The following statement shows the earnings of the Union Pacific Railroad Company prior to consolidation, for seven months ending January 31, 1880:
| Passenger | $1,867,055 36 | |
| Freight | 5,789,268 18 | |
| Miscellaneous | 624,237 78 | |
| 8,280,561 32 | ||
| Operating expenses | 3,048,029 14 | |
| Net earnings | 5,232,532 18 |
Since the consolidation the Union Pacific Eailway Company has had earnings to June 30, 1880, as follows:
| Passenger | $2,579,188 57 | |
| Freight | 5,644,933 73 | |
| Miscellaneous | 751,884 80 | |
| Total for 5 months | 8,976, 007 10 | |
| Operating expenses | 4,312,500 15 | |
| Net earrings | 4,663,506 95 | |
| Interest paid | $3,390,595 36 | |
| Dividends paid | 2,489,134 50 | |
| Acres of land unsold | 15,933,007 28 |
Under the act of May 7, 1878, the earnings for the year ending December 31, 1879, have been as follows:
| Ordinary net earnings | $7,768,224 47 | |
| Less interest on first-mortgage bonds | 1,636,559 99 | |
| Net earnings under the law | 6,131,664 48 | |
| One-half transportation, applied to interest | $574,844 01 | |
| One-half transportation, applied to sinking fund | 574,844 00 | |
| Five per cent, under acts of 1862 and 1864, applied to interest | 306,583 22 | |
| Additional payment under act May 7, 1878, for sinking fund | 76,644 89 | |
| Total, 25 per cent, of net earnings to December 31, 1879 | 1,532,916 12 |
CENTRAL PACIFIC RAILROAD COMPANY.
The property of this road is referred to in detail by the railroad engineer, and is in good condition and well maintained. The company has
opened a new and shorter route from Sacramento to San Francisco, via
Benicia, over which the bulk of the overland traffic is now done. In
view of the fact that this is not a subsidized road, and that the debt due
to the United States by this company is still quite large, the Auditor
questions whether two or three hours quicker transportation of the
mails is more to be considered than the retention of a greater or less
proportion of compensation, for carrying the mails, to be applied on the
