The bonds are coupon, with privilege of registration. Provision is made. for a sinking fund of $25,000 per annum for purchase of the bonds in the market at not exceeding 110 and interest.

Rolling Stock.-Locomotive engines, 18. Cars-passenger, 38; baggage, mail, etc., 3; freight (box, 95, platform, 303), 398; total, 439. Also 2 cabooses and 44 other cars.

Earnings in 1888, $727,169 61; operating expenses, $481,030 14; net earnings, $246,139 47.

The San Francisco and North Pacific Railroad Company (one of the consolidated companies), 108.5 miles, was incorporated June 29, 1877, and formed by the consolidation of the Sonoma and Marin Railroad, chartered November 13, 1874, and the Fulton and Guerneville, chartered May 23, 1877. Road opened from Donahue to Santa Rosa (23 miles), January 1, 1870; to Windsor (9 miles), March 1, 1871; to Grant's (4 miles), April 10, 1871; to Healdsburg (2 miles), July 1, 1871; and to Cloverdale (18 miles), April 15, 1872. The Guerneville branch was opened May 29, 1876, and the Petaluma branch June 2, 1879. Included in the main line was a section of 9 miles, Point Tiburon to San Rafael, leased.

The Sonoma Valley Railroad Company (also one of the consolidated companies), 21.43 miles, was incorporated July 24, 1878; road opened August 23, 1880. The Sonoma and Santa Rosa Railroad was opened August 15, 1882. The two companies were consolidated during 1885.

The branch from Santa Rosa to Sebastopol, 6 miles, is not at this writing (November 1, 1889) quite completed, but will be finished and put in operation at an early date.

Passengers and freight are transferred between San Francisco and Point Tiburon by the company's steamers "Tiburon" and "James M. Donahue," and the company now has another steamer under construction at Point Tiburon to be used in this service.

The San Francisco and North Pacific Railway is situated in the State of California, running through the important counties of Marin, Sonoma, and Mendocino, and traverses this rich and fertile country from San Francisco north to Ukiah, a distance of about 165 miles, including all branches now constructed.

The properties are all in good physical condition.

EEL RIVER AND EUREKA RAILROAD

Company was incorporated November 14, 1882, for the purpose of carrying freight (principally lumber), logs, and passengers; to be run from a point on the eastern line of Township 1 North, of Range 2 East, of Humboldt Meridian, to Eureka, Humboldt County, distant 40 miles; and was supplied with one passenger car for the purpose of carrying passengers. Although the bulk of the freight is still in carrying lumber, other traffic is gradually increasing, and the road is in first class condition.

SOUTH PACIFIC COAST RAILWAY.

This company was organized May 21, 1887, forming the South Pacific Coast Railway Company, by consolidation of the South Pacific Coast Railroad, Santa Cruz and Felton Railroad, Bay and Coast Railroad, Oakland Township Railroad, San Francisco and Colorado River Railroad, Felton and Pescadero Railroad, and Almaden Branch Railroad.

The line extends from San Francisco to Santa Cruz, with several branches, and was opened for traffic from Santa Cruz to Felton, October 13, 1875; from Alameda Point to Los Gatos, June 1, 1878; to Alma, August 1, 1878; to Wrights, May 1, 1879; to Felton, May 15, 1880; from Alameda Point to Twelfth and Webster Streets, Oakland, May 30, 1881; to Fourteenth and Franklin Streets, Oakland, October 1, 1886; from Newark to Centerville, February 18, 1882; from Alameda Mole to Alameda Point, March 15, 1884; from Felton Junction to Boulder Creek, May 1, 1885; from Campbells to Almaden, June 15, 1886. The mileage as now operated is as follows:

The above lines are entirely located in California, and are of three-foot gauge.

In connection with its railroad line to San Francisco, the South Pacific Coast Railway maintains a ferry system to carry passengers and freight from the terminal depot on the Alameda mole, across the bay of San Francisco. The steamers employed in this service are the "Bay City," "Encinal," "Garden City," and "Newark," which make connections with all trains, and make half hourly trips for the benefit of suburban travelers.

The North Pacific Coast Railroad Company was incorporated under an Act of the Legislature of May 20, A. D. 1861, relative to railroads, on December 16, 1871.

The road was opened from

San Francisco to Tomales.

Tomales to Howards.

Howards to Tyrone..

Tyrone to Duncans

Duncans to Cazadero.

January 11, 1875.
.October 16, 1876.
April 2, 1877.
May 15, 1877.
April 11, 1886.

The road from San Rafael to San Quentin is operated under a lease of forty-three years from March 11, 1885, at an annual rental of $1; and that from Duncans to Cazadero, under one of ten years, from April 1, 1886, at an annual rental of $2,900, with the privilege of purchase of same for the sum of $58,000 any time during the life of the lease.

The capital stock authorized is $3,000,000, of which only $2,500,000 have been issued.

The total cost of the road, from San Francisco to Duncans, is $3,155,373 90.

During the past year several permanent improvements have been made, thereby enabling the company to rapidly and safely transport their increasing passengers and freight.

The road passes through. some of the most picturesque scenery, for which this State is so famous, and can boast of having a greater number of summer resorts than any other road out of the city of San Francisco. Three years ago the management decided to abandon "Sunday picnics" (and was followed the very next year by other railroads), and although at first it was feared that such sudden action might destroy the patronage of the pleasure seekers, it has proved exactly as they hoped, and to-day the records show a steady increase of travel.

Consolidation September 22, 1882, of the San Luis Obispo and Santa Maria Valley Railroad Company and the Pacific Coast Railway Company. Rolling stock and roadbed in good condition.

ARCATA AND MAD RIVER RAILROAD.

First railroad in Humboldt County, California. Incorporated in this State, December 15, 1854; called Union Plank Walk Rail Track Company. Building the track from Arcata to the flats in Humboldt Bay, to the ship channel, two miles long, for carrying passengers and merchandise. This track was made of wooden rails; gauge, forty-five inches, with a four-wheeled car, drawn by one horse-power. In the year 1875 the railroad was extended from Arcata northeast three quarters of a mile to Jolly Giant, for the purpose of hauling lumber from the mill to the wharf. In the year 1876 the railroad was extended northwest to the "Dolly Varden Mill," one half mile from Arcata, for hauling lumber. During these years all lumber and merchandise were hauled on wooden track rails, four by four pine, on cars drawn by a horse. This year they built the first steam dummy, called the "Black Diamond," working by two oscillating engines, pulling about six cars on a level track; capacity of cars, two thousand five hundred feet. This was the first locomotive in the county.

In the year 1878 the Union Plank Walk Railroad was sold. The company then formed, and incorporated on the fifteenth of June, 1878, and was called the Arcata Transportation Company. This company extended the railroad, for the purpose of hauling lumber from Dolly Varden north four miles into the woods, where a mill was built, called the "Warren Creek Mill," cutting about thirty thousand feet per day. In the year 1881 the first locomotive was ordered from Pittsburg, weighing four tons, and called the Arcata. This year the Arcata Transportation was sold, and a new company was organized, called the

Arcata and Mad River Railroad Company, incorporated in this State, December 30, 1881.

In 1883 the Arcata and Mad River Railroad was sold, and a new company organized. Improvements were made; cars and engines ordered; new passenger coaches between Arcata and the wharf, running with locomotive; general repairs made over the entire road; the railroad extended from Warren Creek north seven miles to the redwoods, where a sawmill was erected; new town settlement made, and called North Fork. This mill cuts about seventy thousand feet per day. Roadbed was constructed of six by eight inches by eight feet long redwood ties; thirty-five-pound steel rails. All the wooden track between Arcata and Warren Creek was exchanged for steel rails. Ordered a new locomotive of eighteen tons weight. A new combination bridge, over seven hundred feet long, was built over Mad River. Passenger travel was commenced in December of this year from North Fork to Arcata, and general freight and lumber carried.

In the year 1885 a sidetrack was built, one quarter of a mile long, to Glendale, where a mill was built, cutting forty-five thousand feet per day. In the year 1886, a sidetrack was built to Riverside, also one quarter of a mile long, to the sawmill, cutting about forty thousand feet per day. This railroad is built for the purpose of hauling lumber from mills built along the line to the railroad company's wharf, which is 21 miles long, trestle work; mooring thirteen sailing vessels conveniently. Length of main line from Arcata to North Fork, 12 miles, with 3 miles of sidetrack; thirty-five-pound steel rails. The fences are kept in good repair. System of locks prevents the switches being left open on the line.

This road was constructed under two charters, one known as the National City and Otay Railway Company, and the other as the Otay Railway Company, later consolidated, October, 1888, under the name of the "National City and Otay Railway Company," all the said charters being under the general laws of the State of California.

Work began upon this road in 1886, and proceeded until June, 1888, the various sections being opened for traffic as construction advanced, from May, 1887, to June, 1888. Its cost, including equipment, to date, is about $446,493 44, all of said money being advanced by the San Diego Land and Town Company, with a view to the development of the agricultural and commercial territory south of the line of San Diego upon San Diego Bay, and with reference to its possible extension to some eastern point. The track is of standard gauge, and is equipped at present with light material and rolling stock, adapted to the economica 1 conduct of local business, both freight and passenger. The principal branches of its traffic are the local travel between National City, Chula Vista, Tia Juana, on the Mexican boundary, and the Sweetwater Valley, together with the hauling to market of fruit, hay, grain, brick, ores for

reduction, coal, and stone for paving purposes, a valuable quarry of this material being situated in the Sweetwater Valley. All the securities issued by the company are owned by and held in the treasury of the San Diego Land and Town Company, and the property is maintained in excellent condition.

This road was built under a special charter or franchise granted by the Legislature of the State of California, approved by the Hon. Newton Booth, Governor, March 20, 1874. The construction was commenced in January, 1875, and the road opened for travel and freight to Grass Valley, April 17, 1876, and to Nevada City, May 24, 1876. Colfax, the initial point, is a station on the Central Pacific Railroad, 54 miles northeasterly from Sacramento; thence the road runs through Grass Valley, a town of some seven thousand population, to Nevada Čity, a place of nearly six thousand population. The road is a heavy piece of construction, owing to the mountainous character of the country, and has about 7,000 degrees of curvatures, and an almost continuous succession of heavy grades, both ascending and descending, as it passes over two ridges, one two thousand eight hundred and sixty feet, and the other two thousand seven hundred and seventy-two feet above sea level; whilst the height of Colfax is two thousand four hundred and sixteen; Bear River, two thousand and seventy-six; Grass Valley, two thousand four hundred and fortyeight; and Nevada City two thousand five hundred and twenty-four feet above the same base. The road was originally laid with thirty-fivepound iron rails, but six miles have been relaid with thirty-five-pound steel; the roadbed, bridges, etc., are in first class condition, and it is the intention to put down some three miles of thirty-five-pound steel during the present year. Some seven thousand cedar ties were used in renewal during the past year, and it is proposed to use cedar ties in future for such renewals as may be needed. Three round trips daily are made by the passenger trains, connecting with the Southern Pacific trains.

NEVADA AND CALIFORNIA RAILROAD.

The Nevada-California-Oregon Railway (three-foot gauge) commences at a point in Reno, Washoe County, Nevada, alongside the Central Pacific Railroad, four thousand five hundred and thirty feet above sea level; thence for two thousand two hundred feet on an approximating level grade; thence rising on a continuous grade (much of it one hundred feet per mile) for 9.7 miles to first summit, five thousand two hundred and thirty feet above sea; thence descending on varying grades of one hundred feet and less for 4.62 miles to Sway, four thousand nine hundred and seventy-eight feet above sea; thence ascending one mile on a one hundred-foot grade, and for 3.45 miles farther over light and undulating grades (together 4.45 miles) to foot of mountain, four thousand nine hundred and forty-three feet above sea; thence up a varying grade, mostly ninety-five feet per mile, 3.23 miles to second summit, five thou