||
| Dividends | 2,939,600 | 4,832,690 | 7,772,290 | 7,139,528 | 5,858,509 | 60,740,668 |
| Surplus | 628,205 | 289,881 | 73,548 | 1,293,446 | ||
| Deficit | 338,324 | 1,370,273 | ||||
| Miles run by passenger-trains | 1,200,000 | 1,570,435 | 2,770,435 | 4,743,485 | 10,439,856 | 340,000,000 |
| Miles run by freight-trains | 3,500,000 | 3,359,107 | 6,859,107 | 9,278,266 | 9,464,471 | 260,000,000 |
| Total passenger-mileage | 128,032,924 | 200,000,000 | 328,032,924 | 353,136,145 | 639,592,115 | 7,000,000,000 |
| Total freight-mileage | 292,002,076 | 350,000,000 | 642,002,076 | 1,674,447,055 | 628,577,176 | 21,000,000,000 |
| Passengers carried | 202,648 | 789,702 | 992,350 | 9,281,490 | 41,133,229 | 200,000,000 |
| Tons of freight carried | 900,000 | 1,114,086 | 2,014,086 | 6,803,680 | 11,327,502 | 197,082,000 |
The facts shown by this statement are so striking that a comparison of percentages is quite unnecessary to demonstrate the great advantages which these two Pacific railroads possess over all others in the two principal elements of successful railroading — high tariffs and limited competition. That these companies are fully able to make sufficient provision for a discharge of their whole indebtedness to the United States seems, therefore, beyond question.
IMPROVEMENT REQUIRED IN THE SYSTEM OF ACCOUNTABILITY.
Under the provisions of section 20 of the act approved July 1, 1862,
section 13 of the act approved July 2, 1864, and those of the act ap-
- III—I
