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TABLE I




                                       INCOME FROM  THE NEWHALL PROPERTY
                                                          (1947-1952)







                                           Real Estate
                        Agricultural     &  Commercial          Oil  E z ploration         Oil          Annual
                            Leases            Leases          Rents  &  Bonuses .. !/  Royalties        Totals

                1952     $   191,182         $110,544              $   681,476         $176,303      $1,159,505
                                                                              :ii
                1951         164,598            85,410                 674,984            91,837       1,016,829
                                                                                        ~
                1950         174,970            62,303                 511,471            19,775         768,519

                1949         191 ,319           53,164                 244,030                           488,513


                1948         181,958            47,735                 106,165                           335,858

                1947         176,455            37,955                  90,857                           305,267

      •         Total  $1,080,482            $397,111             $2,308,983           $287,915


                                                                               Six year total       . $4,074,491

     J

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                l/  Includes  income from land not under consideration in this  study.
                Source:  Newhall  Land and Farming  Company.



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