from the western base of the Sierra, and $36,000 on the portion west of that point, together with a concession of every alternate section of public land lying within twenty miles on each side of their road, excepting only mineral lands and tracts to which pre-emption and homestead claims had legally attached. The quality of land thus secured to the company is equivalent to twelve thousand eight hundred acres for each mile of road, less the exceptions above mentioned, the timber on the reserved mineral lands being also the property of the company.

The States of California and Nevada have also dealt liberally with this corporation in granting them moneyed aid or important franchises, the former guaranteeing payment of interest at the rate of seven per cent. for twenty years on the company's bonds to the amount of $1,500,000-the city and county of San Francisco having made a free gift to them of $400,000, while several other counties through which their road runs have in like manner aided them by liberal subscriptions to their capital stock.

43 The immediate available assets of this company for the prosecution of their road have, therefore, been, Government bonds issued at the rates above mentioned on such portion of their work as is already finished-$1,500,000 of their bonds on which the State pays interest, and $400,000 San Francisco bonds already issued to them; their prospective means being, as the work progresses, $48,000 per mile first mortgage bonds, and United States bonds to an equal amount, making an aggregate of $96,000 per mile—almost enough, with the company's tact and prudent management, to defray the cost of grading and laying down the superstructure of their road. In lieu of these munificent gifts and subsidies, of which this company have shown themselves not undeserving, they are bound to transport troops and munitions of war, carry certain mails, and perform other service for the General Government at stipulated rates.

The following figures and data exhibt the earnings and disbursements of the Central Pacific Company during the three months ending September 30th, 1867-ninety-four miles of their road having been operated: Gross earnings, $556, 509.30; operating expenses, $101,620.89; net earnings, $454,888.41.

The ratio of profits, approximating eighty-two per cent. of the gross earnings, is nearly three times as large as those realized by the best leading lines in the United States. The total income of this road for the month of September, 1867, was $200,550; operating expenses, $33,750; income for the following month, $212,000-expenses having

been about the same as for September, showing a large increase of earnings over the earlier part of the year.

This company are now offering a portion of their lands, for which they have patents issued by the Government, for sale on such conditions as entitle them to the attention of immigrants and others in search of eligible places for settlement. Their possessions cover some of the finest lands in the State, whether designed for agricultural or lumbering purposes, their value being greatly enhanced by their proximity to the line of this great thoroughfare, and in many cases also to some of the best mining districts in the country.

The following are the officers of this Company: Leland Stanford, President; C. P. Huntington, Vice President; Mark Hopkins, Treasurer; E. H. Miller, Jr., Secretary; S. S. Montague, Chief Engineer; Charles Crocker, Superintendent; B. B. Crocker, Attorney. Directors: Leland Stanford, C. P. Huntington, A. P. Stanford, Mark Hopkins, E. B. Crocker, E. H. Miller, Jr., and Charles Marsh.

WESTERN PACIFIC RAILROAD.

This company was incorporated in 1862, for building a railroad from the city of San José, via Stockton to Sacramento, where it is to connect with the Central Pacific road. The length of this road is 120 miles, twenty of which, leading eastwardly from San José, is already completed. The iron and rolling stock has all been purchased and landed at San Francisco; and a controlling interest in the capital stock having recently passed into more energetic hands, active operations, for some time delayed, have been resumed upon this work, with every prospect that it will be carried forward to an early completion, thereby establishing railroad communication between Sacramento and San Francisco. The principal officers of this company are the same as of the Central Pacific.

SAN JOSE ROAD.

This railroad, extending between the cities of San Francisco and San José, a distance of fifty miles, was completed in December, 1863, since which time it has been transacting a large, profitable, and steadily increasing business.

SACRAMENTO VALLEY ROAD.

The Sacramento valley railroad, extending from the city of Sacramento to Folsom, twenty and one half miles, was the first work of the kind completed in the State, having been opened for the transaction of business January 1st, 1856. For five or six years its earnings were

large, until the construction of the Central Pacific road diverted most of the transmontane trade over that route. Since that time its receipts have been much diminished, though its local business is still considerable-more than sufficient to cover cost of repairs and operating.

PLACERVILLE AND SACRAMENTO VALLEY RAILROAD.

This road extends from Folsom, eastwardly, to Shingle Springs, a distance of twenty-six miles, the original intention having been to carry it on to Placerville, nine miles beyond its present eastern terminus. This company being without rolling stock, their road is operated by the Sacramento Valley Company.

CALIFORNIA CENTRAL ROAD.

This road, designed to extend from Folsom to Marysville, a distance of forty-six miles, after having been built in 1860 to the town of Lincoln, twenty-two miles northwest of Folsom, was at that point discontinued. Its earnings, owing to this abrupt termination, were never large, and the company meeting with financial embarrassments, their property has been advertised for sale, to satisfy mortgages resting upon it to the amount of $2,000,000. This road never having been supplied with cars or locomotives, the Central Pacific Company have operated it since its first opening.

YUBA RAILROAD.

This road, intended to run from Lincoln to Marysville, a distance of twenty-four miles, was commenced in 1862, with the expectation that it would be finished the following year. Its progress, however, has since been slow, only sixteen miles, leading northwesterly from Lincoln, having yet been completed. Having recently fallen under a more energetic management, it now seems likely to be finished without further unnecessary delay.

NORTHERN CALIFORNIA ROAD.

This railroad extends from Marysville to Oroville, twenty-nine miles. It has heretofore earned more than sufficient to defray current expenses; and should this be made a link in the projected Oregon road, it might yet prove a paying property to the stockholders. As the country about its northern terminus fills up with settlers, and the mines further back become more fully developed, its earnings will be likely, in any event, to show a steady, if not a very marked increase hereafter. The construction of the contemplated railroad up Feather river, should it be completed, would also greatly enhance the value of this property.

VARIOUS SHORT RAILROADS.

The San Francisco and Alameda railroad commences on the bay of San Francisco, at a point opposite the city, and extends to Hayward's, sixteen and a half miles, the intention being to carry it thirteen miles further south, to Vallejo's mills, where it is to intersect the Western Pacific road.

The Suscol and Calistoga Railroad, now completed with cars running to St. Helena, a distance of twenty-two miles, is being actively pushed towards its termination, with a prospect of being completed early in the summer of 1868-its entire length being forty miles.

The San Francisco and Oakland Railroad reaches from the western terminus of the Oakland Encinal to the town of San Antonio, Alameda county, a distance of five miles, it being the intention of the company owning it to prolong it southward till it intersects the San Francisco and Alameda road.

The Pittsburg Mining Company have a railroad completed, extending from their coal mine, on Monte Diablo, to their wharf on Suisun bay, a distance of five and a half miles. It was constructed at a heavy cost, and over it all the coal from the Pittsburg, Independent, Union, and Eureka mines, is transported to tide water.

RAILROADS RECENTLY COMMENCED.

At the head of this category we have the California and Pacific road, connecting Vallejo and Sacramento, with a branch to Marysville. This company, after much delay, having surmounted all obstacles, is now proceeding with the work of grading and laying down track with an energy and an amplitude of means that leaves its early completion no longer problematic. A considerable portion of the grading is already done, and a large amount of the rails, with a portion of the rolling stock, has reached Vallejo from the East. This road passes nearly its entire length through a rich agricultural country, and having received substantial aid from several of the counties along its route, will be likely to prove remunerative to its stockholders, as well as highly beneficial to the region it penetrates. The town of Vallejo will be especially benefitted by its construction, as it will be likely to make it the storehouse and shipping point for immense quantities of grain and other farming produce, which will find at this place their most convenient depot. In fact, Vallejo promises to become in a short time one of the important railroad centers of the State, as there is a likelihood of not less than five or six roads emanating from this town to various points

in the interior. The principal of these roads likely to be soon constructed consists of one to Healdsburg, thence to be extended north through Mendocino and Humboldt counties; one to Martinez, connecting with the Western Pacific and other roads leading to different parts of Contra Costa county; one to Petaluma, and perhaps several others of minor importance projected to adjacent towns and business centers.

ROADS PROJECTED.

Of the railroads projected, and the constructing of which is likely soon to be actively entered upon and ultimately completed, being partially or wholly located within the limits of the State, the following are the principal, viz: the Southern Pacific, entering the State from the southeast, and terminating at San Francisco, with, perhaps, a branch to San Diego; the several roads already enumerated as likely to radiate from Vallejo; the San José and Gilroy road, thirty miles long, which will undoubtedly be completed in the fall of 1868; a road from Alviso to San José, a distance of eight miles, easily built and much needed; from San Pedro to Los Angeles, twenty-five miles, the company organized, with capital stock of $500,000, and about commencing the work of grading; and the Stockton and Copperopolis road, the company also organized and likely to initiate work before long.

In addition to these roads, which are certain to be soon begun, there are a number of others in contemplation, such as a road from Gilroy to Watsonville, continued thence to Santa Cruz; from Salinas to Monterey; from Oroville across the Sierra, by way of the north fork of Feather river; and, finally, from California to Oregon-an association of heavy capitalists having, in the early part of 1868, purchased and consolidated the several roads extending from Roseville, Placer county, to Oroville, Yuba county, with a view to continuing the same north to the dividing line between Oregon and California, and extending branches into the former State. The entire length of this road, in California, will be 313 miles; capital stock, $15,000,000, in 150,000 shares, of $100 each; C. Temple Emmet, Thomas Bell, William E. Barron, Joseph Barron, and Alpheus Bull, are appointed to act as Trustees until others are duly elected.

STEAMSHIP LINES.

From the port of San Francisco there issue three ocean steamship routes to foreign countries, there being more than double that number of important coastwise routes. The Pacific Mail Steamship Company dispatch steamers regularly four times a month to Panama, and monthly