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instructions of the Governmental Officials, they are hampered
in the business have to incur a large unnecessary expense
in the employment of additional force and owing to the
uncertainty of the Governments demands their securities do
not commend as high a value on the market as they should do
were some permanent and positive basis of settlement agreed
upon; this last is important factor to them as they are
now largely engaged in extending their connections building
branches feeders [as?] and the value of their securities upon
the market is of great financial importance to them.

The amount of the Principal of the bonds issued to
the Central Pacific Railroad Company by the Unites States
is. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$25885120.00

That to the Western Pacific Railroad
Company. . . . . . . . . . . . . . . . . . . . . . . . . $1970560.00

Making a total of. . . . . . . . . . . . . . . . . . . $27855680.00

The interest that will have accused at
the date o the maturity of the bonds will
be as follows: Central Pacific Railroad
Company. . . . . . . . . . . . . . . . . . . . . . . . . . $45784396.10

Western Pacific Railroad Company. . . . . $3402554.56

Making a total interest of . . . . . . . . . . . . .$ 49187950.66

Wich added to the principal will give a
total indebtedness to the United States of
the two Companies amalgamated of. . . . . $77043630.66

The different dates of maturity of these bonds together
with a detailed statement of how the figures above
given are arrived at will be found in Schedule No. 1 accompanying
this letter.