*Sinking fund-$100,000 per year; commenced 1882; also gross receipts from sale of land. + Sinking fund commences 1898, $20,000 per year. These bonds to be called, and new Southern Pacific Railroad 50 years 5 per cent bonds issued in exchange therefor. Sinking fund-$50,000 per year; commences 1897. Matured interest coupons unpaid, including coupons due December 31, are paid by lessee. Total. As the first mortgage bonds are a lien upon the lands granted by the United States Government, the amount of bonds per mile of road cannot be stated accurately, the amount constantly varying. INCOME ACCOUNT. (For roads under lease only.) Income from lease of road. $493,010 23 Miscellaneous income, less expense 194,016 36 From land sales, $623,340 57; less premium on bonds re deemed, $113,418 39 509,922 18 Interest earned on sinking fund investments 23,007 20 Other expenditures-income applicable to redemption of b'ds 509,920 18 123,007 20 Less from consolidated companies for net profit prior to 1888 75,692 75 70,749 01 |