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in a sinking fund of the amount of interest due upon the
bonds for that period, VIZ: three (3) percent on
$27855680 or $835670.40 making an annual payment of
$1671340.80. While the officials of the Railroad Company
and then United states Comissionors both assert that the
Railroad Company's income is inadequate to meet such a demand.

I respectfully state that the books and financial
statements taken from the books and vouchers point to a different
conclusion. Let me quote the defense of this
position from these books and statements

Owing to the terms of the lease after its execution
the books do now show the actual receipts the rental for
each year being credited in the following on debut this is
corrected in the annual published report of the Companies
for this period therefore I take my figures from these reports.

The Profit and Loss account by the published annual
Report of the E.H. Miller Jr. Secretary gives for the year
ending December 31 1883. . . . . . . . . . . . . $24978988.33
which amount agrees with balance sheet see Vol. 7 United
States Pacific Railroad Commissioners Report Exhibit No.22.

The annual report of the Secretary gives for the year
ending Decmber 31 1866. . . . . . . . . . . . $28813000.87
or an increase during the three years of $3834012.04

To This should be added dividend No.17
paid February 1st 1884. . . . . . . . . . . . . . $1778265.00

Making a total of earnings fro the three
years end December 31 1886 of. . . . . . . $5612277.04
or an average income per annum of. . . $1870759.01