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PACIFIC IMPROVEMENT COMPANY,
OFFICE OF SECRETARY AND TREASURER,
UNION TRUST CO. BUILDING,
COR. POST AND MONTGOMERY STREETS.

F. S. DOUTY
Secretary and Treasurer

SAN FRANCISCO, CAL., June 9th 1898

Mrs Jane L. Stanford

San Francisco

Dear madam:--

Complying with your instructions I
visited the Vina Ranch on May 4th, remaining until
the 23rd, in which interval I examined the books
for the period from June 21st 1893 to April 30-1898.
Bearing in mind that you had expressed misgivings
as to the condition in which I might find the
books, I made my investigations as comprehensive
as possible, inquiring most particularly into every
department where a shortage might occur.
I have now to report that the accounts are
in every particular correct; and that the same
careful methods of book-keeping are there observed
as in your office in San Francisco - the check
of the latter office upon the receipts and
disbursements at Vina being so complete as to
render a defalcation well-nigh imposssible.

Very respectfully yours

Walter C. Dart