The President's Report on p. 4 values the "farming lands" at $30 million dollars, but the Land Agent's Report on p. 47 makes it clear that the railroad counted the entire land grant of the Central Pacific, California and Oregon as farming lands amounting to 11,722,400 acres with a value of $29,306,000, p. 47. The Southern Pacific valued its real estate, depot grounds "including an undivided half-interest in 60 acres land in Mission Bay" exclusive of its land grant and improvements at $7,644,636.

In Annual Report, 1877, 4.s report on p. 4 values the farming lands at $30 million, but the land agents report on p. 47 makes it clear that the railroad counted the entire land grant of the Central Pacific, California.

Annual Report of the Board of Directors of the Central Pacific Railroad Company to the Stockholders (San Francisco: H. S. Crocker, 1878), 4

Annual Report of the Board of Directors of the Southern Pacific Railroad Company to the Stockholders for the Year Ending December 31, 1877 (San Francisco: H.S. Crocker & Company, 1878).