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non-aided roads have been partially built by the proceeds
of this fund and that therefore the profits arising from
such portions of non-aided roads consequently belong to the
aided roads shows the fully and impossibility of attempting
to divide or apportion this fund - The United States undoubtedly
have a lien upon it and can enjoin the Company from
dividing it among their stockholders if they can show that
the other property subject to their lien is inadequate to
meet their claims.

The payment therefore of this sum of $1671340.80
into a Sinking Fund for the next ten years till the maturity
of the Principal and Interest of the bonds would almost certainly
be assured.

To this gradually increasing Sinking Fund should be
added the amounts now to the credit of the COmpany in the
United States Treasury.

This sum according to the statement of Hugh S. Thompson
Action Secretary of the Treasury was on November 30th
1887 as follows:-

Central Pacific Railroad Company Transportation
Service. . . . . . . . . . . . . $5574812.90

Central Pacific Railroad Company cash payments
5 per cent of Net earnings. . . . $658283.26

Central Pacific Railroad Sinking Fund. . . $2749120.58

Western Pacific Railroad Transportation
Service. . . . . . . . . . . . . . . 9367.00

Total. . . . . . . . . . $8991583.74