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Moreover the security given by the [P.T.Co.?] is insufficient: the bonds secured on [inconsistent?] [?] or on a railway in a revolutionary Spanish-American state are not such as any [binders?] in a [fiduciary?] especially are justified in accepting.

2. As to [scribing?] funds.
"That the sinking fund committee so appointed keep the separate funds distinct in conformity with the mortgages, and [appropriate?] the existing securities to each as they may [think best and support?] their action to the board."
Reason.
Each mortgage has its own distinct sinking funds which cannot legally be mixed up with any other. The directors responsibility is to each set of bond holders separately.