cessions on the "Pike" should be paid into a special fund for
the purpose of securing such sureties against loss in respect of
the bonds given by them. Upon the books of the company,
therefore, the above figure of "Pike rentals" has been credited
to a separate fund account, together with an amount of $2,580.68
interest allowed on this fund.

There was withdrawn from this fund the sum of $100,000 on
account of payment of rentals of the tract, and the fund now
amounts to $120,768.18, as shown among the cash balances in the
inclosed statement.

The total earnings accruing due to the company
under concession contracts amounted to ...................
$3,803,724.53
Of this total there has been collected
(as above) the sum of ..................... $3,065,404.69
There was waived by the company under various
compromises the sum of .................... 434,204.36
And there still remain uncollected bills
amounting to .............................. 304,115.48
-------------
3,803,724.53

We have seen authorizations from the executive or concessions
committee for all the important compromises effected.

Intramural Railway.

We have agreed the receipts shown by the general books of the
company with the report of the manager of the railway. The
number of passengers carried and the amount of revenue
therefrom, by months, were as follows:

Date. Passengers Revenue.
carried

April 30 and May .......................... 295,152 $29,515.20
June ...................................... 861,409 86,140.90
July ...................................... 815,034 81,503.40
August .................................... 1,018,195 101,819.50
September ................................. 1,394,444 139,444.40
October ................................... 1,273,207 127,320.70
November and December 1 ................... 617,297 61,729.70

Total ..................................... 6,274,738 627,473.80

It is not possible to arrive at the cost of operating the
railway, as the power was furnished from the general power
plant, and the cost thereof can not be ascertained separately.

Service, Power, Light and Water, Transp