Show UNION PACIFIC MEETING A Proposition to Renew the Sinking Fund Bonds NEW YORK Aug 8At a meeting of the Union Pacific board of directors today apian was agreed upon giving the present holders of sinking funds bonds opportunity opportu-nity to renew their bonds under present conditions and rate of interest for sis years the company reserving the right for the trustee to draw at par after the first year or redeem the whole amount of bonds Sept 1 1894 The matter was placed in the hands of a special commit tee consisting of Orr Gould Atkins and Government Director Anderson to per feet details Subscriptions have already been received from the directors for material erial for the amount of the extended bonds upon the above terms Further subscriptions are expected The company com-pany reserves the right to reject any amounts in excess of 3800000 Circulars vill be issued to bondholders as soon as they can be prepared and a separate list of extended bonds will be prepared The following statement presents the matter in a condensed form showing the amount of sinking fund 8 per cent bonds outstanding amount of cash in the hands of trustees applicable to a redemption of aid bonds and the estimated amount hat will be received to September 1893 for sales of mortgaged lands etc Union acifio company sinking fond bonds ont standing January 11893 Coupon bonds 4721000 registered bonds 455000 total 5176000 Balance in hands of the Union Trust company trustees January 11893 representing the uninvested sinking und contributions 254501 Balance in he hands of the Union Trust company trustee January 1 1893 representing the proceeds derived from lands sold amount on deposit payments etc S650 164 The estimated amout of cash to be received from lands sales for eight months to September 1 1893 500000 J Total 51404665 The balance of the debt not provided for is 53711334 Land on notes ont tanding January 11893 f3697890 Less estimated payments January to August 327988 Total 3369902 Add then he estimated value of unsold land January Jan-uary 11893 13079000 and the total becomes be-comes f644SS02 This amount 6448 902 less the amount of 3771334 shows a surplus of security in excess of amount of indebtedness to be provided for namely > 2677267 |